|
||||||
| General Discussion Please read our Forum Rules before posting Feel free to talk about anything and everything about money. |
 |
|
|
LinkBack | Thread Tools |
11-02-2009, 02:24 PM
|
|||
|
|||
I need advice...leaving one job for another
I got a new job with a higher rate of pay. I have 401k at old job. Not sure what to do with it.
The other thing is because the new job pays every two weeks and holds back the first pay cycle i wont have a pay check for a month...... I don't have enough in my emergency savings yet..... I am very tempted but unsure if I should take out 1k out of 401k to get thru that month because i am so close I would need to keep bills paid. Please don't yell at me.... I just need options with the new job I should be able to replace the 401k money by april. 
|
|
11-02-2009, 03:04 PM
|
||||
|
||||
|
Do you have a credit card? This is one instance where a credit card could be a great solution, especially when compared against taking money out of your 401k.
|
|
11-02-2009, 03:10 PM
|
||||
|
||||
|
No yelling. There are times in life when you take a step back to take 2 steps forward. I would advise that you really just play it close to the vest and use your cc for an emergency. But, then pay off your cc ASAP. And, if that doesn't work, then you could tap the 401K. How much do you really need to tide yourself over for a few weeks?
|
|
11-02-2009, 03:46 PM
|
|||
|
|||
|
Quote:
Please double check my info before you do anything though. 
|
|
11-02-2009, 04:10 PM
|
|||
|
|||
|
I don't have to move the 401k I am finding out. The main reason i am worried is the mortgage payment is in that time frame and I don't want to mess with that. All the other bills i can re-arrange or get pmt agreements or whatever.
I think for now we are gonna try to live with out it, make the mortgage, ignore everyone else. The kids can always go to grandma's for dinner. I don't have any available credit. I have to do this because the job pays $3. more an hour.
|
|
11-02-2009, 04:19 PM
|
||||
|
||||
|
Are you sure on the mortgage deadline? Most mortgage companies give a 10-15 day grace period, no fees or hit to credit report. (Just food for thought, if you weren't aware. If not aware - I would look into it).
When I Was on unpaid leave, I found the mortgage the easiest to put off a couple of weeks. Everyone else will ding you with late fees.
|
|
11-02-2009, 04:58 PM
|
|||
|
|||
|
mortgage is due on the 1 and wont get first check till the 16th. maybe I am ocd about my house payment but my mortgage is cheaper than anything i could rent so I am not taking any kinf of chances on that.
|
|
11-02-2009, 05:19 PM
|
||||
|
||||
|
I have a friend who was in your situation. Left old job for a new job paying slightly higher. However, the new job turned out to be not too suitable for him and he left it after just 1 year. So, I would also urge you to consider the "stickiness" of the new job as you don't want to find yourself in my friend's situation, now struggling to pay mortgages through his nose.
|
|
11-02-2009, 07:10 PM
|
|||
|
|||
|
Is a short-term loan from family a possibility?
If not, this is an instance where a payday loan might actually be appropriate. Just be sure to pay it back in full when you get paid on the 16th, don't roll it over, and don't get in the habit of using them. If you take $1k out of your 401k, you'll actually lose about $200 in penalties. How much would you need to cover mortage and bills that come due between the 1st and 16th? Double check your mortgage statement. Mine says due on the 1st, and late fees are assessed on the 15th. So I could pay it on the 14th and still be safe.
|
|
11-02-2009, 08:01 PM
|
|||
|
|||
|
Congrats on the job!
It sounds like you are wanting to leave the 401k with the what-will-be former employer so you are not talking about cashing it out and getting all the fees and taxes withheld. The consequences of which were mentioned above. So it sounds like you want to take a loan from the 401k. However, isn't it the case that if you take a loan from a 401k and then cease employment with the employer that the loan is due immediately? As a further consideration, would they even be able to process the loan in the time frame that you need it?
|
|
11-02-2009, 08:02 PM
|
||||
|
||||
|
Quote:
ETA: 16th probably wouldn't work. I see now this probably wouldn't work for you. But still wouldn't hurt to look up that grace period.
|
|
11-03-2009, 04:33 AM
|
|||
|
|||
|
Jason: Right now I am in a factory soldering small parts, and hating it. I have been there for 6 years trying to get off the assembly line. I am certain if I can do this for that long I can do the new job that long or more. After that it doesn't matter as much because my kids will have graduated and moved on and I will be selling and moving down south.
$3hr is slightly more than a little raise in my income bracket. I feel excited about the new job, I will be taking care of people with disabilities. I am that type of person. The previous job was just to pay bills untill my name came up on the list.
|
|
11-03-2009, 04:56 AM
|
|||
|
|||
|
Just call your mortgage company and explain the situation. I'm sure they'd give you a couple extra weeks no problem.
Even if you wanted to cash out your 401k - WHICH IS CRAZY, DON'T DO IT - the money wouldn't come in time to help you out. Changing jobs is a big move and can be either really exciting or really stressful. Sounds like things will get better for you after you get past the transition. Good Luck!
|
|
11-03-2009, 06:05 AM
|
|||
|
|||
|
I think we are gonna be ok, I just got a bunch of money worries before this that I am working thru plus I over analyze things. I was also a little concerned about not gettin a check till dec 16 as to what to do with christmas but my kids are flexible they said "do christmas in january" So I guess they are ok with it.
This job once i get in a couple months will make a lot of my money worries go away. (slowly but hey better than the other direction)
|
|
11-03-2009, 06:17 AM
|
||||
|
||||
|
This job once i get in a couple months will make a lot of my money worries go away.
$3 an hour more isn't going to make a lot of your money worries go away.
|
|
11-03-2009, 06:32 AM
|
|||
|
|||
|
actually it amounts to 120 more a week and the fact that I am not terrible in debt only close to the edge. the 120 week will put me on the right side of the edge and that will make my immediate worries go away. I am > < this close to having cc paid off and this 120 week will cut payoff time dramatically.
|
|
11-03-2009, 06:35 AM
|
|||
|
|||
|
ok I think i phrased something wrong...... This job once i get in a couple months ....... should have said When i start this job on the 19th and get thru the first month of no pay and get caught up from that and can get back to my drastic debt repayment schedule things will be less worrisome. because i will see the light at the end of tunnel getting brighter.
|
|
11-03-2009, 07:52 AM
|
||||
|
||||
|
I don't mean to say it won't help. Of course it will. But, many people think there troubles would be gone if only they made a bit more money. In reality, most people continually up spend according to their income.
|
|
11-03-2009, 07:54 AM
|
|||
|
|||
|
I would agree with wincrasher... I'm sure you could call and explain the situation to your mortgage lender and they would allow you to delay your payment by a couple weeks. It sounds like you've paid it faithfully to date, which will help your cause. Just ask for a short extension, I'm sure they'd be willing to work with you.
__________________
"Praestantia per minutus" ... "Acta non verba"
|
|
11-03-2009, 08:04 AM
|
||||
|
||||
|
I'm sure you could call and explain the situation to your mortgage lender
Why would they really care what someone's "situation" is? The terms of the loan were set forth, you either meet them or pay the late fees, etc. And, many mortgages are sold off as soon as you take them out so you are not necessarily even dealing with the original lender. I am kind of curious as to why people think creditors should "work with them".
|
|
| Currently Active Users Viewing This Thread: 1 (0 members and 1 guests) | |
| Thread Tools | |
|
|
