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/biz/ - Business & Finance

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24396737 No.24396737 [Reply] [Original]

Thinking about liquidating half of my $15k 401k and putting some into BTC, ETH now and keeping another chunk at hand for dips. Am I going to fuck up my retirement as a 27 year old?

>> No.24396774

>>24396737
For reference, I'm going to lose about $1k on taxes but am not going to get jewed out of a 10 percent dedication for withdrawing early, thanks to COVID rules

>> No.24396779

Yes and no. Shorterm no. longterm no. 1minute term yes.

>> No.24396791

Nope

>> No.24396842

Yes

>> No.24396884

Very based anon. I say go for it.

>> No.24396955

>>24396779
I've already $3k into eth and btc at good positions, but I want to bolster them. I'm not planning on putting it all in until we see how BTC does in this run up

>> No.24396988

>>24396779
Depends on how much you're putting in per year. If you're maxing out your 401k this is only a drop in the bucket. But if this took a significant amount of time (3+ years) then it's inadvisable to withdraw it.

>> No.24397047

>>24396988
Checked. Took maybe 4 years? Only started putting in the company match maybe 2 years ago

>> No.24397299

>>24396955
Idk man seems risky. You could make some money but you gotta peel profit to put it back in

>> No.24397334

>>24396737
Implying society wont collapse before 2050. I would do it if I could. I'm a Britbong and theres no chance of me taking anything out of my pension

>> No.24397343

>>24396737
401k --> Self Directed IRA --> Bitcoin IRA

This way you dont pay penalties. Youre welcome

>> No.24397361

>>24396737
>$15k
lol why even bother

>> No.24397371

>>24396737
Can you take out a loan from the 401k rather than early withdrawal? That’s what I did in 2017 and I’m almost done paying that back (to myself). It worked out fine.

>> No.24397398

>>24397343
Not sure I know how to do that. My 401k has strict rules for investment, but I havent tried to roll it into an IRA

>> No.24397441

>>24397361
Because you have to start somewhere.
>>24397371
I believe I can. Not sure the terms, though

>> No.24397634

>>24397441
Dont fuck up your future over a gamble man

>> No.24397794

>>24397361
This...
Lol OP I'm thinking to spend my lunch money today on Bitcoin. Lambo when???

>> No.24397984

>>24397794
Well, man, I only have $3k in crypto now and am thinking of just over doubling that with this move. Idk. Frankly, I should just get a higher paying job

>> No.24398288

I guess consensus is largely that it's not worth it, either because of the lack of funds or that it will detriment my future

>> No.24398783

>>24398288
Honestly not worth the penalties

>> No.24398818

>>24396737
OP, please don't do this. I'd hate to see young kids kill themselves over the next coming years. I only made like $5k in profits and I'm fine. Don't get greedy and don't let the trolls on /biz/ get to you.

>> No.24398943

>>24398818
Thanks, man. I'll keep it, try to save better, DCA and keep uni flipping

>> No.24398978

>>24396737
Keep it inside 401K to avoid taxes, just buy GBTC etf. That's what I am about to do next week.

>> No.24398992

>>24398818
broke bitch
>>24398943
OP I'm 24 and I dumped 90% of my networth into bitcoin at 15k
are you going to wage cuck forever? Seriously?
I'm going to fucking make it. I WILL NOT wagecuck.

>> No.24399382

>>24398992
Naked I came from my mother’s womb, and naked I will depart.

>> No.24399481

>>24398992
Look, I get it. I had opportunities to buy at 10k and didn't take it. I'm likely just better leaving it in there because I'm stupid at fucking trading and would MAYBE make up the difference of taking it out. I'm likely better off expending more of my savings than 401k gambling

>> No.24399744

>>24396737
why not buy gbtc with your 401k, assuming you have brokeragelink or something

>> No.24399766

>>24397398
whoops didn't read it all

if you rolled over to an IRA with, say, Schwab, you'd be able to invest in GBTC there. it's not great compared to owning BTC (for all the nerdy own your keys reasons) but at the end of the day you're here to make money, not jack off while looking at your private keys

>> No.24399856

>>24398818
Fucking boomers

>> No.24399957

my two cents

I'm 24, make a little under six figgies at my current position, probably going to make 250k in the next few years. Most of my money is in stocks, then my 401k, then crypto. I find this is the healthiest for me since my strategy with crypto is long and if I want to be a degenerate I can get my thrills on with options. Crypto is a long game to me. Also don't do crypto ETFs, have some self respect. bottom line, don't be a fucking retard. Having a high paying job will be the ultimate determination of your success. Even if you want to retire and eat pizza and play video games all day be a fucking man for a few years and you won't have to pull your hair out because your financial plan was going all in on whatever gay crypto /biz/ memed you into.

Crypto holdings for context: BTC 80%, LINK 20%

>> No.24399983

People selling their 401Ks to FOMO into crypto? Yeahhhh I'm thinking this is the top

>> No.24400070
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24400070

>>24399983
Crypto turns people into animals, I never mention crypto to anyone in real life and neither should you