So where to begin…
I love planning things. I also like to dream big. I started studying and doing some low-key mining on my gaming PC about a year ago, and have watched about every video on YouTube that’s available regarding crypto mining and the like. I wanted a mining rig. November 2020 rolls around and I was finally able to build a 6x 5700xt rig. It’s been great. I was also presented with the opportunity to buy a house with enough room that I could take that one mining rig, and hopefully a bit of help from a small business loan, to expand it into multiple GPU miners and ASICS.
I went all out with pictures of the house my wife and I want to buy, checked on pricing for materials to convert half the garage to a mining shack, etc. It is going to be great (theoretically on paper). So we’re now in the contract phase of buying the house. Loan is good, terms with the seller are good, but two small issues. I evidently have a judgement against me for a medical bill from years ago the VA didn’t pay for, and I don’t have the cash to pay it off. So no biggie, I’d contact the company with my retirement account from work, pull some out, buy a house. Well, they called me today and said I can’t withdraw unless I quit or get fired. So now, no new house, no crypto mining expansion, and I feel like ass. Always something with these places sucking the life out of you and the money. So for now, I’ll stick to my one mining rig, save what little I can, and maybe later this year I can buy a house for me and my family. I hate when everything seems to be going so well and then a train comes out of left field. One of these days I guess I’ll have my dream home and a little mining operation on the side. Just not today.
Rant over. Thanks for letting me vent here guys and gals, and I hope all of our crypto multiplies overnight!
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if its a 401K you can do an early withdrawal, but you will get hosed with a early withdrawal penalty of 40% minimum. So yea I don’t know all the details of your finance, nor do I need too for that matter. you should look into the matter more than just go by the word of someone.
I get a kick out of how many people say its not possible and I go get it done anyways. You just have to think I’m going to do it with or without you and keep trying till the next person makes it happen. This isn’t a motivation speech its reality. People in life are clueless and honestly if you hang your hat on people you will be disappointed. Just look past the no’s and onto the next guy that will say yes.
Goodluck,
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I appreciate it, but I’ve called them back twice, and they said it’s a 401a, so the only withdrawal option I have is to quit or get fired and they’ll send me what’s in it. I make decent money, it’s just that I have a wife, 6 kids, couple car payments, etc etc for bills, so trying to save up is a little difficult. I have money set aside for the escrow and appraisal, and since it’s a VA home loan, there’s 0 down which helps. I’m looking at some alternatives to get this stupid bill paid off and hopefully I can get back on track of closing next month.
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keep your head up brother, I’m doing all my craziness from a rental lol
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look under 401A plan withdrawals, and IRS hardship provisions.
Unfortunately, I can only withdraw if I quit or get fired. But if I quit or get fired, I can’t afford the house anyways, so I may as well keep my job and just take some time to save up.
How much was the medical bill?!?!
It’s almost $4,000… I’m poor, so I can’t just whip it out of my savings, too many kids and car payments.
Can you borrow against the 401a???
Nope, they don’t allow that either.
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Hi Carl, Life has a habit of kicking you in the balls. Suck when your dreams get crushed. I also have big dreams with 2 of the crypto investment platforms that I invested in. Both turned out to be scams. Lost alot of money. But Started mining on my gaming rig and unfortunately lost my job in May last year due to COVID. So, I am taking the risk and investing in some ASIC miners and starting my own little mining farm. Best is to save up and not get into debt. Wish you luck
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Smooth seas don’t make good sailors, bud. Sorry it’s been shitty. Congrats on one rig for now though!
I’m in a similar boat, I was all set for April last year, then what happened…? So now I’m stuck in a rental in a similar story. I’m also lookin to build a little lab in the garage when we finally get outta this pad. We’ll get there.
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Thanks man. I’m actually in the process of selling that rig to pay off that debt so we can buy this house. Once that happens, I’ll have plenty of space to set up a crypto mining “shop” and can get back into it hardcore. Only time will tell. But at this point, I’d rather invest in a house even though crypto is looking good for the long haul.
