Investments and More!

(Disclosure: I am no Financial Adviser and have no certificate or credentials to advocate any type of investment over another. This is just my opinion only and should be looked at such)

I have been reading and hearing advices left and right of all the financial advisers and experts regarding what and where to invest your money and I still don’t get it. First of all they (experts) keep on insisting not to cash in your 401K but let’s see what else you experts want them to do if they have no money in their accounts and they are literally living hand to mouth with no end to their miseries. I can see that you will have to pay a penalty of 10 percent plus all the income taxes levied on the withdrawn money. But what else is there. No body is lending out money right now and if they do they will need some collateral. It is easier to give advice when you are not in their situation.

Another thing that these experts say that you would need your 401k along with the social security income to live through your retirement age. Well folks the people who need money now are in their retirement mindset. You need money right now and if you don’t get it now then how are you going to live upto your retirement age.

The people who want to cash in their 401k are really desperate people, they are not just getting up in the morning one day to say let me cash in my retirement pay. They may or may not (probably may) have exhausted all other options of getting funds from elsewhere before coming onto this scenario.

Dear Experts, touching or cashing out your 401k would not be the end of the world for some people. You can always build it up and second of all it is your own money, you are the best judge of how to use your money and nobody else knows your complete circumstances than you do. I stopped my 401k many years ago and I don’t that fear that my future would be screwed up just because I have very little in my 401k. If I need the money now I will definitely explore any options to get my funds before turning to strangers.