The Passive Money Plan covers all things financial from recession proof ways we managed our debt burdens, ways we brought in passive income, business ownership, the entrepreneur lifestyle, all while providing successful tips on things that have worked for us over our life span. We also provide real stories of how we grew up including the struggles we’ve had to endure to obtain financial success, such as surviving the financial crisis while leaving the military. While also providing the pit falls that lead to changing our mindset in the subject of finances. Welcome and we hope that you all enjoy!

Disclaimer: This is not financial advice; this is financial education through our journey on how we interact with money. WE ARE NOT FINANCIAL ADVISORS; in fact, it is illegal for us to provide any financial advice to you under U.S. law. Our mission is simply to provide you with educational tools to help you understand financial literacy; thereby enabling you to make better decisions with your money. If you need financial advice, look to hire a CPA or anyone credited legally to give financial advice.

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LEARN MORE ABOUT: 401k Plans

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As 2023 quickly approaches, it is important to start preparing for the future. While it may be tempting to take a short-term fix and withdraw from your 401k to pay for current expenses, this could cause long-term issues in the future.

401k withdrawals should be avoided at all costs. Withdrawing from your 401k can have serious financial consequences. Not only is there an immediate 10% penalty for early withdrawal, but you also lose out on the potential of compound interest. That means if you withdraw money from your 401k today, you are not only missing out on the gains that money would have earned if it had stayed invested, but you are also missing out on the gains on those gains.

Another issue with 401k withdrawals is that they are taxed as ordinary income. This means that the money you withdraw is subject to your current income tax rate, which could be higher than it would be if you waited to withdraw the money when you are retired.

In the short-term, it may seem like a good idea to withdraw from your 401k to cover expenses. However, in the long-term, it could have serious financial consequences. It is important to think carefully before making any decisions regarding your 401k.

If you are in need of short-term financial assistance, there are other options available. Consider speaking with a financial advisor to discuss your options. They can help you determine the best course of action to take and provide guidance on how to create a budget and save for the future.

Preparing for 2023 is an important step in ensuring a secure financial future. While it may be tempting to take a short-term fix and withdraw from your 401k, this could cause long-term issues. Consider speaking with a financial advisor to discuss your options and create a plan for the future.