In a bind & really bummed out

[Lyythine]

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@tonyjones wrote:

I don't see how you can have $500K in your 401k......... sounds kind of fishy here.

Even if you started at the age of 18 and put the max limit the IRS let you put in every year with annual rate of return of 8%, you would still only be at $350K.

and the max loan you can take against your 401k is $50K.

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OP stated in a previous post that he invested in during the market meltdown.  So with that in mind, it is entirely possible. I know I'm very happy with the shares of Bank of America I bought for $5.90 a back in 2011 ...

[happypill]

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@tonyjones wrote:

I don't see how you can have $500K in your 401k......... sounds kind of fishy here.

Even if you started at the age of 18 and put the max limit the IRS let you put in every year with annual rate of return of 8%, you would still only be at $350K.

and the max loan you can take against your 401k is $50K.

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You don't need to estimate with a historcal average number like 8%.  Returns have obviously been a lot higher than 8% in the last 5-6 years.

[Anonymous]

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@Anonymous wrote:

Food definitely isn't my only expense....it is just the only expense left that I have any room left to reduce it. I have rent expense, car insurance, lease payments on my car, cable, utilities, parking at my work, gas, etc. I spend about $600 on food per month for my girlfriend and I. 

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In answer to your question about food expense for two adults, I spend about 400 a month, and I have some special dietary needs.  Maybe another 25 a month in paper products and cleaning products.

I buy generics and look for specials.  I buy a good amount from Walmart and I use their Savings Catcher app on my iphone so they check competitors prices and refund the difference to me.  To use the Savings Catcher and get a refund, you have to buy brand names, so the Equate brand doesnt countt.  In 6 trips, I have over 25 bucks coming back.  And I dont have to worry about going to multiple places to catch a sale.  Oh yeah, steak is out, but you can eat just fine using pork, chicken, and fish and ground beef, draining off the grease.

hth

[Anonymous]

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@tonyjones wrote:

I don't see how you can have $500K in your 401k......... sounds kind of fishy here.

Even if you started at the age of 18 and put the max limit the IRS let you put in every year with annual rate of return of 8%, you would still only be at $350K.

and the max loan you can take against your 401k is $50K.

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Nothing fishy here. OP said he bought stuff when the market had a downturn so it is very possible he has that much in 401k.