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Thread: Which is the right choice?

  1. #21
    Rehabilitated Spammer Massa's Avatar
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    What confuses me is what your Dad makes, for myself, as an untrained college student I can earn upwards of $14.00 an hour US in a random job around town. Is it not possible for your Dad to get a better paying job, such as construction?

    Dave

  2. #22
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    Several alternatives. Mom and Dad could each take part-time work.

    Mom could take part-time work and Dad give up only a fraction of his 401K to supplement the drop in wages.

    Dad could freeze the 401K for exactly three months and then continue regardless of where Mom is in her job search.

    Feed the family with the money used to take the trip.

    Take out a loan to live on for the next three months.

    Mom can hold on to the business until she has a part-time job waiting for her, which is what most of us do if we can.

    Good luck.

  3. #23
    Anime Dork Altema's Avatar
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    No idea if my father can get a better job. He works in a supermarket. You see many of those people whenever you go grocery shopping (aka old age and still working at a supermarket).

    My mom will be getting a job, but in the mean time, the question is should we freeze it until we get another job or should we just continue to invest?
    What I would like to know is how does investing in a 401k when you don’t have enough money for the family beneficial? Do the matching and tax breaks really make up for it? (The matching is 50%). So if we are in extended periods of unemployment, it is still beneficial to keep investing? My father won’t be able to even withdraw from his 401k for like 4-5 more years. If he does before 4-5 years, it will be taxed and penalized. It's just hard for me to conceptualize the idea of investing while we accumulate more and more debt. Please someone explain.

    My mom needs the trip. If she doesn’t get it, I might as well shoot her now. Either she takes the trip or suffers a mental breakdown. Two vacations in 12 years. I think she deserves it no matter what happens to us. But like I said, it is not just for rest. She wants to get medical help and to find other business opportunities.

    We would not need a loan as well. We will have some left over money through selling the business. My mom is not so careless as to let us go hungry while she goes on a trip.

    Holding onto the business is not an option. If it was, we would keep it longer. My mom's legs hurt when she sits, she can’t lift things above her head, she can’t lift heavy objects, it hurts her to put on her clothes, and if she does anything involving her hands she will feel pain. That by itself will disqualify her to do normal household chores, and the business itself is 12 hours + of lifting trays of bread that weigh a minimum of 12lbs and a max of 20 lbs.
    formerly: Banzaiiboi

  4. #24
    SG Enthusiast Kyle's Avatar
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    Quote Originally Posted by Altema
    Can you survive with a 20k income with a family of 4?
    I would know, it's how i was raised until these last 2-3 years. You can do it, you'll just have to cut out everything possible.

  5. #25
    ♫♪ ♫♪ ♫♪ ♫♪ downhill's Avatar
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    Quote Originally Posted by Altema
    My mom's legs hurt when she sits, she canít lift things above her head, she canít lift heavy objects, it hurts her to put on her clothes, and if she does anything involving her hands she will feel pain. That by itself will disqualify her to do normal household chores, and the business itself is 12 hours + of lifting trays of bread that weigh a minimum of 12lbs and a max of 20 lbs.
    Hummm...to me, that looks like disability.

  6. #26
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    If your moms is (no offense intended) as useless as you seem to think she is then I believe downhill is right she is disabled and there for eligible for government benefits. Look into those government benefits they would help substantially in feeding your family and helping your mother get better.
    And if you need the $80 to feed your family and I mean really really need the $80 to feed your family then you should use it to feed your family. Your first responsibility as a parent is to provide food shelter and clothing to your children if you can't give your kids that you deserve nothing. There is always a way to provide for your family. Sorry if I sound like an *********.

  7. #27
    Advanced Member SpareX's Avatar
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    There is a really big perk to keep investing in a 401k or other retirement fund....

    Tax credit. all that money you put into it, counts as an extra deductable in your taxes, and belive me. so your looking at 80 a week... hmm crunching math..
    ......
    80x52.. 4160...

    I didn't realize it myself until this last tax season but that 401k adds up fast.. I invested into mine at about 30 a week or so.. for almost a year.. changing it a few times when money was getting tight or when i was jumping around dept to dept and stuck at PT without 401k entitlements(unable to invest into unless FT when I was working at BBY) for a month or 2..

    It takes ALOT of budgeting.. and you lose aLOT of luxuries. but YES you can get a family of 4 to live off of 20k/year. hell my mom made less than that and supported me, my brother, and his best friend that go kicked out, for a year.. we had local TV, no cable.. no internet, and we did everything to make ends meet.. and we did it..

    I say.. Stay with the 401k.. the tax benefits alone help.. ALOT.. Sale of personal business is income, its gotta be reported.. if its alot.. guess what.. your gonna have to pay.. that 401k will add a nice buffer to save some money come tax time...
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