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OnlinegeokillsA
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Re: 401K from a Previous Company? [Re: LogicaL Chaos] * 1
    #28596424 - 12/24/23 10:05 AM (1 month, 4 days ago)

I would do a 401K "Rollover" into an self-directed IRA account, and I would have advised you to do this at TDAmeritrade, but they were recently acquired by Charles Scwhab and haven't integrated the bulk of TDA's tech into their user interface, and it's frankly really been pissing me off to deal with Scwhab's outdated and inferior platform.  But I digress... You can learn more about your options here, and any bank that offers IRA's should be able to walk you through the process.


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Re: 401K from a Previous Company? [Re: Shroomhunts] * 1
    #28615048 - 01/09/24 09:45 AM (19 days, 1 hour ago)

You will pay penalties when withdrawing money from a 401K prior to retirement age.  Generally speaking, long term equity investments (such as those found in a 401K) can be a primary driver for generational wealth.  Starting a business is great too, but one must recognize that starting a business requires tremendous time commitment, risk tolerance and startup capital.  I've independently run two separate businesses in my youth, to varying degrees of success, and while I was able to net a profit, I ended up closing both businesses due to supply side issues and increased competition.  While they didn't make me rich, they did give me experience and confidence in my ability to manage projects.

On the other hand, investments in equities and cryptocurrency have increased my net worth significantly over the past two decades.  Having an interest in real estate (rental/income property) as both an owner and a manager, has also maintained a steady stream of income, which is hugely beneficial relative to paper investment income, which can fluctuate somewhat wildly.

Nevertheless, in my experience, it has proven quite beneficial to diversify my interests.  If one stream of income falters, another can help pick up the slack.  This is obviously easier said than done, and it is something that didn't just happen overnight.  It was a consistent goal, and as opportunities presented themselves, I did my best to integrate them into my economic paradigm.

TLDR; don't ditch the 401K.  Roll it over the a self-directed IRA if you like, but (provided you aren't sitting on debt), it's good to continuously squirrel away a portion of your assets in long term investments.


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Re: 401K from a Previous Company? [Re: LogicaL Chaos] * 1
    #28634621 - 01/25/24 03:03 PM (2 days, 20 hours ago)

Roll it over into a self-directed IRA account at Schwab or wherever you want really... there shouldn't be any fees and you can continue to let it grow through retirement.  $1500 may not seem like much, but given the S&P's 10.7% average annual return over the past 30 years, you're lookin' at that $1500 growing to over $62,000 in 35 years at that 10.7% annual compounded rate.


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