Families tap 401(k)s to keep up with ...

Families tap 401(k)s to keep up with bills

There are 39 comments on the South Florida Sun-Sentinel story from Feb 20, 2008, titled Families tap 401(k)s to keep up with bills. In it, South Florida Sun-Sentinel reports that:

Trent Charlton knew the risks when he borrowed $10,000 from his 401 and cut his retirement savings in half.

Join the discussion below, or Read more at South Florida Sun-Sentinel.

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broke

Pompano Beach, FL

#22 Feb 21, 2008
I cashed out a 403b to move to FL in 2003. When I got here and started making much less $$ I cashed out a city retirement fund. But I'm driving a 2002 Kia.
shutup

Holbrook, NY

#23 Feb 21, 2008
SOH Must go wrote:
The 2 TIERED PROPERTY TAX system across this country is a apart of the HOUSING EMERGENCY.... In a lot of states people that have been in their house for 5-10-20 years are NOT PAYING THEIR FAIR SHARE and being supplemented by people that bought in the last 5 years.
The FED GOV should BAN this 2 Teired tax system.
That would help a lot.
BTW:
The first house flipper was a Long time SOH person.
The next house flipper will be a Long Time SOH person after 1,000's of people that bought in the last 5 years GIVE THEIR HOMES BACK TO THE BANK and or LEAVE THE STATE.
The GOOD OLD BOYS CLUB of FL wins.
Oh, wait, what about those COURT CASES, is SOH and PORTABILITY in jeopardy....?
Because SOH in part was put in to KEEP PEOPLE In their same homes for good towns, was PORTABILITY the straw that broke the camel back ???
Where are the #'s on the rising vacant houses in South Florida, please post here if ya know.
I am so tired of hearing your incessant whining about SOHer's not paying their fair share.
I have lived in my house for 15 yrs and have no children and yes I do not pay as much taxes as you since you were stupid enough to buy a house similar than mine and pay $100,000 more than it is probably worth, you don't hear me whining about paying the school tax to educate you dumb arse kids. If you can't afford the insurance and the taxes at the time you purchased your house you should just rent. I do agree that taxes are high but I am more concerned with the dumb arse projects these cities squander tax money on than the SOhers. I would love to move to a larger house but I can't afford it, so I will make do with what I have. I think that is the lessen in the article, LIVE WITHIN YOUR MEANS don't blame someone else for YOUR bad judgment.
Kiley

Deerfield Beach, FL

#24 Feb 21, 2008
I just reread it. Account Executive. You are so right! And at 40 to have such a small amount saved is dangerous. But he certainly has a nice kitchen! One of my husband's buddies is in sales and financed ten big screen TVs into his mortgage. He said he put everything into the house that he will ever need, the hiuse will be his retirement. Unbelieveable!
BJ but no bear wrote:
<quoted text>
He's an executive my arse. The guy's an "account executive" for a trucking company, meaning he's a salesman selling trucking services to business customers. I used to do that for a short while, trust me it's no "executive" job going wharehouse to wharehouse with a box of donughts in your hand trying to get business. And in most cases you'd make more money being a cop or a school teacher. But typical salesman, he spends all what he makes and beyond. It always baffles me how people in the job field with perhaps the most income uncertainty and least job stability seem to save the least.
Kiley

Deerfield Beach, FL

#25 Feb 21, 2008
'House' not 'hiuse'-fat fingers today!
silly

Mount Juliet, TN

#26 Feb 21, 2008
well there's the problem he drives a BMW instead of a ford focus. I dont feel sorry for you bud. Keep living above your means and buy a house you cant afford. Perhaps you should have spoken to Miss Cleo about your future last April when you signed the lease. Dumbass
401k saver

Fort Lauderdale, FL

#27 Feb 21, 2008
NEVER cash in on your 401k UNLESS it is critical. this guy has a beamer and from what i can see very ncie granite in his kitchen. where are our values? we have to stop putting value on things and stuff. how sad.
RJ in SFLA

Miami, FL

#28 Feb 21, 2008
No concept of living "well" within his means or WELL within his means....
I'm mid 30s, make over $200K, worth $800K (half liquid) and still worried about retirement.......
John Boom

Salem, OR

#29 Feb 21, 2008
This guy simply overspent money he did not have, anyone who relies on creditcards to pay bills and make payments is overspending and should stop as soon as they can.
This article was also written in a harsh way, blaming people for buying SUV's for the bad economy, another biased article from the Sun
likeohmygosh

Miami, FL

#30 Feb 21, 2008
Hard times here. Barely hanging on to the BMW and the fancy granite countertop house. Times are as tough as a $7 T-bone. Brother can you spare a dime? Pardon me while I play the violin.
Kiley

Deerfield Beach, FL

#31 Feb 21, 2008
In know where you are coming from with the bias, but I think they purposely 'posed' him in his fancy kitchen. I think part of the article was alluding to his foolishness.
John Boom wrote:
This guy simply overspent money he did not have, anyone who relies on creditcards to pay bills and make payments is overspending and should stop as soon as they can.
This article was also written in a harsh way, blaming people for buying SUV's for the bad economy, another biased article from the Sun
Marc Jordan

Boca Raton, FL

#32 Feb 21, 2008
I must give this guy credit for telling his story to millions of people. Is he stupid, I'm afraid so, but he got caught up in consumerism along with tens of millions of others. I agree 100% with the remarks here about wasting $500/mo on a car, that's just piss-poor judgement that he now realizes. But make no mistake, this is not only an American phenomenon. It's happening in Europe as well, so don't be so smug.
Euphemism

Fort Lauderdale, FL

#33 Feb 21, 2008
Is this article painting a pity party or is it really exposing what many Americans are... financially irresponsible.
Perhaps it's Economic Darwinism, but he obviously doesn't realize how this makes him look. I thought I was bad with money, but this guy makes me look like a financial genius.
SOH Must go

Pompano Beach, FL

#34 Feb 21, 2008
BJ but no bear wrote:
<quoted text>
Next time you buy, find out what the tax milage is on the place and figure out your tax BEFORE you buy.
"The first house flipper was a Long time SOH person." HUH?#@! By definition, a flipper is not a long term owner of the property being flipped.
Grow up, the first house flippers in this state were:
The people that knew the area the best
Had the most equity
Knew and HATED the idea of growth.

Thats the reason SOH was put into place.

To make the new people that move here pay the LOINS SHARE of any costs.
Including the huge run up in property taxes, while they sat on their equity saying....
We did not ask them to come here.
We paid taxes in the past.
Why should we pay more.

God help you if you ever have to move to a new state and you expect to be treated as a CITIZEN of this country.

God help you if you stay here, becuase its a drowning ship.

How is that court case coming against SOH + Portability?
SOH Must go

Pompano Beach, FL

#35 Feb 21, 2008
shutup wrote:
<quoted text>
I am so tired of hearing your incessant whining about SOHer's not paying their fair share.
I have lived in my house for 15 yrs and have no children and yes I do not pay as much taxes as you since you were stupid enough to buy a house similar than mine and pay $100,000 more than it is probably worth, you don't hear me whining about paying the school tax to educate you dumb arse kids. If you can't afford the insurance and the taxes at the time you purchased your house you should just rent. I do agree that taxes are high but I am more concerned with the dumb arse projects these cities squander tax money on than the SOhers. I would love to move to a larger house but I can't afford it, so I will make do with what I have. I think that is the lessen in the article, LIVE WITHIN YOUR MEANS don't blame someone else for YOUR bad judgment.
We will chat after the COURT CASE...
SOH Must go

Pompano Beach, FL

#36 Feb 21, 2008
FrmrSnowbird wrote:
<quoted text>
The flipper who bought from me in 2005 was a resident. He was flipping other properties, not his SOH protected one.
Unfortunately (or fortunately, depending on your perspective) he is STILL holding my old place despite many asking price drops.
Exactly my point, who do these long time SOH people think their fooling, other than themselves.

We will see, over the next few years as the amount of vacant homes across this state goes up and Prices go down..

Florida, they dump sewage into the ocean and have a 2 tiered tax system.
Euphemism

Fort Lauderdale, FL

#37 Feb 21, 2008
shutup wrote:
<quoted text>
... I do not pay as much taxes as you since you were stupid enough to buy a house similar than mine and pay $100,000 more than it is probably worth...
My sentiments exactly (not that this article is about SOH)
MJG

Tewksbury, MA

#38 Feb 21, 2008
No pitty for this poor fiscal decision maker.

not from Boston
SickOfItAll

Hollywood, FL

#39 Feb 21, 2008
Oh jeez, pull out the freaking violins! This is just so typical of what so many people have been doing. There have been too many people getting mortgages for homes that were so far out of their league that entire communities are now out of whack as far as demographical makeups. It's ridiculous! This guy is 40 years old and only had $20k in retirement? That's awful! He quite clearly was living a lifestyle that was not his to live. He should not have HAD that Beamer. Live within your means, people, and don't expect others to pity you and want to help you. There are far too many people that earn their way to having a certain lifestyle. Just because you WANT that lifestayle, it doesn't mean that you can actually HAVE it. You have to EARN IT!
Lindie

London, UK

#40 Mar 26, 2014
This is the first time I had ever applied for a loan. I couldn't have asked for anything more from the staff that answered any of my questions to the application process. Once this had all been completed the money was transferred quickly into my account. I will definitely be recommending 911PDAY .COM ( http://goo.gl/44kQUQ ) too my friends and family.

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