I think I'm a pretty smart dude when it comes to most things, but I'm not very good with money and it's going to cause some trouble for me this year. It looks like I need to get a new roof which could cost at least $5k and more likely $10-20k. I don't have that kind of cash on me. I'm tempted to cash out my 401k, but I would have to pay income taxes on the withdrawal in addition to a 10% penalty. I'm in the 28% tax bracket so I would lose ~40% of the money upfront.
Gah.
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2 comments:
How soon do you need the roof? Could you budget severely for the next few months to pay for it or do you need it sooner?
Do you at least know what proportion of your income is taken up each month by fixed expenses? Knowing that is really the first step, but I won't pontificate on financial advice as I'm sure that's pretty annoying.
Heh. You can pontificate all you want. My problem is my house sucked all my cash. I'm also a sucker for buying expensive stuff.
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