401K Proceeds to Purchase your Home
Do you know that your 401K allows for a one time withdrawal to purchase your first home. Well it does!
Its actually one of a handful of reasons that you are aloud to withdraw with out a 10% penalty. You do still have to pay axes like if you earned that money during the year of the withdrawal. But for specifics I recommend that you speak to your CPA, since I’m not one.
opportunity
results
opportunity
Using your 401K to fund your down payment and closing costs for your first purchase.
- In a way, a way to diversify. If you invest in the stock market through your 401K, you have to have come across the word, diversification. Well this may be taking your diversification a step further.
- Gives you a choice that someone without a 401K doesn’t have. Having options is giving you power. This is an option and this option may not be correct for all the people.
- How bad do you want it. Like everything for some people its impossible to save. For others is very easy. but like I said previously having options gives you the power to choose.
results
Home ownership is a great way not only to save but invest.
- Inflation. the inevitable increase of cost for everything over time. When my parent bought their home it cost them $91,000.00 the same house today is easily worth almost half a million.
- One of few tangible investments that go up in value. As humans we love owning stuff. A property not only goes up in value. If rented, it can make you money as someone else is paying your mortgage for you.
- Securing ones home. It is the American Dream! Owning your property being your own landlord. What are you waiting for?