Financial advice needed :)

  • Thread starter Thread starter Lemurian
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Lemurian

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:nod: Very wise advice.

I was once in a similar situation as you are and I did withdraw the savings. It was a huge mistake and I have regretted it more than once.

There are free consumer credit counseling services out there. Find one and ask for assistance in sorting out your finances.




And I'm gonna caution you not to bump your own thread. Posting immediately after yourself is not appropriate unless at least 24 hours have passed.
 
you can't pick up an extra job on the weekends working retail or in a restaurant? if you could do that for awhile to get an extra 100-200 a week to go towards getting out of debt, that would be a big help. once you're out of the hole, you can either quit or continue the 2nd job and put all the money you make there into savings.

if at all possible, you want to keep what you have saved saved. if not, find out exactly how much you will lose for taking it out early. you want to know all the facts before making a decision.

hope that helps, and good luck with your situation. :hug:
 
I understand what you are saying- unfortunately I think this is really the only way I can dig out of the hole. I work full-time so there is no room for a second job and I already got huge help from my parents. I know it is not ideal but it would relieve so much stress.
 
For what it's worth, I'd try to leave the money in the retirement fund alone...unless there is absolutely no way you can dig yourself out of the financial situation you're currently finding yourself in. Best of luck...:hug:
 
I know that most people are going to say don't do it but I really need someone to put themselves in my shoes and tell me what they would do.

I have State Teachers Retirement in an account (about $5500) and I am no longer teaching. I was subbing but I was still paying into STRS. I am not in major debt but I do have one line of credit that is kind of out of control. If I withdrew my account, the amount I would get would take care of the outstanding debt that I have and then some. I want to start repairing my credit and I have some minor things in collections right now. I know I will lose some to taxes and an early withdrawal penalty but at this point, I really just want to take care of my debt and not have to worry about past bills and focus on current things. (utilities, car, student loan)

I feel like I want to worry about taking care of debt and fixing my credit now- worry about retirement when that is settled. Please give your thoughts. Thanks
 
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