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The Water Cooler
General Discussion
401k contribution - Yay or Nay
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<blockquote data-quote="swampratt" data-source="post: 3889384" data-attributes="member: 15054"><p>I contributed as did the wife and many friends.</p><p>Yea you take hits some years but my 17,000 that I made in 9 years and then rolled over into an IRA after I quit back in 2020 is now worth over 65,000 and I have not put a penny in it since.</p><p>This last drop hurt it a little as it was up to 86,000.</p><p></p><p></p><p>My friend that works for OGE has over 1 million in his 401K.</p><p>Another buddy borrows against his 401K to buy houses and pays himself back.</p><p>All his houses are paid for and not a single one worth less than 140,000.</p><p></p><p>I only put in as much as the employer would match like your 6% but i also claimed 14 dependents to get a lot on my check and used that money to pay off my houses quick.</p><p></p><p>Yea I paid in at the end of the year because I only had a wife and 2 kids but it all evens out.</p><p>The savings I made on knocking those payments out was super beneficial.</p><p></p><p>I did not even know about Dave Ramsey i just know math.</p></blockquote><p></p>
[QUOTE="swampratt, post: 3889384, member: 15054"] I contributed as did the wife and many friends. Yea you take hits some years but my 17,000 that I made in 9 years and then rolled over into an IRA after I quit back in 2020 is now worth over 65,000 and I have not put a penny in it since. This last drop hurt it a little as it was up to 86,000. My friend that works for OGE has over 1 million in his 401K. Another buddy borrows against his 401K to buy houses and pays himself back. All his houses are paid for and not a single one worth less than 140,000. I only put in as much as the employer would match like your 6% but i also claimed 14 dependents to get a lot on my check and used that money to pay off my houses quick. Yea I paid in at the end of the year because I only had a wife and 2 kids but it all evens out. The savings I made on knocking those payments out was super beneficial. I did not even know about Dave Ramsey i just know math. [/QUOTE]
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