#1
  1. web.graphic.print
    Devshed Newbie (0 - 499 posts)

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    I have this brilliant idea


    Please flame.

    I was thinking, is it possible to take out multiple 401k's? Like what if you took one out (i believe it costs $2k to start one) and then once it was worth $4k you cash it out and start 2 401k's, once those are worth $4k you cash those out and start 4 401k's, and so on. Would this work?
    Fire Minded
    Brent Bevans
    661.974.6771
    43654 Colony dr., Lancaster, CA 93536
    fire.minded.design@gmail.com
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  3. Lounge Troll
    Devshed Loyal (3000 - 3499 posts)

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    Sure but you'd probably lose more to management fees than just keeping it in one. Plus cashing it out has tax penalties so unless you rolled it over, you're going to pay huge taxes just cashing it out.
    Codeinated
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  5. Sarcky
    Devshed Supreme Being (6500+ posts)

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    Why would you do this? You're taxed on withdrawal PLUS you have to pay management/startup fees. They don't GIVE you money to start one. This kind of scheme only works if signing up for the account gets you free money of some sort. 401(k)s do not give you free money, they cost a lot to establish because they're designed to grow over decades.

    Comments on this post

    • codergeek42 agrees : ^ Pretty much exactly this. (Sorry, no rep.)
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  6. #4
  7. Type Cast Exception
    Devshed Supreme Being (6500+ posts)

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    Just play the stock market directly. Buy $2000 in stock, once it's worth $4000 cash it out and buy two stocks of $2000 each. Once they're worth $4000 each cash them out...

    That way you're doing it on the level without even being sneaky about it.
    medialint.com

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  9. Banned (not really)
    Devshed Supreme Being (6500+ posts)

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    Do you somehow think it's easier to get from $2K to $4K than it is to get from $4K to $8K?
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  10. #6
  11. web.graphic.print
    Devshed Newbie (0 - 499 posts)

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    $2k to $4k $4k to $6k?

    no.
    Fire Minded
    Brent Bevans
    661.974.6771
    43654 Colony dr., Lancaster, CA 93536
    fire.minded.design@gmail.com
    http://www.fireminded.com

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