***This is not financial advice***

In this video, Rami, an investor and data scientist, discusses the importance of acquiring skills and not relying on one income. Rami and his family, fleeing Lebanon to come to the U.S., have taken advantage of investing on all levels. In his late 20s, Rami has multiple income streams, from being a data scientist, real estate investor, and cryptocurrency investor, to name a few. Please like, share, and subscribe if you enjoyed the jewels Rami dropped throughout the interview.

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LEARN MORE ABOUT: 401k Plans

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When it comes to retirement planning, saving for the future is important. One of the most popular ways to save for retirement is through a 401K plan. While a 401K plan is a great way to save for retirement, there are times when you may need to withdraw money from your 401K early.

Early 401K withdrawal is any withdrawal from your 401K plan before you reach the age of 59 ½. When you withdraw money early, you will be subject to a 10% early withdrawal penalty. This penalty is in addition to any taxes you owe on the withdrawal.

The purpose of the 10% penalty is to discourage people from taking money out of their 401K before they are ready to retire. While you may be able to avoid the penalty in certain circumstances, it is important to understand the rules and regulations associated with early 401K withdrawals.

There are several reasons why you may need to withdraw money from your 401K early. The most common reason is to pay for unexpected medical expenses or to cover the costs of a major purchase. In these cases, the 10% penalty may be waived if you can prove that the money was used for a qualified medical expense or a major purchase.

In addition to medical expenses and major purchases, there are other circumstances in which you may be able to avoid the 10% penalty. For example, if you become permanently disabled or if you are unemployed for an extended period of time, you may be able to withdraw money from your 401K without incurring the penalty.

Before you decide to withdraw money from your 401K early, it is important to understand the consequences. In addition to the 10% penalty, you may also owe taxes on the withdrawal. This can significantly reduce the amount of money you have available for retirement.

If you are considering withdrawing money from your 401K early, it is important to talk to a financial advisor or tax professional to understand the potential consequences. They can help you determine if an early withdrawal is the best option for you, and help you plan for the future.