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Scratchoffs or 401K

Topic closed. 26 replies. Last post 3 years ago by Drenick1.

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which path would you take if you was just 28 years old

401k [ 13 ]  [81.25%]
Scratchoffs [ 3 ]  [18.75%]
Total Valid Votes [ 16 ]  
Discarded Votes [ 4 ]  

United States
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December 20, 2013
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Posted: March 26, 2014, 1:47 pm - IP Logged

After looking at the tiny profit my 401k makes and all the tax penalties for withdrawing
Early I decided its better to just play $10 scratchoffs

Anyone else hope to use Lotto for their retirement income

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    United States
    Member #145267
    August 1, 2013
    1732 Posts
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    Posted: March 26, 2014, 3:46 pm - IP Logged

    Stick with the 401k, get someone to look at your setup.

      Jon D's avatar - calotterylogo
      Los Angeles, California
      United States
      Member #103813
      January 5, 2011
      1530 Posts
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      Posted: March 26, 2014, 4:21 pm - IP Logged

      I can't believe the two are in the same poll? Confused

      One is retirement savings, the other is entertainment spending.

        Artist77's avatar - batman14

        United States
        Member #121745
        January 16, 2012
        4989 Posts
        Online
        Posted: March 26, 2014, 5:41 pm - IP Logged

        I can't believe the two are in the same poll? Confused

        One is retirement savings, the other is entertainment spending.

        Jon, I have seen some surveys where a significant percentage of people say their retirement plan is winning the lottery.  lol

        J'aime La France.

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          United States
          Member #94616
          July 24, 2010
          4735 Posts
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          Posted: March 27, 2014, 3:45 am - IP Logged

          After looking at the tiny profit my 401k makes and all the tax penalties for withdrawing
          Early I decided its better to just play $10 scratchoffs

          Anyone else hope to use Lotto for their retirement income

          Yes, there are early penalties for withdrawal.  But have you looked at the NUMBERS of just putting $10 a month in one, and then if an employer matches?  At age 58 you will look back and go 'WHY did I not invest in my 401k!!!!!!' 

            veganlife125's avatar - Lottery-061.jpg

            United States
            Member #142777
            May 18, 2013
            263 Posts
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            Posted: March 27, 2014, 10:51 pm - IP Logged

            Yes, there are early penalties for withdrawal.  But have you looked at the NUMBERS of just putting $10 a month in one, and then if an employer matches?  At age 58 you will look back and go 'WHY did I not invest in my 401k!!!!!!' 

            I see all the time posters saying to take the lump sum on a jackpot win because they don't trust their politicians not to up the tax rate.  Why don't you think that logic doesn't extend to 401K's?  The promises have been run up and they need more money through property tax and 401's.

            Even if you don't agree with above think about what the stock market and home values will look like when the bond market explodes from all the money printing.  Remember the 20% morgage rates in 1981?  Remember the DOW at 777 in 1982?  Each interest rate point up is another 100+ billion in bond payments uncle sam don't have. 

            I quess we can hang on as long as we got the petrodollar but Putin and China are challenging us on it with our debt high.  What would you do?

            Don't forget to visit the Lottery Post Gift Shop!


              United States
              Member #128790
              June 2, 2012
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              Posted: March 27, 2014, 10:55 pm - IP Logged

              After looking at the tiny profit my 401k makes and all the tax penalties for withdrawing
              Early I decided its better to just play $10 scratchoffs

              Anyone else hope to use Lotto for their retirement income

              Anyone else hope to use Lotto for their retirement income

               

              You can't possibly be serious.

              Wow, the delusion is worse than I ever dreamed of. Crazy

                veganlife125's avatar - Lottery-061.jpg

                United States
                Member #142777
                May 18, 2013
                263 Posts
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                Posted: March 27, 2014, 11:07 pm - IP Logged

                From the sound of things there might be a market soon for a high bob wired electrical fenced in double-wide trailer park community with a moat.

                Anyone want to put up an early down payment on a trailer space?Banana

                Don't forget to visit the Lottery Post Gift Shop!


                  United States
                  Member #128790
                  June 2, 2012
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                  Posted: March 27, 2014, 11:18 pm - IP Logged

                  From the sound of things there might be a market soon for a high bob wired electrical fenced in double-wide trailer park community with a moat.

                  Anyone want to put up an early down payment on a trailer space?Banana

                  market soon for a high bob wired electrical fenced in

                   

                  Do you mean "Barbed Wired Fence" ?

                  For a second I thought you talked to my friend Bob who's always wired and installs fences for a living. That was very weird. lol

                  You seem to know much about trailers. lol

                    veganlife125's avatar - Lottery-061.jpg

                    United States
                    Member #142777
                    May 18, 2013
                    263 Posts
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                    Posted: March 27, 2014, 11:41 pm - IP Logged

                    market soon for a high bob wired electrical fenced in

                     

                    Do you mean "Barbed Wired Fence" ?

                    For a second I thought you talked to my friend Bob who's always wired and installs fences for a living. That was very weird. lol

                    You seem to know much about trailers. lol

                    Naw Boy!  When i think of "Barbed Wired" i think of Pamela Sue Anderson squating down in her tight pants firing off a couple of pistols!  WooHoo!Big Grin

                    Don't forget to visit the Lottery Post Gift Shop!


                      United States
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                      June 2, 2012
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                      Posted: March 28, 2014, 12:20 am - IP Logged

                      Naw Boy!  When i think of "Barbed Wired" i think of Pamela Sue Anderson squating down in her tight pants firing off a couple of pistols!  WooHoo!Big Grin

                      A fence reinforced with spiral barbed wire on top reminds you of Pamela Anderson?

                      Who does a Stucco wall remind you of?

                        sully16's avatar - sharan
                        Ringleader
                        Michigan
                        United States
                        Member #81740
                        October 28, 2009
                        42223 Posts
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                        Posted: March 28, 2014, 9:26 am - IP Logged

                        After looking at the tiny profit my 401k makes and all the tax penalties for withdrawing
                        Early I decided its better to just play $10 scratchoffs

                        Anyone else hope to use Lotto for their retirement income

                        Can you take a loan from your 401k and pay yourself back? With our plans we can, tax free.

                        You don't have to be a lottery winner to talk to a financial planner.

                        My Mom used to tell me, have more then one source of income, track your spending and always have 6 months of money in the savings in case something happens.

                        With time, patience, discipline , willpower, you can build financial security.

                        It won't happen overnight, but it will happen if that's what you strive for.

                         HyperBe Happy.

                          Jill34786's avatar - Lottery-006.jpg
                          Windermere, FL/Franklin, TN
                          United States
                          Member #50210
                          March 1, 2007
                          843 Posts
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                          Posted: March 28, 2014, 9:45 pm - IP Logged

                          After looking at the tiny profit my 401k makes and all the tax penalties for withdrawing
                          Early I decided its better to just play $10 scratchoffs

                          Anyone else hope to use Lotto for their retirement income

                          If your 401k is giving you lackluster returns especially with the market gains from last year then you may want to re-balance/re-allocate your portfolio.

                          A Roth IRA may be a wise option to supplement your retirement as any basis (not gains) can be withdrawn without incurring any penalties or fees. 

                          Playing the lottery can be fun but not if you're relying on it to fund your retirement.

                          ** Some people fulfill their dreams by receiving entitlements from the Government while others wake up and work hard for it! **

                            veganlife125's avatar - Lottery-061.jpg

                            United States
                            Member #142777
                            May 18, 2013
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                            Posted: March 30, 2014, 1:44 pm - IP Logged

                            A fence reinforced with spiral barbed wire on top reminds you of Pamela Anderson?

                            Who does a Stucco wall remind you of?

                            Dang onlymoney you didn't make the connection between wired fences and Pamela Sue Anderson playing in the movie "Barbed Wire"?  Don't worry about it road savvy is elusive. 

                            As for stucco discuss it with your pal Bob i quess and i talk to some hooter girls later. Big Grin

                            Don't forget to visit the Lottery Post Gift Shop!

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                              United States
                              Member #94616
                              July 24, 2010
                              4735 Posts
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                              Posted: March 30, 2014, 6:24 pm - IP Logged

                              I see all the time posters saying to take the lump sum on a jackpot win because they don't trust their politicians not to up the tax rate.  Why don't you think that logic doesn't extend to 401K's?  The promises have been run up and they need more money through property tax and 401's.

                              Even if you don't agree with above think about what the stock market and home values will look like when the bond market explodes from all the money printing.  Remember the 20% morgage rates in 1981?  Remember the DOW at 777 in 1982?  Each interest rate point up is another 100+ billion in bond payments uncle sam don't have. 

                              I quess we can hang on as long as we got the petrodollar but Putin and China are challenging us on it with our debt high.  What would you do?

                              Yea and I watched my 401k EXPLODE from 2008 to now.  I had rebalanced in 2006 to put 80% in fixed income so didn't take much of a hit on 2008.  I am still working so still putting $$ in.  I have done VERY well since 2008, and I am VERY happy I am invested in it.  So you SCAREMONGERS can just hide on the sidelines while the rest of us CASH IN!