My New Setup COMING MARCH
Originally Posted by 3240
Good luck with your build but DON'T cash out your 401k. The tax penalties are brutal and you should save it.
Assuming it takes you 5 years to replenish this 20K + let's say 5K in penalties/tax the difference in the longterm is very substantial.
Assuming you're 25 now and retiring at 65 do you know what the difference is?
35 years x 25K x.06% interest compounded of course= 202k
40 years x 25k x.06% interest compounded of course= 279k
You're pissing away over 77K dollars for what? In all honesty it may take you longer the numbers at 10 years are over 151K difference!! Be wise it's just a car, but it's you're life and you're money, so good luck.
Originally Posted by feldguy
Ive little choice. The reason that I have to do it is because I have a loan against it. If I wanted to hold it there, then I'd have to pay off 7k from a loan I took, and I just cant do that. Thanks for the concern. I know its totally not right to do, but I have to do it, and I might as well make good use of it while I have the extra cash.
Again very poor decision.
I agree that you should get your career/education going before you start dropping all your money/savings on a car because even at the end of the day there will be somebody w/ more power or running faster than you. If you have financial debts/obligations pay those off first and focus on your schooling. You will be kicking yourself when you are 70 and still having to work because you wanted the baddest car when you were 25. Not to be a downer, but it sounds like you need to prioritize your decisions and take a longer term approach to this. The last thing you want to do is start accumulating new debt in the form of credit cards especially while you are in school and not making as much money. Once you are out and making the money and doing what you love, buy whatever your hearts desire (as long as you can afford it) I have seen so many people get in the "trick bag" trying to modify their cars that by the time they are done modding it, their car becomes old news. 
Originally Posted by feldguy
Adam, I almost knew you were gonna say that! I dont know, I like them....but Im sure you've got some good options, no?
Haha, Adam hates most Tein stuff even though he sold me S-Techs.
He'll hook ya up though best guy around for pretty much most of your setup.
Evolved Member
Joined: May 2004
Posts: 705
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From: Colorado
Originally Posted by feldguy
Hey 3240, do you run an HKS 3240 or similar sized turbo? I think instead of a GT35 turbo, the 3240 could offer me awesome spool and solid power numbers on a 2.3. Any thoughts?
Originally Posted by Jasil
Not true the rules are Federal and you don't have to pay back any 401k loan in a lump sum payment just a normal payment plan even if you are terminated or you choose to terminate employment and you do know you're actually paying yourself interst as you do this, right?
Again very poor decision.
Again very poor decision.
Realize that for 2 years Ive been living paycehck to paycheck, fighting to stay afloat and using my credit cards for food bills, gas, utilities and occassionally a car part when I just couldn't take it anymore.
The only way I can get back to school is to 1) elminate the 400 dollar a month pay back of the loan I took from the 401k 2) Doing so requires that I wipe the slate clean 3) My credit cards are a a burden. if I want to go to school, and I DO, I honestly cannot afford to have that monkey on my back.
Add it all up, my credit cards, the 401k loan pay back and my monthly payback is well over 1,000 dollars a month. Couple that with trying to save for school, work on the car, and cut my salary by 50% (Going from making 58k a year to less than 28) and I am worse off.
The only true way to fend off this succession of bad decision making from my past is to dissolve the 401k, pay off the loan, take the remainder and pay off my credit cards and I will be at zero.
(which overnight has become quite saddening as its in the back seat again)
Ask yourself....do you really think this is where I WANT TO BE? Most certainly not.
But I dont want to put school off any loner than I have to, and if it takes me a year to pay everything off even after I settle most of my debt, I wouldnt be surprised.
Money isnt everything,and with that attitude Ive gotten myself to where I am now.
Pity.
The idiot in me still wants to buy a bunch of stuff for the car on a shiny new card Ive got, but after the booze wears off and reality sets in, its not a great idea.Might I still do it? Maybe.
But something just arent about desire. Thanks for the feedback though. You are, in fact, 100% correct. I just wish I had the luxury of going that route.
Originally Posted by Creamo3
I agree that you should get your career/education going before you start dropping all your money/savings on a car because even at the end of the day there will be somebody w/ more power or running faster than you. If you have financial debts/obligations pay those off first and focus on your schooling. You will be kicking yourself when you are 70 and still having to work because you wanted the baddest car when you were 25. Not to be a downer, but it sounds like you need to prioritize your decisions and take a longer term approach to this. The last thing you want to do is start accumulating new debt in the form of credit cards especially while you are in school and not making as much money. Once you are out and making the money and doing what you love, buy whatever your hearts desire (as long as you can afford it) I have seen so many people get in the "trick bag" trying to modify their cars that by the time they are done modding it, their car becomes old news.
Most definitely agree in that case.All things equal, being free from the grip of debt and rent free again will be great. However, I will not be making what I used to, so I'd have to resort to credit again, and no....I dont expect to have the baddest evo. Too many places have too far a jump start.
Getting down to the real facts, Im screwed even without buying new stuff! But a man isnt a man until he realizes and corrects his mistakes....so, wish me luck at the very least.
Definately wish you goodluch w/ whatever you choose to do, and you are right that is sometimes takes a little growing up to realize the right decision may not be the one to give you instant gratification. Hell it can't be too bad, you still have an Evo 
That is a lot of money bro, and since you have mentioned your past financial dealings in this thread (which I assume we can comment on now), with your history I would hold off. The way this year looks to be shaping up (war, oil, debt), you might actually need a chunk of change in the bank. Its a cliche that "money does not buy you happyness", but its a real truth. After you spend all that money on your car, its tuned, and its badass...then what? You will be driving down the freeway, in debt, and wondering "now what". Don't cave into that emptiness...get through school and slowly build up your car as a hobby.
just my 2c, and yes I have a list of mods just as big as yours. But I wake up knowing that my car is faster than 90% of what travels on the road in a 100 square mile radius. In the end we all make choices...and bad ones are needed to make good ones later on in life. Good luck
just my 2c, and yes I have a list of mods just as big as yours. But I wake up knowing that my car is faster than 90% of what travels on the road in a 100 square mile radius. In the end we all make choices...and bad ones are needed to make good ones later on in life. Good luck
I have to believe there is a way out and personally would fight for that way out especially given you're new career choice. It's not a something that is guaranteeing you big money in X amount of years, but I'll take you're word for it.
Good luck and you will have one bad freaking EVO. Hopefully by the end of 06' my EVO will be in the same "Tune" as yours GT3567 Full Race kit for me, Buschur Racing intercooler, Buschur 2.25l stroker, Garage Defeat head, 3"-3.5" exhaust, etc etc etc
20K in a nutshell.
Good luck and you will have one bad freaking EVO. Hopefully by the end of 06' my EVO will be in the same "Tune" as yours GT3567 Full Race kit for me, Buschur Racing intercooler, Buschur 2.25l stroker, Garage Defeat head, 3"-3.5" exhaust, etc etc etc
20K in a nutshell.