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Use 401K to buy house for cash?

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    #16
    I should add that I could lose my job if my company went out of business but since it's been around over 75 years and has 70,000 employees and is profitable I'm not concerned about that right now.

    Yep, I have a scheme for everything

    Logan

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      #17
      Originally posted by Logan View Post
      The only other way I could lose my job is to get fired. If that happens I have bigger problems because it means I probably just killed someone.

      Why are you always so negative?
      It's not negativity, it's reality. The unemployment rate is over 10% in this country, no job is that safe. Ask people at GM and Enron (etc.) if working for a big company with 70,000 employees matters. I work for the largest employer in the nation and I don't think my job is THAT safe.
      New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!

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        #18
        Originally posted by LSUTiger32 View Post
        It's not negativity, it's reality. The unemployment rate is over 10% in this country, no job is that safe. Ask people at GM and Enron (etc.) if working for a big company with 70,000 employees matters. I work for the largest employer in the nation and I don't think my job is THAT safe.
        LSU, There are only 3 ways I can lose my job. Furlough, Fired or the company goes out of business. The latter 2 are very unlikely and not even a consideration at this point. Yes I could get furloughed but then we go back to why this is even being discussed. In the case of a furlough I do not have to pay back a loan from my 401K.

        Logan

        Let me add that getting fired is pretty rare in my position. You really have to screw up at this point.

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          #19
          Since I'm planning on borrowing from my 401K in the future to help with the down payment I have been maxing out my 401K instead of putting the money into a savings account. Since the market has been going up that extra 10% I've been putting in has also been 'riding' the market so there's another added benefit to my scheme .

          Logan

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            #20
            Why buy an ASSET with an expected 10-20 % decline this year ?

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              #21
              Originally posted by ABC View Post
              Why buy an ASSET with an expected 10-20 % decline this year ?
              Are you talking about home prices? Do you have a crystal ball?

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