Should I Pull From My 401(k) To Buy A House?

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Title	:	Should I Pull From My 401(k) To Buy A House?
Lasting	:	5.53
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Views	:	88 rb

No it's not like 35 interest brYou pay 35 once brBut if you borrow at 7 you'll end up paying twice what you borrowed in 15 yearsbrMy advice is , go for it
Comment from : Cyber Ms

I've always wondered If you have a 401k that you contribute roth if you take money out, will they still tax you on it and take the 10 penalty? Just always been curious
Comment from : geno816

So the tax you owe , if you wait till your 60s, is not there ??? Let people use their money (in stuff that makes sense, while it is still there and while they are alive
Comment from : Tunc Tarhan

you can also take a loan out of you 401k cant you? so instead of pay the bank you pay back to your 401k fund?
Comment from : beto

I want to know if they collected insurance
Comment from : Brandon Schuppe

I have a question I can’t seem to find an answer to anywhere I understand the taxes would be 25, but is that really a “loss” since you eventually have to pay taxes on it down the road anyway or am I missing something?
Comment from : Curtis Alcorn

04:10 stupid-butt stuff, or stupid butt-stuff? 🤔
Comment from : Beach City Bum

61, eyeing up 100+ acres… would like to buy outright and thought my 401k could simply be shifted from a bank account to real estate (which would continue to grow) is that wise? plus it’ll be land for the kids to inherit
Comment from : Richard E

I must have misunderstood something I thought there was a way to make a one time withdraw on 401k without taxes and penalty if it's put toward mortgage
Comment from : Carl Ballard

How old are you? brbr47brbrYes you are in the early stage of building your wealth
Comment from : S P

Thank you
Comment from : pinkorganichorse

10k car doesn't even move these days, these guys are out of touch
Comment from : Shroter

Umnn its 35 of the capital gain not 35 of the lumpsum
Comment from : S S

Why does he just guess people's age instead of just askingbrEspecially when he is always off by a decade or more
Comment from : Christopher Gray

Does 401k give you a break on a first time homebuyer? I read somewhere you can withdraw up 10k for a first time home penalty free
Comment from : Smokenojoke

I will never get the money out tax free so why even include the tax in the equation?
Comment from : qposton25

401 gets taxed no matter when u take it out
Comment from : Travlepreneur

Seems to me just about every car today is atleast 30k or very close
Comment from : Keebas Real Life Journey

This guy is financially illiterate
Comment from : gsquared23

He didn’t want to hear that about his car Probably a super uped truck
Comment from : Doc1911_DFW

Why is it so hard for people to understand getting out of debt??
Comment from : Jim Roscovius

You NEVER take from an IRA unless it's too stave off bankruptcy Don't lose the interest
Comment from : Jim Roscovius

“How old are you?”brbr“Well my house burnt down”
Comment from : David Milhous Carter

Dave thought he was mid 20’s???? He has a little more than 50 of the purchase price of the house, his wife has a built up 401K, and they have 100k+ in savings…what mid 20’s person does he know in this financial situation???
Comment from : Shayne Huber

Are you in your 20's?brYes but in a 47 year old's body 🤣🤣
Comment from : JiisTube

🤦🏻‍♂️🤦🏻‍♂️🤦🏻‍♂️🤦🏻‍♂️
Comment from : How to Medical Videos

This is one of those people who think their cars are an investment
Comment from : Beast from the East

Disagree I took a $15k 401k loan to buy a house in early2021, bought itbrFor $325k, house’s worth $525k now
Comment from : Dones de Motivación

It’s not true what Dave said , Some employers allow 401k withdrawals up to 50k without penality Also interest you pay is not to bank but yourself so you don’t really loose money Also if you leave job it depends on 401k policy of employer many allow to carry loan as long as you are paying monthly minimum payments It’s works pretty well in this scenario
Comment from : ashitabhat

Refinancing on a 15 year right now would be a horrible idea if they got in the house before this craziness!
Comment from : Ryan Keels

I live in Corpus Christi as well People here will drive nice car than the house The car has the highest priority around here Wife won’t let that car go i can guarantee 😀
Comment from : scorpion2320

I did, worked out pretty well
Comment from : Plen122

Could he get it as a loan from the 401K instead of pulling it from the 401K some one could explain me that
Comment from : RA

108 k in the savings account 😳😳
Comment from : Ana Andrade

Dave's so wrong on some points How much is she driving? Does she need a brand new/barely used because those types of cars cost 25k+ with limited to no maintenance I like Dave he helped me a lot But he's wrong sometimes
Comment from : mike laba

How old are you?brWell ya see a firework went off in my back yard…
Comment from : Hot4 Teacherz

Clueless
Comment from : MrMustangrick

Listen people Listen loud and clear… YOU SHOULD NOT HAVE A CAR PAYMENT Period No justification No rationalization No excuses No car payment… ever
Comment from : nkyryry

I'm guessing your 26no i'm 47 just a bit out Dave
Comment from : Rory

Use the savings to payoff the car 😂 and don’t get a new car
Comment from : MrPuggin

Honestly, I've seen Dave go both ways on this question But the bigger concern is that a forty-something year old can't figure this stuff out - even Dave thought he was in his twenties
Comment from : Lee_CPA

Kinda hard to give him advice when he keeps changing the figures and withholding info 🙄😂🤷🏼‍♂️
Comment from : M Citi

I took 401K loans out and I regret it If only I had the inkling to save before, I would have never got the loans to begin with
Comment from : Murphyville

401k is not a great idea in my view Its taxed when you need the money
Comment from : Matthew James Montgomery

Another caller that doesn't need financial assistance It's humble bragging brDave saved another one brPoor guy only has $180k in cash & $90k in income Very little debtbrRice n beansbeans n ricebrRidiculous
Comment from : matt75hooper

How is $109k in cash savings broke?
Comment from : jaren Garnett

what would be better is that he had Roth IRA tax free if he withdrawals that
Comment from : Liam OHara

He reminds me of myself when I was around that age He has no idea how poorly positioned he is to buy a house He needs to hear and acknowledge that he is broke It is time to get humble and start cleaning up the mess that he doesn't want to see Funny how he didn't think of the car loans as real debt I hope that he will not choose alternatively to borrow from his 401k I did that and it bit me back hard
Comment from : Will Elliott

Dave: How old are you?brCaller: Goes into a long story for no reason
Comment from : tubenachos

Not giving up the tax rate… You will still have to pay that when you take it out of your 401k unless Roth
Comment from : Gomer Hondo

Common sense??
Comment from : Summer forever

There’s no diff in stacking after tax cash where you paid tax upfront and taking out of 401k and paying tax in back end Don’t pay 10 penalty when use for down payment
Comment from : Steve-O N

Dave: I'm guessing you're in your 20sbrCaller: I'm 47brDave: Ok, you're out of debt?brCaller: Yeah, debt free except for 36k!br😆😆😆
Comment from : Keith Hendrickson

Woah…full stop 😂
Comment from : Michael Hollen

No compensation from whom burned their house down with fireworks?
Comment from : webfreakz

Shop rates are now $150 + an hour and parts are hard to get A $10k car may not be cheaper annually if it isn’t reliable and $10k doesn’t buy much of a car I would not sell that car Falling behind the times Dave
Comment from : Caleb Weaver

Dave doesn’t understand the power of good debt That or he ignores it Boomer
Comment from : A B

Thank you Dave as always!
Comment from : jak2427

SorryNEVER take a loan out on your 401Kif you leave your job - you have to pay it OFF in full Not sure what happens if they lay you off
Comment from : dancalm peaceful

So what is a 30k car payment? A utility bill?
Comment from : Shermaine

Why do people buy expensive cars? I will never understand
Comment from : COMMANDRofAWESUM

Come on Dave Ramsey brI'm out of debt SSDI Your loan officer officer did not know anything
Comment from : NevaJ

That has to be the youngest sounding 47 year old I’ve ever heard Thought he was 25
Comment from : Topherocks

he does sound like hes in his mid 20s…only to find out hes 47 daves reaction lol
Comment from : LawTizzle1

I am guessing the cash came from the insurance company from their house burning down Sounds like they opted to take the cash value payout from the loss rather than rebuild on same land?
Comment from : KB Me

Pay off both vehicles with your cash Take the remaining cash and put down on new house and finance the rest and pay that mortgage as quickly as you can Don't touch your retirement savings!
Comment from : KB Me

Why does a Talking Heads song come to mind?
Comment from : Justin Case

I got a 401k loan for a house down payment Didn’t realize the loan must be paid in full when you leave the employer I had a job offer for over $15 more per hour than what I was making Had to pay the loan off in full when I left that job A lot of my former coworkers were “stuck” at that job because they were so in debt with multiple 401k loans It’s not worth it I know better now
Comment from : V S

This caller is what Dave would call a hard working man 🤣people who know how to manage their money and career don’t listen to the boomer
Comment from : Dipesh

Yeah sell you stocks when stocks a low and houses are still high This guy's wife needs to turn off HGTV and Bravo
Comment from : K Roddy

🙏✝️
Comment from : Luke Harris

I just paid off my house this morningbrWire has been sent
Comment from : Ray Hill

Is Funny how all of these people are suddenly money experts and trying to tell Dave Ramsey his wrong Lol
Comment from : Rudy Flores

Cash is King!!!
Comment from : Rudy Flores

Did I heard correctly 108k in savings, around 30k in car debt Why you no pay off debt?
Comment from : LuckyC1723

Assuming and hoping that they don't lose 50 of that 401K in the coming years
Comment from : OBA

He has like 20 videos of people asking the same question, and I will click on it every single time lol
Comment from : Pancake22

LOL…when after talking to you on the phone someone thinks you are in your mid-twenties when you are in your late forties that speaks volumes about your intellect and maturity! 🤣🤣🤣
Comment from : CBEDH3

Disagree with your advice Dave He could take a 401k loan, pay no penalty or taxes and have a paid off house avoiding compound interest on a mortgage although The only caviat is that he is already 47 years old He only has 18 years to pile up 💰 in his 401k
Comment from : Ivelys Santos

Nobody gets hurt as long as everybody keeps their money in the Ponzi Scheme
Comment from : Евграф Андреевич Живаго

I did this It's much smarter to pull 401k They allow you to take a loan with a house and not have all the penalties Especially if u do traditional and roth Would you rather pay yourself back or some company??? This was bad info
Comment from : Tee6atl

My house is paid off, our kids are grown up, and household income is $120K I couldn't imagine in my wildest dreams of having $36K in car debt
Comment from : Lot 21

I can't stand fire works I find it really disrespectful to be shooting them off in a neighborhood
Comment from : Flea

I use some of my 401k for house best Decision
Comment from : Bryan Nelson

He tells him to get a 10k car but there are no 10k cars! Any used car these days goes for 15k or more Those that cost 10 are wrecks and accident vehicles
Comment from : Lina

Ruben will keep the cars
Comment from : Bantizzle

What if it is in a roth 401k? Its just the 10 percent right?
Comment from : Alex Bernstein

You can get a 401K loan to help buy a house You avoid penalties as long as you pay it back and stay with that employer
Comment from : nicole4779

Besides all the debt I have, I’m debt free!
Comment from : Bill Freedman

just use the savings to pay off all debt and buy the house with a small mortgage and work to pay that off simple
Comment from : canadianjatti

Thats stupidbrBuying a house with cash dumbbrHe car is fine, right now 10k can only buy u a trash car
Comment from : john done

I would I did But not for a house They account was loosing money so I pulled it And for some reason I didn’t get penalized
Comment from : alfredo ramirez

I think not buying fire insurance is his biggest mistake, the cars being stupid, but not life-destroying terrible
Comment from : Quix Omega

It's not that I disagree with the answer, but a one-time penalty of 35 is not at all like a 35 interest rate (which is paid every year until the money is paid back)
Comment from : Johanna Miller

"The biggest mistake they ever made was super expensive car when they're still broke" YUP! That's me Never again Thanks M Ramsey
Comment from : Maxime Gaulin