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      01-21-2020, 12:54 AM   #25
Remove Before Flight
flybigjet's Avatar

Drives: a light twin from Boeing.
Join Date: Dec 2019
Location: Denver, CO

iTrader: (0)

Originally Posted by MisterF80M3 View Post
You paid 10% early withdrawal penalty and 20% in taxes by the IRS to fund your car?
No early withdrawal penalties-- just sold some underperforming stock.

And taxes are taxes. Not much point in saving your entire life and then getting old or dying and not being able to enjoy something in life that you want-- I've been income reinvesting for over 30 years, saving a good portion of my income every year and living well within (or even below) my means-- it doesn't hurt to take some cash out once ever 15 years or so to get yourself a toy.

I'm sure there were financially more prudent ways to do it, but as it is (since I don't have kids), I'm going to have to find a charity I really like before I shuffle off this mortal coil.

Yes, I'll get hit with cap gains-- but there are ways to minimize that hit going forward throughout the year.