Jow Forums, I am one click away from taking everything out of the 401k that's been stagnant since my last salaried job 2 years ago, with the intent to put it all into crypto.
I feel like this is the proper play, as I feel like stocks and the global markets are about to take a shit, and crypto is nearing the bottom.
Can anyone give me some thoughts as to this? My thoughts are that this money is not going to do what I want it to do to fulfill my life goals. Sure, it can be for emergency, but I'm pretty good with what I have in checking right now as well. Also, fuck retiring by 65.
The way I see it, this is money that's going to flounder and die this year if I keep it in this. Even taking a 20% loss and 10% taxes, this is over 12k for me to pump into crypto.
I already have 135,000 REQ. I feel like a madman, but I also feel like I ONLY feel like that due to societal pressure and how everyone treats 401k as this holy thing you never touch since it's how you retire.
It’s risky, but if you invest in the right Cryptos... you’ll be the richest person of your social circles.
Joseph Jenkins
>Also, fuck retiring by 65. You have $17k in your 401k. You're not going to retire...well... ever.
Jonathan Harris
Taking mine out too user. Getting a measly 5k after taxes and bs but whatever. I don't want to retire when I'm an old fart
Christopher Thompson
t. 12 year old
Angel Martin
Yeah basically. I feel like it's pointless keeping this money there. I'm 27 going to be 28 in 4 months. I had a good job 2 years ago but left to try other things and have just been floundering between different dead-end things.
I don't want to turn this into a blog but I legit am banking on making the right calls in crypto to make it by 30.
No risk/no reward right? I feel like most of us here have already given up on the fucking corporate grind.
Samuel Bell
OP, do like me. It's my life's passion to make it. Sure, you'll have to mooch, eat out of trashcans, etc. I'm posting this from a library by the way. I'm homeless, but I have 20 BTC, 80 ETH, and 3k VEN. >Why don't you cash out? Because I haven't made it yet
Aaron Powell
how did you make no money on a 401k the last 2 years, didn't they have an s&p index fund or something
Hunter Miller
I hope you make it.
However I would feel concerned keeping the majority between BTC and ETH these days. I'm sure that BTC going up will trigger the next bullrun since it's still considered the king, but consider moving more out of it when it goes back up again. We're seeing more and more fiat pairings and DEX's come out in 2018, which may push down BTC's dominance even more than it did during 2017's bullrun.
Lincoln Hill
401k is fucking bullshit. The poorfags at my company ruined it, and I ended having to get paid back $4k because I'm considered a "highly compensated employee." Look that shit up.
I'm a year older than you but have the same thoughts. Few careers are worth the 40 hours of your life being sucked away each week.
Sebastian Sanders
Hiding from mr tax man?
Ryder Fisher
My 401k already in crypto OP. Unfortunately dumped it in during this bear run. It hurts, but I honestly expect a return far beyond anything my 401k would've done on its own.
Feel like a fool, but hey, gotta roll with the punches. Crypto inspired me to move into a career in finance, because the only true freedom in this world is financial freedom, and I plan to game the system to make it.
I'll either die rich or die poor. No inbetween for me. Fuck the system.
Dylan Long
Fuck it guys, this is something I've been considering since May of last year, but was too pussy to do. In hindsight I'm glad I held off in 2017, but this feels like a near perfect time right now. It may dip more, but it'll take at least a week and a half for me to get my check anyway.
Either way, I'll be locked and loaded, ready to make it for sure during the next bullrun.
Wish me luck anons. Jow Forums is fucking shit sometimes when it's flooded with pajeets and brainlets, but I do really hope everyone else in situations that seem hopeless, banking it all on this new market to do it for them, make it.
I hope you all end up with enough money to live the kind of life you want. Nobody ever makes it the same way. For some, they're social butterflies and have a job they enjoy, and can climb the ranks. For others, they hit it big on social media. For us, we'll stake our riches in the most volatile market on earth, putting our balls on the table.
you're such a fucking retard OP. not only will you be taxed on this as income, you're also subject to a 10% penalty as an early withdrawal.
why did you put your money into a 401k if you were going to withdraw it early? such a damn waste. and it piss it away on cryptos too. I hope you make it but I have a feeling you'll be regretting this decision.
Alexander King
Depends on what the market looks like when I'm ready to actually buy and I've got the money in my bank.
I may just decide to put the lump sum into BTC, then wait for that to go up kickstarting the new bullrun. It's also tempting to pump up to around 200k REQ, since I strongly believe in that project.
I may however, diversify among the tokens that REQ is using as well. KNC for liquidity, which I think is going to be big and get used after people start feeling bullish again.
Or maybe a split between ETH and ADA--hedging bets on which smart contract platform will come out on top in the long run.
I have no faith in LINK just because I have no faith in Sergey. It's a small as fuck team where you're basically relying on one guy to deliver. It may end up being huge, but it's the epitome of risky as fuck with no fundamentals backing it beyond it being a good idea.
Kayden Wood
Because my life situation was different 4 years ago. I haven't had a job where I could put money into a 401k for years now, and I don't see that changing in the future.
>why did you start this if you weren't planning on going with the boomer lifestyle until 60 and then retiring?
Shit happens, keeping money stagnant in a market that's clearly about to go on a downtrend is being retarded.
so roll it over to a ira. you can invest in whatever you want in an ira and you wont get the 30% tax + penalty applied. buy bitcoins, who cares. jesus christ.
David Walker
Both of your comments make you sound like you're someone that actually doesn't think crypto is going to be the future in the next few years.
Are you actually one of those people?
Wyatt Scott
im not the type of retard who pays a 30% tax when he doest need to. do you consider yourself to be an intelligent man? because you're not.
Cooper Sullivan
if that's how you feel about sergey you don't deserve to make it
