I come from a financially unaware family and am trying to save and break the curse. Hoping to buy a house in the near future and have no help - I'm not too smart on how retirement accounts work but have been contributing max to both Roth and 401k.. can I take money from one of those to help with a more sizable down payment or is that ill advised?

like
Posting as :
works at
You are currently posting as works at

Follow these steps, you will not fail.

Post Photo
helpfullike

How much do you make? What’s your price range and down payment? How old are you? How much is in those retirement accounts?

like

So ideally a 60k down payment. If we assume the Roth IRA is 1/3 of the 401k (proportional to contribution limit) then you have ~100k in retirement accounts. Any other money lying around?

I wouldn’t cash out 60k / 100k just to buy a house now. Build up the down payment and buy in a year or so. I’m guessing you can pull together some savings over that year (maybe drop your 401k contribution rate) and then the amount you have to pull out of retirement is much smaller.

like

Related Posts

I’m a health advisor and looking to grow my network to be an influencer. I hope you don’t mind me reaching out to connect with you. I work with self employed individuals and realtors to help them find great affordable coverage. I find that a lot of self employed individuals have bad health plans or are paying too much for the plan they have. I just wanted to offer my services. I am also looking for referral partners and to help educate individuals on health insurance.

like

Hi..fresher here...my leaves will get exhausted this december and cant be carry forwarded...can I club the sick leave and paid leave take it together for a long leave ? Should I ask manager to club these or you cannot club sick leaves and cannot tell in advance...what is the norm...pls tell me...

Hoping to get my PHR in the next year or so. Outside of employer reimbursement, are there other opportunities for this to get funded? I know SHRM Foundation offers scholarships for the CP, but I am looking for PHR specific help. Thank you! :)

I lived and worked in the US for 5 years with H1B. I currently live outside. I still have my US credit cards and bank account open. Will it cause me any trouble in the future? should I close them all? The reason I don't want is I want to keep my money in the US.

like

Is my perception that Clin. Ops. is the lowest paid role within an Global R&D level right? Comparing to clinical, medical, stats, safety etc

like

If we actually did move to a single payer healthcare system (Medicare for all) and companies no longer offered healthcare plans, would you switch from staff to freelance?

like

My partner of 5 years ended our relationship last night. I’m shattered and feel absolutely sick, and I know the healing isn’t going to be easy. We were on the verge of an engagement and I was ready to spend the rest of my life with him.

I don’t know how to approach work during this time. I think I can get by, but I’m definitely not 100%. Should I talk to my boss about it? My team is close-knit and comfortable around each other, but I don’t know if it’s “appropriate.” What would you do?

like

Hi fishes,
I'm 22 and planning to take a life insurance. I'm comparing all policies and max life seems attractive as it has good claim settlement ratio and less premiums. But there is no office near our area. My worry is that if there is a need to claim in future, it can be done all online by my nominee? Is it recommended to take policy online in any platform(like policybazaar)?
Other options I'm considering are SBI life, HDFC life which offices are available in my locality.
Please guide

like

This is why we need Universal Healthcare

Post Photo
likefunnyupliftingsmart

Is it possible to work 1-2 years as a junior associate at a super boutique doing a combination of fraud/abuse and transactional work in the healthcare space and then lateral to biglaw to practice securities law? I’m happy doing health law, but it’s not what I want to do long term and I worry the longer I stay in that space, the harder it will be switch to the kind of law I truly want to build a career in.

like

Good morning everyone I have been looking for an operations position and have my bachelors in healthcare administration. I am getting tired and very discouraged because I am not getting anywhere. I have applied for so many jobs and I have been trying to network. Does anyone have any leads on positions? I am a nurse of 13 years (lvn) with 15 years of healthcare experience and 8 years of healthcare management. If anyone has any openings or leads let me know.

like

Is anyone willing to share if your firm offers egg freezing without a fertility diagnosis as a benefit? We are trying to expand our benefits and would love to be able to say that others in the industry are already doing this. Thanks!

like

Sorry for the delay, was sick yesterday. And yes, when I say sick, I really mean hung over. Been a few years since that happened. Anyway, good luck. I personally don't see any plays this week.

Post Photo
like

Ripple XRP - Bloomberg terminal, bank partnerships, Amex, and more - Forbes, Fortune, Business Insider articles - recent jump to $0.74

like

How much stock do you put on benefits? I have two offers with stark differences in benefits. Job 1: role I want, but benefit sucks (2 weeks paternity leave, 20% coinsurance). Job 2: role is okay but higher level and great benefits (16 weeks paternity, 0% coinsurance, 5 more days of vacation). Total comp is the same though. I wonder if I should just focus on role but Job 2 is a large company, so I can move around after 2-3 years I’d expect. Thoughts?

like

All my six-figure salary consultant friends are ranting about how poor they feel right now because their IRAs/portfolios are down. Think the people in this industry need to take time to volunteer or engage with some tougher parts of town and understand that by virtue of even having investment accounts, that they’re more financially safe than at least 50% of America. Sad to see

likefunnysmart

If you do a 1 year program, is it still 2 year pay back period for reimbursement?

Hi fishes,
What are the benefits apart from salary in IQVIA?

31.5 fixed+annual bonus (10-15%) in India vs 46000 euro gross+benefits in kind for Brussels belgium? They told me after considering all benefits in kind then net take home would be 4500 euro monthly.

like

I have an offer from Capgemini.
Can anyone help me understand how is the Health Insurance Policy offered by Capgemini?
What is the coverage for immediate family and parents. Thanks in advance!

like

More Posts

Hello fishes,

Can someone help me with the review of ETO E-Business Services at
Goldman Sachs.

I am interested in joining but I am getting a feeling it is a helpdesk L1 job.

I am an MBA finance from new IIM

Thanks in advance

Do you feel as though your firm is doing enough to mitigate climate change through how they invest, what they fund and the firms own net zero targets?

like

Any referrals for an attorney that can prepare a residential lease for an NYC apartment and what this should cost? Thanks!

like

I enjoy working with people and making them feel happy. What’s the best job for me?

likesmart

When did web developer, application developer, software engineer and full stack developer all become ONE title?

like

Can anyone tell me what's this in Tech M
IBU CASCADE 1

Anyone knows about PSG group in Deloitte, like daily work?

like

Hello all,

I have 3 offers for SAP ABAP developer from Accenture 23lpa, IBM 15 lpa, cognizant 19 lpa. I have 6 years of experience.
Which one is best for job security as well as yearly increment.

like

This years appraisal.

Post Photo
likesmartfunny

Any good recs on a sound bar (with sub) under $300?

like

Thoughts on BBH LA?

like

Mindtree is asking for previous employment verification with 3rd party provider Digiverifier, Is it okay to share EPF and Income Tax portal password with them? I haven't heard of this kind of verification, Please suggest. Tata Consultancy Mindtree Wipro Infosys Deloitte

likehelpful

Is it appropriate to ask the interviewer why the previous person left the role?

like

Hey team! So I was laid off from my SDR position about a week ago. A couple months back, I had an offer for a BDR position that I ended up turning down but I really liked and connected with the manager. Is it worth it to reach out? I applied to other positions in the same company. What about reaching out to previous co workers at a different company? Not sure how to navigate this… please help. Also I’m sorry if this is the wrong bowl to post in.

like

What Becker package is the normal one? I don't want to accidentally buy an over the top one that goes over the spending allowance, but with direct bill it doesnt tell you what the firm is paying

like

I've been in an agency for two months, the creative team here are so individualistic, everyone does their own thing. It doesn't feel like a community at all. Feel so empty here but this is my first agency so it's too soon to move..

like

It’s Wednesday! How we feeling? Any tea? Heard stealth layoff are happening but not 100% sure if it actually happening.

like

How much does an AVP make at Barclays Glasgow make in a year? Retail banking.

like

Hello! Could someone help me get a referral?

Yoe 6
Tech: Azure cloud (certified)

Received multiple client appreciations to back my CV as well.

Thanks for the help!

like

Additional Posts in Personal Investment Chatter

New hire out of undergrad thinking about investing/saving—seeking advice. Details in comments: 15k sitting around in checking/savings account with interest close to nothing. Been reading posts here an

I was planning to buy a home next year, but now I expect to renew my lease once it expires. If so, I wouldn't be buying a home for at least 2 years from now.

Guessing I should still leave the down payment in a HYSA (getting 3% right now)? Sucks to miss out on market returns, but I understand that conventional wisdom is not to invest money you'll need in the short term (within 3ish years). I'm definitely tempted to put a portion of that in VTI though...

like

What are some good stocks to buy today?

like

If you have a side gig/small company that you run while working as a consultant, how much extra compensation does that bring you in each year, on average?

like

Are folks buying homes with 6%+ mortgages? Or waiting till things cool down?

I’m a homeowner and we have a 3.25% on a $600k loan. Likely needing to upsize to a $1.5-2.0M home (VHCOL) because of kids, but balking at the idea of paying $6-8k/mo in interest charges alone.

like

After I max my 401k/Roth IRA, I put $ in my individual brokerage (all through fidelity) via transfer from my bank acct…is there a better or more tax advantaged way?

like

Moving to Dallas soon. Does it make sense to buy a condo or house even if I dont think I'll stay there for more than 3 years? I have family there that can help me if I decide to leave and rent this property. Any thoughts? Just dont want to keep paying someone else mortgage. Also want to take advantage of low interest rates.

like

Do people use their HSA to actually pay for health expenses or just as a triple tax advantaged savings account for retirement? Seems like all talk on here emphasizes the tax benefits of it, so I am curious if people use to spend or just save

likehelpful

When you do a back door roth - do you close the traditional ira or leave it open? My first time doing it and fidelity is asking which I prefer.

like

Came across a duplex for 475k in SoCal. Up and coming area that’s getting gentrified fairy fast. Looking to rent out the front for 2k and and splitting the back with a housemate for 1k. Cont below.

like

I'm a noob with bonds, can someone break down ibonds for me in idiot proof language?

Per what I'm reading the interest rate is 9.62% if I buy through Oct 2022. It's a 30 year investment, but I can withdraw after 5 years without 3 month penalty.

Questions:
(1) Is the interest rate fixed or variable over the term of the bond?
(2) Assuming 9.62% is annual return but definitely want to confirm 🤣
(3) Do most people actually keep it in 30 years? I'm looking at 5 years for now and re-assess

likefunny

26 years old. Thinking about doing Grad school in 2 years. I have been doing Roth 401k. Should I keep on doing that or switch to Trad 401k? Info on this is so mixed :(

like

Thoughts on a high yield savings account (~2.25% interest) vs a money market account (~2.5% interest)?

like

How do I know what to add to my roth? I have a few indexed funds but haven’t dabbled in stocks. I’m 25 years old so I want to do something riskier. I have $1500 to invest in something today...

like

I’m considering Schwab roboinvestors to manage my investments actress various index funds aligned with my risk profile. Aside from the large 6% cash requirement, what are other downsides?

How much do you take home after tax and maxing pre tax 401k while making 144k? Not sure if I'm doing something wrong with my withholding. I'm married filing jointly withholding at a single rate, 1 federal and 1 state. DC location. I'm only taking home $6k a month.

like

Are there any circumstances in which the giftee would pay to gift tax? I thought no, but I am now hearing there are situations where that would be the case. Can anyone with experience clarify?

like

Did you share with your family when you hit a 1M net worth?

like

Can you transfer your stocks to someone else’s name if you’re working for a company with an independence clause?

like

How do you calculate what tax bracket you will be at when you retire? Keep reading choose the option based of what tax bracket you will be at retirement but I literally have no clue

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal