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Tapping 401k

Discussion in 'Questions From New Drivers' started by JW430, Jul 27, 2009.

Page 4 of 5
  1. Jul 28, 2009 #31
    JW430

    JW430 Medium Load Member

    401
    37
    May 23, 2009
    Rocklin, CA
    0
    yeah sometimes it takes me a while to figure confusing stuff like this out, thanks for the help =)
     
    JW430, Jul 28, 2009
    JW430, Jul 28, 2009
    #31
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  3. Jul 29, 2009 #32
    DiGangi

    DiGangi Light Load Member

    112
    4
    Jul 18, 2009
    San Antonio, TX
    0
    This is true. You could be subject to taxes and penalties if you are not rolling over the funds into another 401K program. If the company offers a loan against the 401K that is usually the better route to go because you are in essence paying yourself back.
     
    DiGangi, Jul 29, 2009
    DiGangi, Jul 29, 2009
    #32
  4. Jul 29, 2009 #33
    JW430

    JW430 Medium Load Member

    401
    37
    May 23, 2009
    Rocklin, CA
    0
    That only works if you stay working for the same company for the life of the loan
     
    JW430, Jul 29, 2009
    JW430, Jul 29, 2009
    #33
  5. Jul 29, 2009 #34
    rich_t

    rich_t Road Train Member

    1,448
    76,705
    May 28, 2009
    United States
    0
    Correct...
     
    rich_t, Jul 29, 2009
    rich_t, Jul 29, 2009
    #34
  7. Jul 29, 2009 #35
    CBtruckers Wife

    CBtruckers Wife Light Load Member

    69
    9
    Jun 18, 2009
    Huber Heights, Ohio
    0
    I just wanted to add my 2 cents. I would consider leaving it in there. The market has gotten some better. Plus consider how long did it take for you to save what you have? If you go with a trucking company that trains it would only take a year usually to be free of that obligation. Then you would be in a better position. Making more and money in a 401K. Just a thought.
     
    CBtruckers Wife, Jul 29, 2009
    CBtruckers Wife, Jul 29, 2009
    #35
    jlkklj777 and panhandlepat Thank this.
  8. Jul 29, 2009 #36
    JW430

    JW430 Medium Load Member

    401
    37
    May 23, 2009
    Rocklin, CA
    0
    If all works out I will leave it in there, I'm weighing my options on whether or not to get into trucking. If I decide to do it I am already set up to train with Central Refrigerated starting on Oct. 12, 2009. My family all thinks I should stay in the family business, I'm not happy there, but I'm also not sure that I'll be happy with trucking...so I'm in a bit of a pickle. There are folks on here that are encouraging and folks that are detering, so I'm just not sure which way to go.
     
    JW430, Jul 29, 2009
    JW430, Jul 29, 2009
    #36
  9. Jul 30, 2009 #37
    DsquareD

    DsquareD Road Train Member

    1,439
    857
    May 21, 2009
    Green Bay, WI
    0
    There's two ways to look at it. Do it now and get it out of your system, unless you end up really liking it, or wait until you have raised a family, slaved at the family business and want to try all the things you put off.

    If you go on a trucking hiatus for a year or two, will you be allowed to return to the family business?
     
    DsquareD, Jul 30, 2009
    DsquareD, Jul 30, 2009
    #37
  10. Jul 30, 2009 #38
    JW430

    JW430 Medium Load Member

    401
    37
    May 23, 2009
    Rocklin, CA
    0
    Most of my family and friends think I should give it a shot because they know it's something that I've always wanted to do. My Dad is the only one not convinced, he would support me either way, but he tried his hand in OTR and he loved it but didn't like being away from home so much. He wants me to stay in the family business because he has been there done that and is just giving his opinion. In all likelyhood I will be on the road with you fellas in a few months. My means of obtaining a CDL and getting a job however are still in flux but I do have some options and I'm researching every possible road to make sure I make the best decision for me as possible.
     
    JW430, Jul 30, 2009
    JW430, Jul 30, 2009
    #38
  11. Jul 30, 2009 #39
    truckingforum1

    truckingforum1 Bobtail Member

    19
    1
    Jun 19, 2009
    Cincinnati OH
    0
    At your age you've not fully seen all the options that exist for you. Stick in the family business or have Dad send you to college to get a degree in Engineering. Engineer the solar panels, wind farms, hydrogen cars, or learn a skill in health care.
     
    Last edited: Jul 31, 2009
    truckingforum1, Jul 30, 2009
    truckingforum1, Jul 30, 2009
    #39
  12. Aug 1, 2009 #40
    JW430

    JW430 Medium Load Member

    401
    37
    May 23, 2009
    Rocklin, CA
    0
    Ok, my life is not all about money, I just want to lead a happy, comfortable life. Sure I may have to go through hell for a couple years to get to a company that I can be happy and comfortable with but we all have to pay our dues. I want to drive trucks regardless of the wages, its a challenging job and I'm ready for it.

    Ok, I'm going in monday to apply for a personal loan at my bank. I'm worried the interest rates are gonna be 15%+ and I don't think I will qualify for any of the grants the feds offer. So my only 2 choices at the present time is to either a) yank some money out of the 401k or b) pay the 15% interest on a loan for a year or two. I want to get on with a company that runs their own school and does not offer financing. They have the best offer I've gotten from a company so far and every private school I've applied to doesn't want to talk to me or can't help me (mostly because I can't get into a PTDI school becuase I live in CA)

    Any advice would be great. =)
     
    JW430, Aug 1, 2009
    JW430, Aug 1, 2009
    #40
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