Two Months, Six Months, Michelle discussed on How to Money

How to Money


Do you think you could help me pay for summer camp and these hard conversations because we are very proud people and you don't wanna ask that way But i think that's the best way and if you're on the receiving end of that because many of your listeners will be on the receiving end. I need you to open up your wallet. If you can't afford it. I need you to give out of your extra so. Don't give somebody your rent money. But i need you to hear them and if they even if they ask for a loan you say no way. I'm giving you this money. We my husband. And i don't lend money to anyone so and we also look around for people who need help. Even though they are too proud to ask this happened to us A relative lost her job in the food service industry and she was talking to another relative's she would never tell us and so we hear the story and i called her up and i asked her how much over it wasn't called her rental office and we arrange to pay rent for a couple of months and she said oh. Thank you so grateful. She's like pay you back and i stopped to right there. I said absolutely not you will not pay us back. This is a gift and you do not ever have to think about it again. We don't bring it up to her. We don't mention it nothing. This was something we did for her and never will we expected back. And you know those people in your lives who good need help. Maybe it was. Maybe your favorite restaurant you go to and you know the staff is only working half time and there's a waitress or there's somebody who you talk to all the time you know it's just hey how you doing. How's it going is get hours and they go. Well you know and then when you leave you leave enough that you can help pay right. Yeah that's predictable. And i mean yeah just i i love your attitude towards that too because it put somebody in a position where they're far more comfortable taking that money and it's in your saving. That relationship wins out whereas that obligation can cause someone to avoid maybe interacting with you like If you if you owe the loan there you've put them at ease which is really cool. Yeah and michelle and other situation to someone has lost their job they they might be tempted to draw on some like say some retirement funds and so we would love to hear your thoughts on Taking money out of a 401k. Taking money out of a roth. Ira for for some of those difficult financial times. It should be the the last resort but it is a pot that you might have to tap and i think it would be arrogant for those of us who didn't lose their jobs who have adequate safe to say absolutely. Don't ever touch many while. The reality is is he touched at money. Or you can't pay you touch that money or you can't put food on the table. I'm okay with you touching it money. It's not ideal but if you have to and then if you do don't take out more than you need so you can take it out over time as the need arises so if you've been laid off and you're not sure you know take on like maybe two months but not like six months and if obviously if you're under fifty nine and a half when you take the money this is gonna be so hard for people at please make sure you put aside tax obligation for that money. So if you're under fifty nine and a half is a tempest in early pregnancy And then obviously you have to pay income tax on that money so you wanna get some advice from the plan administrator. Give you some guidelines about how much you probably need to set aside and then you really really need to set that money aside..

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