/biz/ - Business & Finance

>>55955946
Gtfo of 401ks
It would even be adviced to the take the haircut and remove your companies pay ins

>>55955946
put whatever amount into your 401k that will max out your company match. It's free money. If you want it out of there, you can just withdraw it and pay taxes on it

>>55955946
Fuck you pay me you cheap fuck

Get the fuck outta here, bum

>>55955955
can you explain your reasoning?

>>55955979
perhaps with some fine memes?

>>55955946
Get your 401k match, buy 1 month tbills or find a high interest savings account, preferably with a credit union. Use that to build up your emergency fund. I like gold also as savings but that isn't quite the same as an emergency fund.

>>55956016
You want the 401k match because it sounds like you're young and you should be in risk assets when you're young, doing the 5% will dollar cost average you into a position.

>>55956016
thanks.

what are money market accounts? it sounded like a lot of people were pulling money out of savings accounts for money market accounts 8-10 months ago leading to some of the bank crashes

>>55956052
They typically pay more interest than savings accounts, banks can use the money differently than money in a savings account. Think they are mostly buying tbills with it and picketing the difference. There's a limit on how many withdrawals you can make a month also, I think.

>>55955994
Boomers
Demographic reality
Desperate scammers from scamstreet not finding demand to replace boomers crashing out

>>55955994
No man, I want your mamas titties

The main argument against a 401k that you'll find on a crypto board is that it's totally subject to the law. You're accepting a possibility that the legislation around them changes by the time you're ready to retire

>>55955946
I’m officially a financial advisor.
You don’t need a 6-8 month living supply of money unless your COL is so ridiculously high you couldn’t sustain yourself with a bullshit cashier job + a smaller emergency savings, key word is “emergency”.
So if that’s the case bring your COL down.
I dont know anything about 401ks but I assume they’re a scam if a company is offering them.

>>55955946
Yes OP, taking a guaranteed 100% return that you don't even need to think about is, in fact, a wise financial move.

>>55956152
when someone is 'debanked' do they lose access to all of these kinds of investments that are with Vanguard or BlackRock?

>>55956112
ok. how does one go about buying t-bills directly? presumably those would have a higher interest rate than an account focused on buying them for you and shaving off a little bit of the money

>>55956190
I just did a bit of math and came out to roughly a CoL of $1771 if I only focus on the basics. I can support this with some bs hourly job, but honestly it seems like it would be highly preferred to have all of my time to focus on the job search. I'm not sure.

do some people not advise having an emergency fund? I revise my figure down to 4-6 months, so let's say 5 months, which is $8855. that's a lot of money to keep parked in good old USD.... I do think the currency and the banks are doomed, I just don't want to deal with the stress and potential losses of selling thousands of dollars of assets if I lose my job at the wrong time. can you guys set me straight?

>>55956235
thanks. at the risk of supporting globohomo and the entire economy crashing, I'll take an instant 100% return.

>>55956271
I just think of opportunity cost when it comes to emergency funds.
Yeah $10k chilling in cash isn’t a big deal when it’s <10% of your liquid net worth.
Some people get carried away though.
Additionally, if you’re expecting to lose your job or if you’re someone who gets laid off frequently it’s not really an emergency fund anymore because it’s more likely or definitely going to happen but that’s different.
Personally, I take a higher risk approach to investing because I fucking hate the bullshit rat race and my goal is to just get out of it rather than become comfortably numb within it.
Go balls deep in crypto and get the fuck out man. That’s what I’m doing

>>55956190
I heard once that 3 months COL emergency fund is a good target, prof said it took 3 months on average to find a new job

>>55956405
Yeah that’s a lot more reasonable I think

>>55956271
Trasurydirect .gov is where you can buy tbills, I think there's etf's also on brokers not sure about them though.

>>55956376
it would be a much bigger chunk of my liquid assets + cash ($8k would maybe be ~50% by the time it's funded). primarily, I'm looking to get into a new industry (learn to code!), so when you make that kind of a jump, you're vulnerable if the economy tanks in the next year or so. my risk exposure will be dramatically less after 2-3 years of steady employment.

>>55956555
thank you anon.

>>55955994
>Morpheus, the god of dreams gives you a choice between two pharma products
You've been had. You're playing the game whether you take the blue pill or the red pill. They're just the back and white freemasonic squares of a system they control.
Stop falling for this shit.