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(ABC)   Economy comes full circle as Americans are now defaulting on loans made to themselves with their own money   (abcnews.go.com) divider line 18
    More: Fail, Americans, rockets, Great Recession  
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2866 clicks; posted to Business » on 10 Aug 2012 at 11:21 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



18 Comments   (+0 »)
   
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2012-08-10 11:38:33 AM  
Who has a 401K? Nobody has a job. Thanks a lot wondertwins Fartbongo and Boner
 
2012-08-10 11:46:12 AM  
Not good enough. I will not be happy until every single one of you is so indebted you have no choice but to work every single day (no weekends for you poor pricks) of your natural lives, for me and the bankers.

Have no money? Good, we stole it all then. Go borrow against that 401k, we'll have the rest of that soon too. I cannot believe how easy this has been, god you guys are pathetic. You had a chance to do something about this and you all collectively said "nah, keep it up we don't mind it".

The message you have sent to Wall Street and the Government is loud and clear: "We know you've stolen from us left, right and centre for decades now. We don't like it but we also have to consider we are huge, MASSIVE PUSSIES so, I guess just try and leave us something please".

Well, i'm in the camp that believes if someone isn't willing to stand up for themselves, they deserve (nor want) any mercy. Steamroll them until they have nothing left boys, it's free money!!!!
 
2012-08-10 11:58:35 AM  

PrinceofFark: Not good enough. I will not be happy until every single one of you is so indebted you have no choice but to work every single day (no weekends for you poor pricks) of your natural lives, for me and the bankers.

Have no money? Good, we stole it all then. Go borrow against that 401k, we'll have the rest of that soon too. I cannot believe how easy this has been, god you guys are pathetic. You had a chance to do something about this and you all collectively said "nah, keep it up we don't mind it".

The message you have sent to Wall Street and the Government is loud and clear: "We know you've stolen from us left, right and centre for decades now. We don't like it but we also have to consider we are huge, MASSIVE PUSSIES so, I guess just try and leave us something please".

Well, i'm in the camp that believes if someone isn't willing to stand up for themselves, they deserve (nor want) any mercy. Steamroll them until they have nothing left boys, it's free money!!!!


I kinda want to applaud this. It's not the most finely-crafted work in the history of trolling, but it does both use inflammatory prose and contain quite a bit of truth. It's like a rough diamond, waiting to be chiseled into perfection.

I give it a B+. Good work, nice effort, but plenty of room for improvement.
 
2012-08-10 12:28:52 PM  
Financially irresponsible people are financially irresponsible.
 
2012-08-10 12:56:35 PM  

RumsfeldsReplacement: Financially irresponsible people are financially irresponsible.


It doesn't always work that way

I had to borrow from mine in November due to a death in the family, and no other resources

My position at my company (13 years on the job) was eliminated six months later

shiat happens daily, but things are getting worse now, IMHO
 
2012-08-10 01:32:59 PM  
I borrowed from my 401k to pay off high interest credit cards.. It doesn't hit my credit rating and I pay interest to myself. To top it all off it comes right out of my paycheck. To me this is a sweet deal.

I'm young though and it wasn't a crazy amount of money.

/on my way to debt free in 2013!
 
2012-08-10 01:37:35 PM  

Smeggy Smurf: Who has a 401K? Nobody has a job. Thanks a lot wondertwins Fartbongo and Boner


I don't. I'm still afraid that by the time I reach retirement age, they will have been looted by investment scams and changing tax structures, and I would have a more secure retirement making sure all of my debt is gone, saving, and getting tangible assets like land, gold, and silver (once the metals bubble pops of course).
 
2012-08-10 01:41:54 PM  

Tango_down: It doesn't hit my credit rating and I pay interest to myself.


No you're not.
If you think you're making money off loaning yourself money, you're pretty funny.

/You;ll never see about a third of your 401(k) money anyway, due to fees and etc.
//Sucks to be a serf.
 
2012-08-10 01:57:03 PM  

meat0918: Smeggy Smurf: Who has a 401K? Nobody has a job. Thanks a lot wondertwins Fartbongo and Boner

I don't. I'm still afraid that by the time I reach retirement age, they will have been looted by investment scams and changing tax structures, and I would have a more secure retirement making sure all of my debt is gone, saving, and getting tangible assets like land, gold, and silver (once the metals bubble pops of course).


Land and fresh water are the only things of real value.
 
2012-08-10 02:07:13 PM  

PrinceofFark: Not good enough. I will not be happy until every single one of you is so indebted you have no choice but to work every single day (no weekends for you poor pricks) of your natural lives, for me and the bankers.

Have no money? Good, we stole it all then. Go borrow against that 401k, we'll have the rest of that soon too. I cannot believe how easy this has been, god you guys are pathetic. You had a chance to do something about this and you all collectively said "nah, keep it up we don't mind it".

The message you have sent to Wall Street and the Government is loud and clear: "We know you've stolen from us left, right and centre for decades now. We don't like it but we also have to consider we are huge, MASSIVE PUSSIES so, I guess just try and leave us something please".

Well, i'm in the camp that believes if someone isn't willing to stand up for themselves, they deserve (nor want) any mercy. Steamroll them until they have nothing left boys, it's free money!!!!


Havent heard from you in a while, you still working "Security" at the mall?
 
2012-08-10 03:43:03 PM  
I read the prince's post in the voice of Hedy Lamarr.
 
2012-08-10 04:34:41 PM  

HotIgneous Intruder: Tango_down: It doesn't hit my credit rating and I pay interest to myself.

No you're not.
If you think you're making money off loaning yourself money, you're pretty funny.

/You;ll never see about a third of your 401(k) money anyway, due to fees and etc.
//Sucks to be a serf.


I'm not sure what the person meant, but consider the scenario:
Person owes $5000 on credit cards with high interest rate, maybe 17% or 20%
Person has $5000 in 401(k) investments that earn interest at maybe 8%

If they do nothing, the credit card debt will outweigh the gains of the investments. The best thing would be to pay off the credit card debt with another source of money and keep the money in the 401(k). But if that does not exist as an option, wouldn't it be a benefit to borrow against the 401(k) for a short term loan only to pay off the credit cards? You wouldn't want to abuse this or have the loan going for too long, but is this really a bad idea?
 
2012-08-10 05:18:03 PM  

PrinceofFark: Have no money? Good, we stole it all then. Go borrow against that 401k, we'll have the rest of that soon too. I cannot believe how easy this has been, god you guys are pathetic.


My local drama club wardrobe manager called and said she wants her prop monocle back.
 
2012-08-10 05:19:11 PM  

Theseus: HotIgneous Intruder: Tango_down: It doesn't hit my credit rating and I pay interest to myself.

No you're not.
If you think you're making money off loaning yourself money, you're pretty funny.

/You;ll never see about a third of your 401(k) money anyway, due to fees and etc.
//Sucks to be a serf.

I'm not sure what the person meant, but consider the scenario:
Person owes $5000 on credit cards with high interest rate, maybe 17% or 20%
Person has $5000 in 401(k) investments that earn interest at maybe 8%

If they do nothing, the credit card debt will outweigh the gains of the investments. The best thing would be to pay off the credit card debt with another source of money and keep the money in the 401(k). But if that does not exist as an option, wouldn't it be a benefit to borrow against the 401(k) for a short term loan only to pay off the credit cards? You wouldn't want to abuse this or have the loan going for too long, but is this really a bad idea?


No, it's not a bad idea. He's just being an ass. Tango_down didn't say he was making any money on the loan, just that the interest paid into the loan goes right back into the 401k - which it does.

The trick is, you can't then run up charges on the cards again. You have to stick with a tight fiscal plan.
 
2012-08-10 05:22:00 PM  
Good job, Boomers.
 
2012-08-11 01:35:33 AM  
Thanks Vice President Paul Ryan for saaving us from socialism
 
2012-08-12 06:29:27 PM  
You will get seriously boned on your tax returns. Upon default, the outstanding 401k loan balance becomes an early distribution. You will pay federal and state income taxes on the full balance. Plus, the feds tack on another 10% of the balance as an early withdrawal penalty.

Of the loan's outstanding balance, about half will be due back to the gov't by the following year's April 15th. Don't have it? Fark you, pay me.
 
2012-08-13 11:07:57 AM  

mutterfark: I read the prince's post in the voice of Hedy Lamarr.


That's Headly.
 
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