It would be useful to inventory the “stuff” that I use. I’d like to have a backup of the distribution. My thought is that this summer I’d liek to rebuild my luggable.
Itemizing the free tools that I like
Tuesday, February 21, 2006
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Posted by reinkefj
401ks are not all gold at the end of the rainbow
Tuesday, February 21, 2006You may wish to ammend your “love fest” with the 401k just slightly. No argument that it is the pension plan of the future. But, it is like catching a falling knife. Some may grab the handle and others the blade.
Contribution to a 401k must be IMHO should be part of an overall financial plan. I would quibble as follows (1) Taxes are theft and don’t overlook that fact. We are getting royally screwed and this small break doesn’t make up for it. (2) Tax deffered money is oh so easy to get in and yet so tough to get out. The 10% penalty and taxes on 401k loans are two “knife blades” that often catch the unaware. (3) 401k choices often carry obscene fees which over a long time can erode the benefit. (I have seen plans with .065 load. It’s a heavy drag to overcome.) (4) 401ks tend to get “left behind” when one changes employers and get “lost” in the shuffle. (5) If your employer forces your 401k into company stock, then think Enron. (6) There is not much help if you have a problem. Look for arbitration clauses. (7) What happens if your employer goes Chapter 7-11? You may lose your 401k. At the very least, that coveted company contribution can be recaptured.
Again. 401k may be your best choice in a rigged game But, eye open for the falling knives.
IMHO FWIW YMMV,
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Posted by reinkefj
Reinke Faces Life 