Question for the financial wizards.......

sarettah · 09-08-2003

Ok......

My wife and I have a certain amount of money in a 401k plan that is for all intents and purposes...liquid........

When she left her company back in early 2000, it was worth around 100k...

Of course, after the activities on the market, it lost quite a bit of value..... But the last 2 quarters its has been back up quite a bit (nowhere near the 100k, but at least back up)

We are thinking about pulling it, taking the penalty hit and the tax hit and pretty much wiping out all our higher interest credit card debt (with a bit left over to go into our respective businesses)..... Any of the cc debt that is at low interest I was thinking of leaving there... Dont know when we will see 4% days again............

I am not a financial wiz by any means and generally fall asleep trying to research financial stuff so I was wondering in the various financial folks might give me an honest opinion....

would it be a better strategy to leave it in the 401k, keep managing cash flow that way we have been (stringing it out) or pull the cash, take the hit and be left with just the mortgages and the truck to pay on ??

Thanx in advance

09-08-2003	#1
sarettah Stay Out Of The Box Want to see your own Advertising Here! Join Date: Oct 2002 Location: Lost in the ozone Posts: 10,318	Ok...... My wife and I have a certain amount of money in a 401k plan that is for all intents and purposes...liquid........ When she left her company back in early 2000, it was worth around 100k... Of course, after the activities on the market, it lost quite a bit of value..... But the last 2 quarters its has been back up quite a bit (nowhere near the 100k, but at least back up) We are thinking about pulling it, taking the penalty hit and the tax hit and pretty much wiping out all our higher interest credit card debt (with a bit left over to go into our respective businesses)..... Any of the cc debt that is at low interest I was thinking of leaving there... Dont know when we will see 4% days again............ I am not a financial wiz by any means and generally fall asleep trying to research financial stuff so I was wondering in the various financial folks might give me an honest opinion.... would it be a better strategy to leave it in the 401k, keep managing cash flow that way we have been (stringing it out) or pull the cash, take the hit and be left with just the mortgages and the truck to pay on ?? Thanx in advance __________________ Free Adult Webcams