I Cashed Out My Retirement Savings At Age 23!
I started investing at a young age. I was told that was how people became successful. I invested in the stock market for the first time at age 16. I pretty much lost all the money LOL! I didn't get it. It seemed impossible to understand. But I kept trying to learn.
Like many people I thought the stock market was the only method in which you can invest. But I didn't like the feel of it. This up and down thing, Made me dizzy, The research into each company seemed tedious and grueling. When I discovered that there are other ways of investing, That can return a profit; I had to learn more.
At age 19 I got my job for a shipping company, With the union Teamsters.
They had a lot of great benefits; They didn't match your retirement savings. Instead, we got pension. When we got older. I decided to put money into a ROTH IRA and a regular IRA. I put different percentages away from my every pay check. I was only making 150 per week part time, So It wasn't very much. I was excited to see the mountains of returns I'd be getting.
I was quickly disappointed.
After hearing James, Altucher claims that those accounts are scams. I decided to cut back my investing, But leave the current amounts there.
I was disappointed with the results...
After a whole year, I gained 25.00, and that was it!! I readjusted my money now and then, Making my investments riskier.
I'm sorry I don't remember all the terms.
Things never got better, and I felt like a failure.I realized I couldn't' withdraw the money until I'm 60. I went to my boring, Unfulfilling job everyday.
While all this was happening behind the scenes, I tried investing in bonds; I finally started understanding how to invest in stock. But It still wasn't my favorite.
Then I learned about peer to peer lending. It was easy and fun; I immediately loved it!
I could help other people out while putting money in my pocket! I loved it. I started building up my account.
I eventually became self-employed! That's when I was notified by the company running my retirement account, That I had to make a choice...
Withdrawl, Transfer, Or rollover.
I decided to withdraw The IRS gave me a penalty fine of 30.00
LOL! FOR 1,900. THATS NOT BAD!
I am confident that I"ll be able to get all my money back, plus more. I now have the headache of reinvesting such a large portion of the money. I know this sounds silly. But I'm used to investing 20.00 here and there, Not 1,900 all at once!
Taxes are going to really suck next year! LOL
Have you considered withdrawling your retirement savings?
Thank you Pixabay for the photos
I have done something similar twice before and I am probably going to do it again when I change careers.
I thought I wrote about it once, but can't find the post.
Each time I used the money for an immediate need, which left unmet, would have prevented me from being in the same position I am in here today.
The peer to peer lending thing sounds cool! I think maybe your gave a link to the site you use for that, but I can't find it now. Could you give the name of the site or a link, if you want? Thanks!
www.lendingclub.com
Check it out! You'll love it. I have a lot of fun with it
I've been on the receiving end of a lending club loan and it has helped me greatly!
Nicely done, huge fan of investing myself, I personally only invest in companies I believe have long term potential, oh and I have to personally like what they're doing. That's the biggest reason I put actual money on steemit, I love the potential long term effects (affect? I can't remember which one I want here lol), and I love the product itself.
Great read thanks.
So many ways to invest that 1900, many of which you already know.
A portion should probably go in to your business as in the end that will always be the best investment particular to you.
If you decide to do any stock for the long-term. Quality dividend paying names are good to hold long term. Good Luck!
Agreed! Thank you for reminding me about dividend paying stocks! I love those! I'll need to put a portion on those.
What a cute pic of you! Good for you for learning about investments at such an early age! I def. wish I had started sooner!!
Better to use that money to start on-line business or trade Forex with it then leaving in the retirement account...smart move.
Up voted and up voting my blogs will be appreciated.
Go to my blog to help you to get more up votes:
https://steemit.com/newbie/@hanamana/dummies-guide-to-attracting-more-up-votes-for-newbies
Steemit was what finally got me into cryptocurrency, and by extension my first experience with investing. Other than the required investment in Steem in the form Steem Power, I've now invested in a couple different cryptos.
We'll see how that goes. I'm a little scared to get involved in the stock market. Maybe one day.
Is it a great idea to put some of BTC here in steemit and just go back to buying more BTC
up voted and followed
Peer to peer lending sounds awesome
That's Some Good investment $$$
Steem on!
Buy some Synereo Amp, Some FCT, Some ETC,ETH, REP, BTC etc....... Plenty of options, just do a little research first. You will be glad you did.... Good Luck!
Good ideas :) I already have some AMP. and BTC, I definetly want to look into the other options.