That’s something that they don’t tell you. You’ll pay more on the interest on that loan than what the initial amount ever was. That’s why those loan companies paid off the politicians to make the law that you can’t go bankrupt on those loans.
Have you heard of Dave Ramsey? He showed me how to pay off my (admittedly smaller) debts. This is not debt consolidation or some such nonsense, but actually getting on a former footing.This is all assuming today’s strip has a basis in your reality. If you are rolling in Krugerrands like Scrooge McDuck, I apologize and will slink back into the shadows. (Dave Ramsey is on several platforms, including YouTube, from 1-4 CT.) Thanks again for Amanda the Great!
One day a group of my artist/freelance friends were at the local coffee shop. The retirement subject came up. One friend announced he had a retirement plan! We all leaned in to learn of this anomaly within our circles. “Yup” he nodded sagely, “It’s a piece of rope.”
The problem with pulling money out of a retirement account is you get hit with BIG taxes. Even if you only borrow from your retirement it can cause a tax hit.
It really depends on your present age, whether or not the loan would be paid off in full by taking your retirement money out, and whether or not that retirement fund can be built again.
katina.cooper over 5 years ago
That’s something that they don’t tell you. You’ll pay more on the interest on that loan than what the initial amount ever was. That’s why those loan companies paid off the politicians to make the law that you can’t go bankrupt on those loans.
manteo16nc over 5 years ago
Have you heard of Dave Ramsey? He showed me how to pay off my (admittedly smaller) debts. This is not debt consolidation or some such nonsense, but actually getting on a former footing.This is all assuming today’s strip has a basis in your reality. If you are rolling in Krugerrands like Scrooge McDuck, I apologize and will slink back into the shadows. (Dave Ramsey is on several platforms, including YouTube, from 1-4 CT.) Thanks again for Amanda the Great!
Nyckname over 5 years ago
If the interest rate you’re paying on the loan is higher than the interest rate you’re receiving on the retirement account, you’re losing money.
Batteries over 5 years ago
I like how you drew Dan in panel 3. My husband makes the same face when I suggest silly things.
Chris Sherlock over 5 years ago
Dropping dead at work would take care of it.
Paws for Thought Comics aka Val over 5 years ago
One day a group of my artist/freelance friends were at the local coffee shop. The retirement subject came up. One friend announced he had a retirement plan! We all leaned in to learn of this anomaly within our circles. “Yup” he nodded sagely, “It’s a piece of rope.”
Saucy1121 Premium Member over 5 years ago
The problem with pulling money out of a retirement account is you get hit with BIG taxes. Even if you only borrow from your retirement it can cause a tax hit.
lemon868 over 5 years ago
It really depends on your present age, whether or not the loan would be paid off in full by taking your retirement money out, and whether or not that retirement fund can be built again.