Why you should not take equity out or dump your 401 K to take super expensive hunts.

[Billinsd]

Life is a journey, the end is death, heaven for me! Your journey may end differently. Thanks Jesus for paying for my sins! Enjoy your journey in life responsibly, “overall”, this is not a practice or a drill. Understand the ramifications of your choices and decisions. However, whatever you do don’t wait to LIVE until after you have retired, you might not get there and your best years will be behind you!!

 

[TheWhitetailNut]

More and more, each day, I like the sound of a bullet hitting long-range steel over $$$$ on a Head on the wall that no one car

That's amazing. Some want to hunt sheep, some do both.

Thank god i enjoy hunting anything i can do diy for the cost of gas and lodging. In the end the antlers don’t mean much to me other than to trigger a memory. I realized long ago literally no one else cares what i have on the wall. For me it’s all about the actual hunt. Even if you have the money i think its insane to spend $200,000 to kill an animal that in the end will just sit on your wall for people to simply look at and either say “nice” or “disgusting”. Even those that can appreciate it won’t be nearly as excited as i would be or realize what went into getting the animal they’ll just think it’s simply cool. But most i take downstairs in the man cave barely glance at the game down there.

Folks who can readily spend $200k to hunt don't give 2 peanut turds what anyone thinks about what is on their wall. As has been said, Warren doesn't do anything but buy good companies, eat well salted hamburgers, and drink Cherry Coke, that's his joy and purpose. A false equivalency at it's finest because he spent billions on his pursuits, he hasn't done it for the money since 1959.

 

[TheWhitetailNut]

IMO, 401K's are for necessities and retirement. If you're taking money out of it to fund a hunt, most likely you cannot afford the hunt.

Sure, if there's not much in there and it is your only vehicle.

 

[NRA4LIFE]

If you're taking money out of your 401K to fund a hunt, there obviously is no other vehicle.

 

[TheWhitetailNut]

If you're taking money out of your 401K to fund a hunt, there obviously is no other vehicle.

Not true at all. Many 401K's have a very low/no interest loan option. This is much more appealing than triggering a taxable event in a brokerage account or liquidating business assets or other investments. If they just took the money out that's another thing because of relevant penalties and is outside the realm of sensible.

Depending on the big picture one should weigh if this is a better option than a HELOC.

 

[schmalzy]

IMO, 401K's are for necessities and retirement. If you're taking money out of it to fund a hunt, most likely you cannot afford the hunt.

Can you reference or show a thread or post on Rokslide where someone advocated and supported withdrawing money from a 401k to fund a sheep hunt?


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[2531usmc]

What about the ones who are already dead?

If you’re laying out your life’s financial plan on dying early and don’t, you end up at

Decade of 60s and beyond. Basically trapped in house just trying to pay bills and feed yourself.

Best of luck, you may need it,

 

[2531usmc]

I’ll tell you something else, I have friends that never saved or planned for retirement (YOLO) and they made some of the same arguments as this thread

But once they hit their late 50s or early 60s, almost all of them are deeply scared of their situation. They are looking at their social security and savings and trying to figure out how to pay taxes, put a roof over their head, and feed themselves. Maybe keep a car and pay car insurance

Truly, has to be a horrifying situation to be in and all of the Alaska memories in the world can’t help you then

 

[KenLee]

If you’re laying out your life’s financial plan on dying early and don’t, you end up at

Decade of 60s and beyond. Basically trapped in house just trying to pay bills and feed yourself.

Best of luck, you may need it,

Naah, if I run out of $ this way too big house and land with it will get sold and I'll live in one of the rentals and I'll keep having fun.

 

[TheWhitetailNut]

I’ll tell you something else, I have friends that never saved or planned for retirement (YOLO) and they made some of the same arguments as this thread

But once they hit their late 50s or early 60s, almost all of them are deeply scared of their situation. They are looking at their social security and savings and trying to figure out how to pay taxes, put a roof over their head, and feed themselves. Maybe keep a car and pay car insurance

Truly, has to be a horrifying situation to be in and all of the Alaska memories in the world can’t help you then

Also true, we have hundreds of seniors a year that cant afford to get their furnace fixed or replaced.

 

[Mike D Texas]

Not true at all. Many 401K's have a very low/no interest loan option. This is much more appealing than triggering a taxable event in a brokerage account or liquidating business assets or other investments. If they just took the money out that's another thing because of relevant penalties and is outside the realm of sensible.

Depending on the big picture one should weigh if this is a better option than a HELOC.

Possibly but the penalties for early withdrawal and the loss of gains on the money removed have to be considered.


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[TheWhitetailNut]

Possibly but the penalties for early withdrawal and the loss of gains on the money removed have to be considered.


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That's what I said....

 

[bz_711]

I've got 13 Bighorn Sheep points...do I need my wife's signature to access my 401k?

J/K

Luckily deer and elk are enough to keep me motivated at the time...and 4 teenage kids will also keep me humble in my spending for the next 10yrs.
If you do drain your 401k and shoot that ram...please share pics and story...I love reading them all!

 

[cbeard64]

One side of this debate likes to talk about older people who are anxious/miserable because they didn’t save enough $$. No doubt there are lots of them.

But there are also lots and lots of younger (and older) people who live anxious/miserable lives because they are so fixated on stacking up numbers in their investment accounts. Then look back at all they missed (relationships, travel, adventures) with regret.

Sure, I could probably have another million in my accounts if we hadn’t had the time of our lives traveling, if I hadn’t gone on so many adventure hunts, etc.,etc. I also could have added even more if I hadn’t chosen to retire at 58 to spend more time with my grandchildren, travel some more, and just enjoy doing whatever the hell I want to do.

Life’s a balance. My goal is to not look back with regret at how I lived mine. For me, that means experiences. For someone else, it may be stacking up $$$ in their bank account.

But IMHO the biggest mistake one can make is finding out too late that their real passions were left unlived.