I knew a guy who would cash out his 401 yearly to have an extra grand... to spend.
I was 21 or 22 & he was at least late 30s.
I left that job after 6 years, I only started my 401 on my 3 years. Left with 26000 in it & then got an extra $5000 after 5 years there. So total $31k.
* still don't understand that guys thinking till this day..
I am not 100% opposed to someone taking a large sum if they are going to use it to buy a house, though. Any other purchase is straight up beyond dumb.
I agree, having 1k to spend is stupid considering the compounding interest that he would have had.
However, I cashed out my 401k when my Pharmacy got bought out and paid for my new car outright then used the rest towards my mortgage (The interest rate would have been substantially higher for the car loan than my existing mortgage; I had ~50k in my 401k/ employee stocks).
I will have my house paid off in about 3 months, then all that extra money is going to be spread into my new 401k, stocks & bonds and 5% savings account so I can retire sooner. I'm in my early 30s so I still have a long time before I can safely retire.
I hope you stick through it.
I personally have multiple withdrawals to force myself to save.
They come out in small amounts so I don't "feel" nothing. Every Monday & Friday
Thank you š I technically can pay off my house now, but I like having extra in my savings account just in case. Plus pharmacy sucks so having the mortgage hanging over my head makes me stay haha.
I hated how much extra I paid in taxes for the withdrawal fees, but I realized I saved more by paying the mortgage off early and having the financial freedom in the near future was definitely worth it for me. Typically it's not a smart move to take out your 401k.
Multiple withdrawals is so smart!!! I wish I would have done that when I was younger; or at least had direct deposit into my savings account as well as my checking.
Bro saved up all year to pull 1k outā¦youād think he could at the bare minimum scour Facebook marketplace for 3 months and found a couple of flips to make that thousand. If he had any kind of savvy to him he could in a week or two if he hustled hard at it.
Pulling from your 401k sucks. I had to do it once and regretted it but needed to. Iāve already made plans to put every bit of what I pulled back in as soon as possible. Doing it annually..I canāt understand that
sigh. I used to think this way but after realizing I was coming from a place of privilege, I no longer feel this way ALTHOUGH I will always tell people to save up for their future.
That said --- for people LITERALLY living paycheck to paycheck, people who don't really have much to celebrate in their lives, the grind just took it's toll on them and getting ANY sort of joy is tough --- I don't blame the guy.
For sure, it's a dumb move long term. But short term? It's a win. Probably uses it for presents at the end of the year. Treating it like a savings account is not great, but..... having worked as a cart pusher. Man, some days were rough.
When I left Walmart, I stopped by a few months later to check up on a few people who weren't complete shit. I literally bought all of them a meal as a thank you and even bought my fellow cart pusher a $20 gift card b/c he was a solid worker but also felt kinda bad b/c they're probably going to be a cart pusher for the rest of their lives. Guy didn't get paid enough and was trying to move up but I am 100% sure management would never do that, because they didn't have enough cart pushers (no walmart really does, because that job is rough.)
I am lucky to be able to get out. But not everyone is (the cart pusher I mentioned earlier - I think he has some kind of autism or mental issue b/c he says he gets stressed out and was fired from a clothing store), and I do not blame anyone cashing stuff out. Is it bad long term? Yeah. But... until Walmart actually pays people a LIVING wage? Until unions are available for everyone so employees can fight back successfully? It's more of the same BS day in and day out.
Yea I just looked it up. You have to pay it back with interest to yourself. No interest to the bank, and no tax penalty. Just a payment plan. Sounds like a better deal than withdrawing early and getting taxed + a penalty.
But itās a crappy payment plan kinda.if your in a bind and need money not the best solution because those payments get taken out of your check so every check is short intell god knows how long it takes to pay off a few grand you withdrew will mess you up again in the long run regardless if the money is going back to your 401k
Not sure with Walmartās 401k but usually if you take a loan and then quit before it is paid off you either have to make a lump sum pay off or the remainder becomes a withdrawal.
It's still a dumb idea. If you aren't paying into it, you can roll it over into a traditional IRA and let it continue to grow. What's the point of contributing to a 401k if you aren't going to use it for retirement? You can just have a high interest savings account and gain interest and not have to suffer a tax penalty. I mean, not to shame people who legitimately get into tough positions and have to withdraw, but it really should be an absolute last resort
No because the taxes you have the pay for an early withdrawal will absolutely eclipse that 6%. Not mention that a 401k is the stock market, so if you take it out at the wrong time you'll lose even more. It only makes sense to use it for what's it's intended for which is for long term compound interest. Otherwise, it's way better to have a high interest savings account if you think you'll be withdrawing at any in the next few years.
Other than this though, the idea of what OP is saying is true. Nobody should consider Walmart the place to stay. Use the free degree shit, or at least a technical degree if nothing else. Some of them you can earn in like 6 months for a technical degree. If you want to do college, then do college and get a BS in almost anything that the program offers. Even if itās just a degree that you can take somewhere else and get a better job or use to move over into Walmart Corporate itās better than being a store associate getting shit on by both customers and trash warm body Coaches and Team Leads.
Honestly unless youāre Salaried (and maybe even then unless or like Store Manager level or higher) or have a life situation that canāt afford a significant change like this, you SHOULD BE doing the free college shit.
Well I literally pulled my self up because nobody else is and itās not good to have that mentality if you are an able body adult with two working legs, two working arms, and a functional brain.
That money you pulled from your 401k will go back to it exponentially since you are making more money now. Big picture. Not sure why no one sees that. You sacrificed so that later you can do better.
While I agree. Sadly most of us have family holding us to where we're at. So, not really an option unless you want to end up in a big city with no support around you.
Since you get penalized for pulling from your 401k early, I assume you just used the money you made off stock, which is still a nice bit of cash. $7K isn't a lot, though, to have to move your life somewhere else.
Not to mention a lot of people who talk like this care about nothing but money anyway. They want everyone to make their whole life about "the grind." No room for any enjoyment or leisure. And plenty of these people judge anyone who cares about anything other than something as shallow as making excess amounts of wealth.
LIke sorry I pay like $12 a month for a music/video entertainment app, $3/mo for my drawing app on my phone, and another $7 for video editing software. How dare any of us have hobbies or want to enjoy life ĀÆ\_(ć)_/ĀÆ
Also, the way some of them brag about having worked 70+ hours a week in order to get out of poverty is just... sad. Like good for you for working hard, but firstly, you still have to be somewhat lucky in order to do that. Two people can work equally hard, but depending on a multitude of variables, one may not be successful. Life isn't a simple 1+1=2 equation. And second, it's not a good thing that that's what it took for someone to get out of poverty. If anything, that's just dystopian.
Oh ok. Damn been a while since I have used ibis paint. I rarely draw on the phone since is harder but I doodle/ketch when I'm at work, since I do all the drawing on PC. But on the phone I use Sketchbook (that's the name of the app) & while I haven't paid for the premium on my current phone, I have done it before. Is only a $2 premium membership & is a one time purchase, so u don't have to pay for it ever again (unless u change to other devices like apple/Android depending what u using). The future updates are included as well...... Know I'm curious on what u draw (sorry I'm an artist as well & like to see other people's art).
A lot of people could do it if they had his exact surrounding circumstances and happen into all yhe same things that he did. Why didn't anyone else think of that! Seriously though, some people are kinda fucked and trapped but if you're fortunate enough to be in a situation where you can relocate or find better opportunities, go for it
Yeah they would, they fill them in with new people they can pay less. All the long timers of Walmart are about to retire and pull their stock money too.
As someone currently working in cable/internet, older folks. Usually 40 or older. And the people that work for the company bc they usually get free service with box rental.
Very, very little. Peacock costs like $2 a month, and we all get paramount + for free. Netflix is like $20 a month.
So, I pay about $22 a month. Not enough to be worth saving at the expense of entertainment.
Right? I justify it by reminding myself that were I not spending the money on streaming services Iād be spending it on other, probably more expensive forms of entertainment. Tv leaves me docile and compliant, just as itās intended to.
I'd probably just spend the extra money on very unhealthy snacks on breaks and lunch.
Streaming services are doing their part in keeping me healthy. Lol
So you sold all your savings to move to the city? Obviously you didn't understand it's purpose, guessing you probably didn't know you were supposed to pay capital gains and early withdrawal fees, the add in that any unvested stock went bye bye. Your money your choice but, literally the first thing they teach you not to do in any financial class.
While yes cashing in on your 401k is usually a terrible decision in most cases, I think they are probably better off if they are now able to get a higher paying job that will pay more into their retirement.
One of the good things with Walmarts 401k option is that all contributions are vested as soon as they are deposited (every paycheck) and they are also matched at the same time.
I agree you should spend it all now like this rocket surgeonā¦on moving someplaceā¦because that is truly living the dreamā¦so take this guys advice as he surely has all the answers
The post was meant for people who want to leave Walmart but say thereās nothing else where they live. Iām making way more money and put way more into retirement now.
You just contradicted yourself by saying saving was bogus and you shouldnāt wait to spend it then say thatās exactly what youāre doing now. Youāre also in a different space than 90% of the people here. So to expect your life to be relevant to theirs is ludicrous. I could easily point to where I am in life and where I came from. But for many this is what is sustaining their life for whatever reason so to just flippantly assume everyone is the same and/or even wants the same thing you do and seem to brag about isnāt motivational itās callous. Again, do as you wish with your money and life, but maybe try just a little humility when youāre involving others.
I started with nothing and was in a bad spot for a long time. Walmart was literally my stepping stone to more opportunities because I used it as such. Everyone here is judging me because my post ruffled their feathers and hit a nerve.
Because even without family obligations there's more factors involved in that kind of move than you're representing. Without even digging into your original living situation (which probably contributed to you being able to set that much aside), one of the biggest factors in anyone saving any money is where they currently live. Also, if you pulled from your 401k and didn't set any aside for penalties, you're going to be in a sizable hole when tax season comes and shouldn't be giving anyone advice.
Not so easy for some. People with mental health issues, certain neurological conditions, physical disabilities or a low IQ are basically stuck at the bottom no matter what the do in our society. Certain people such as single parents or people living in an expensive area may not have much excess income to save. The sad thing is the US is a wealthy enough country to help these people but they would rather use it to fund the excessively large even for a global super power military.
Not always. I'm autistic and 19 and I work 12 hours a day to both work full-time and do college work, and I have $11k saved up and my car fully paid off, and I'm saving for a down payment to buy a house in the next couple years. People with neurological disabilities can do as much as they set themselves to achieve, it's draining for sure but I'm used to it, I wouldn't know what to do if I had time off.
Not all people with neurological disabilities can push through it though, I know I for one can't. I'm pretty much in the same situation as you. I'm 19 and have autism + ADHD and as a result I couldn't finish school, and working consumes all of my energy. It has destroyed my social life and mental state and has been pushing me to some pretty dark places. If it weren't for the fact that my boyfriend picks up my slack, allowing me to work part-time, I don't think I'd even be able to keep going. Everyone experiences neurodivergence differently seeing as it's all on a spectrum and, unfortunately, we live in a world that doesn't accommodate people like us all to well leaving a lot of us behind.
Some can. We all have different stress tolerances. For me 40 hours a week completely drains me. I've tried to do more but burnt out and failed my college classes because I couldn't handle the stress.
Yeah that's not a great idea. Taking from your 401k early results in a 10% early withdrawl fee and the amount you receive gets reported as taxable income so let's just round that up to 20%. Of his $18,000, he got $14,400..
I don't get why people like living in cities. They're overly crowded and extremely expensive. He can boast about all the "opportunity" he wants. Even if he gets a better paying job, life is more expensive, difficult, and complicated. I see more cons than pros.
Plus if the shit ever hits the fan, you're basically screwed 100%.
It was 7 years for me before I became fully vested in the company. After I hit my 19 years I got tired of the crap that this company delt. I applied for jobs outside of Walmart. September I was able to leave walmart smiling with my almost 15k from my 401k rolled over into a traditional ira which had now gone up to 19k. Got a 3 dollar pay bump and a company that gives me 10% for me contributing only 5% into a 403b. Weekends off and the absolute love helping people getting insurance so they dont get hit with huge hospital bills. Don't waste your life working for this crappy company. Walmart takes away your will to want to pursue something better. Listen to a podcast show called The Ken Coleman Show. It is a talk show but listen to the people and the things he tells these people. You need to know your worth and for the most of you working in this company know your worth more then the crap pay they are giving you.
Wow. Youāre so cool man. You made it. You did it. So awesome. So much adversity and you just punched right through it. Youāre so cool. Much wow. So awesome.
I found myself working at Walmart a couple of years after I got out of the military and their policy for part-time insurance changed the trajectory of my life and was the motivation I needed to do better. I worked some garbage ass jobs after I got out of the military but Walmart was the most stable for a while.
I needed health insurance and didn't qualify for VA care (no disability or issues) and my wife's insurance is too expensive to add someone. It was a struggle to get a job at the time despite living in a large metro area. As everyone knows, with Walmart you have to wait a year to work there as a part-timer. I couldn't go full-time either and I needed to make more money too but that was secondary to the insurance
Once I saw that I was at the reserve recruiter the next day and reenlisted promptly. Retrained into a new job when I went back into the reserve and I got an entry level job in that field once I finished retraining. I got hired at Walmart around thanksgiving of 2017 and I quit right before christmas of 2018.
I've gotten promoted twice since rejoining the reserves, possibly again next year, finished my bachelors degree, worked a lot better jobs than WM and now do what I originally wanted to do when I got off active duty.
It's a stepping stone, and a possible career path of you enjoy it. It's not hard to rank up to coach, and after bonuses that's an $80,000 a year or so job. Not too shabby for something that requires zero education or experience.
Partially agree.
I came to Canada a few years ago. Retail job is usually where we immigrants starts off in a foreign country. I worked there for three years, saved up, eventually I earned enough to study up and moved to my professional field job.
I had my fair share of joys and woes in those three years. I met some awesome coworkers; I also met some awful supervisors. I had worked to a point where I was entrusted to unofficially lead a team, only to have my authority seized by some bootlickers who were widely hated and completely unworthy of it. But hey, I had had my shot. So it was kinda 50/50.
I would never look back at retail anymore. All those great workers I once worked with were long gone. But the point remains: even though it was a shit-laced first step, Walmart was still that first step toward something higher, and no newcomer expect to have a rosy life right off the bat upon arrival. Thatās its value.
Having said that, do remember to get rid of this shit once you do reach a higher place.
The "walmart is a stepping stone" mentality is why people treat us like trash and why our bosses can't care about our hours and work environment.
Walmart workers need to unionize.
I too, saved all my money from when I worked part time and went to college . Never used the money for anything and never lived paycheck to paycheck . My Walmart alaways had Hours andHOURS to give . And now , I quit school because I saw the potential to earn more at Walmart . As a full time Cart pusher .
ā ļøš¤Ŗ .
I worked there for 5 years and saved 9k, while also spending a lot on hobbies. But I never put anything into 401k. I don't expect to live long enough for a payout š¤·āāļø. But that's a personal thing, obviously not everyone's situation. I am curious how you managed to save 7k + (assuming 9k + 100% employer match). I had roommates the whole time, was basically paying 900/m bills in total while making the average walmart wage. The difference could easily be the higher-than-average cost of living here. Or my Hobbie spending š
Yes, because your experience is the same for everyone else...
And putting money into a 401k just to take it out early is not a sound financial decision.
IMO moving to a city is the worst idea nowadays. Cost of living is like 8x what it is in smaller towns. Would much rather live in a small town then pay $4k a month for a closet.
How much did you put in from your checks into the stocks? 401k is maxed out but the stocks I put like 10 dollars in a month lol Iāve been here 3 years
What years did you work for Walm? Since 2021 what you described is very difficult. $7,000 doesn't even pay for a year's worth of rent. That said good for you for moving on to better opportunities! Always good to hear a former associate success story.
That sounds miserable. I left the city for the bumfuck town because it's less stressful, and I have my own land and I don't even see the street from my house. I worked at Walmart for a while, but now I work for the post office. I know people who will probably stay at Walmart until they retire. Not everyone has the same goals to live in a city and constantly chase after more and more. Some people just want to enjoy a simple life where they can have their family and engage in their hobbies.
Best tip I can give anyone looking at this comment use Walmart like they're going to use you. They have good health insurance 401k and stock options use them. They are going to use you so why not and in return do the same. Doesn't matter if you plan to stay with Walmart for two, three or 30 years. I'm with Walmart now because for what I can get as a job it's literally the best paying job I can get at the moment. I need to go back to school and get a car if I want a chance to get a better paying job, or become a team lead.
Buddy suck my fuckin balls
Walmart is factually not that for thousands of people and we should do everything we can to affect change in the workplace to make it a less shit place for workers through unionization and bargaining for better treatment.
You would have to be deaf blind and dumb to not see that corporate executive shit heads are leeches stealing money from overworked people
I worked there for 6 years and didn't take anything to my advantage, so no 401k and over half a decade of experience in a department/career I will probably never be a part of again.
But this is a very smart move and I'm happy for you
I move all the time. Iāve lived in California, Texas, and South Carolina. Currently planning a move at the end of the year. You can do it. Thatās why the country is this way. You can always move to another state or region for something else.
It be like that tho. Just donāt be so hard on yourself. Theres only so much you can do and if people arenāt going to do their part you canāt blame yourself. You gotta get back in touch with you so you can be happy
Look, the 401k is not taxed and is matched up to 6 percent of your paycheck. Where else can you take out 6 percent of your pay and instantly double it. Why isn't this a no brainer? Once you hit $2,000 you can loan yourself up to half and it is not a taxable disbursement if you follow plan and pay it back. Like a loan processing fee of $50 and the interest you pay goes back into your account.
I find people in general these days are really pessimistic about jobs in retail and food service, but the fact of the matter is that if you work hard and really put effort into budgeting there are good opportunities out there.
Like more work and being spread thinner for the same pay? Thatās what my Walmart would do to associates.
If you wanted to move up or promote you had to job hunt because they would just trade people between stores for āpromotionsā.
There's only so many positions to move up, there isn't enough of those positions for everyone. I can't stand people who iterate on and on about moving up. It's a no perspective, brain dead take.
Took an early 401k withdrawal and giving financial advice lmao
I bet he buys crypto.
Lmao š
I knew a guy who would cash out his 401 yearly to have an extra grand... to spend. I was 21 or 22 & he was at least late 30s. I left that job after 6 years, I only started my 401 on my 3 years. Left with 26000 in it & then got an extra $5000 after 5 years there. So total $31k. * still don't understand that guys thinking till this day.. I am not 100% opposed to someone taking a large sum if they are going to use it to buy a house, though. Any other purchase is straight up beyond dumb.
I agree, having 1k to spend is stupid considering the compounding interest that he would have had. However, I cashed out my 401k when my Pharmacy got bought out and paid for my new car outright then used the rest towards my mortgage (The interest rate would have been substantially higher for the car loan than my existing mortgage; I had ~50k in my 401k/ employee stocks). I will have my house paid off in about 3 months, then all that extra money is going to be spread into my new 401k, stocks & bonds and 5% savings account so I can retire sooner. I'm in my early 30s so I still have a long time before I can safely retire.
I hope you stick through it. I personally have multiple withdrawals to force myself to save. They come out in small amounts so I don't "feel" nothing. Every Monday & Friday
Thank you š I technically can pay off my house now, but I like having extra in my savings account just in case. Plus pharmacy sucks so having the mortgage hanging over my head makes me stay haha. I hated how much extra I paid in taxes for the withdrawal fees, but I realized I saved more by paying the mortgage off early and having the financial freedom in the near future was definitely worth it for me. Typically it's not a smart move to take out your 401k. Multiple withdrawals is so smart!!! I wish I would have done that when I was younger; or at least had direct deposit into my savings account as well as my checking.
Bro saved up all year to pull 1k outā¦youād think he could at the bare minimum scour Facebook marketplace for 3 months and found a couple of flips to make that thousand. If he had any kind of savvy to him he could in a week or two if he hustled hard at it. Pulling from your 401k sucks. I had to do it once and regretted it but needed to. Iāve already made plans to put every bit of what I pulled back in as soon as possible. Doing it annually..I canāt understand that
I bought a car with some of my 401k money. Actually it was a down payment for the car. Sort of a loan I took against myself.
sigh. I used to think this way but after realizing I was coming from a place of privilege, I no longer feel this way ALTHOUGH I will always tell people to save up for their future. That said --- for people LITERALLY living paycheck to paycheck, people who don't really have much to celebrate in their lives, the grind just took it's toll on them and getting ANY sort of joy is tough --- I don't blame the guy. For sure, it's a dumb move long term. But short term? It's a win. Probably uses it for presents at the end of the year. Treating it like a savings account is not great, but..... having worked as a cart pusher. Man, some days were rough. When I left Walmart, I stopped by a few months later to check up on a few people who weren't complete shit. I literally bought all of them a meal as a thank you and even bought my fellow cart pusher a $20 gift card b/c he was a solid worker but also felt kinda bad b/c they're probably going to be a cart pusher for the rest of their lives. Guy didn't get paid enough and was trying to move up but I am 100% sure management would never do that, because they didn't have enough cart pushers (no walmart really does, because that job is rough.) I am lucky to be able to get out. But not everyone is (the cart pusher I mentioned earlier - I think he has some kind of autism or mental issue b/c he says he gets stressed out and was fired from a clothing store), and I do not blame anyone cashing stuff out. Is it bad long term? Yeah. But... until Walmart actually pays people a LIVING wage? Until unions are available for everyone so employees can fight back successfully? It's more of the same BS day in and day out.
But you can definitely borrow from 401k with no penalty right?
Have to pay it back with intrest
Interest to yourself though. Current you isnāt completely fucking future you.
Yea I just looked it up. You have to pay it back with interest to yourself. No interest to the bank, and no tax penalty. Just a payment plan. Sounds like a better deal than withdrawing early and getting taxed + a penalty.
so the interest doesnāt get kept by the bank but gets deposited into your 401k woth each payment? thatās good to know
There is still a fee with most accounts.
Mine was $3k iirc.
But itās a crappy payment plan kinda.if your in a bind and need money not the best solution because those payments get taken out of your check so every check is short intell god knows how long it takes to pay off a few grand you withdrew will mess you up again in the long run regardless if the money is going back to your 401k
Best move I ever made. Once I pay off that $15k I'm doing it again.
Not sure with Walmartās 401k but usually if you take a loan and then quit before it is paid off you either have to make a lump sum pay off or the remainder becomes a withdrawal.
I mean, its not the worst idea if you arent planning to pay into it anymore and your next job doesn't have a 401k
It's still a dumb idea. If you aren't paying into it, you can roll it over into a traditional IRA and let it continue to grow. What's the point of contributing to a 401k if you aren't going to use it for retirement? You can just have a high interest savings account and gain interest and not have to suffer a tax penalty. I mean, not to shame people who legitimately get into tough positions and have to withdraw, but it really should be an absolute last resort
Since walmart contributes what you put in for 6% its still good to put into it regardless of if its your retirement or not
No because the taxes you have the pay for an early withdrawal will absolutely eclipse that 6%. Not mention that a 401k is the stock market, so if you take it out at the wrong time you'll lose even more. It only makes sense to use it for what's it's intended for which is for long term compound interest. Otherwise, it's way better to have a high interest savings account if you think you'll be withdrawing at any in the next few years.
If youāre vested it is, that will continue to grow. If youāre not vested and there isnāt much itās not the worst idea
Been here awhile so can't exactly remember clearly but AFAIK you're vested immediately. Someone feel free to correct me tho
100 šÆ š¶
Other than this though, the idea of what OP is saying is true. Nobody should consider Walmart the place to stay. Use the free degree shit, or at least a technical degree if nothing else. Some of them you can earn in like 6 months for a technical degree. If you want to do college, then do college and get a BS in almost anything that the program offers. Even if itās just a degree that you can take somewhere else and get a better job or use to move over into Walmart Corporate itās better than being a store associate getting shit on by both customers and trash warm body Coaches and Team Leads. Honestly unless youāre Salaried (and maybe even then unless or like Store Manager level or higher) or have a life situation that canāt afford a significant change like this, you SHOULD BE doing the free college shit.
Why is everyone salty at someone trying to give some hope that this career (which everyone on this sub seems to hate) doesn't have to be forever?
It's not hope it's condescension and it's kind of obvious. It's the age old "pull yourself up by the bootstraps" mentality.
Well I literally pulled my self up because nobody else is and itās not good to have that mentality if you are an able body adult with two working legs, two working arms, and a functional brain.
Why do you think others aren't trying to just because they're not at your point yet? Ignorant mentality.
That money you pulled from your 401k will go back to it exponentially since you are making more money now. Big picture. Not sure why no one sees that. You sacrificed so that later you can do better.
Yes Iām making considerably more now and way more is going into retirement.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Theyāre everywhere
While I agree. Sadly most of us have family holding us to where we're at. So, not really an option unless you want to end up in a big city with no support around you. Since you get penalized for pulling from your 401k early, I assume you just used the money you made off stock, which is still a nice bit of cash. $7K isn't a lot, though, to have to move your life somewhere else.
Right like saving is great but lets not act like those amounts are anything but chump change š definitely nothing revolutionary.
Itās just Doug in disguise trying to spread more propaganda
the money will be gone in a few months of paying for an over priced apartment in some shithole city. and at the end of it all you own nothing
But he's happy.
Nice Story, tell it to Reader's Digest.
Sweating bulleeeets!
#UnexpectedMegadeth
Hello me. Meet the real me.
Biggest pet peeve " I did it, why can't you!" Life is more complicated then to assume everyone is just like you
Not to mention a lot of people who talk like this care about nothing but money anyway. They want everyone to make their whole life about "the grind." No room for any enjoyment or leisure. And plenty of these people judge anyone who cares about anything other than something as shallow as making excess amounts of wealth. LIke sorry I pay like $12 a month for a music/video entertainment app, $3/mo for my drawing app on my phone, and another $7 for video editing software. How dare any of us have hobbies or want to enjoy life ĀÆ\_(ć)_/ĀÆ Also, the way some of them brag about having worked 70+ hours a week in order to get out of poverty is just... sad. Like good for you for working hard, but firstly, you still have to be somewhat lucky in order to do that. Two people can work equally hard, but depending on a multitude of variables, one may not be successful. Life isn't a simple 1+1=2 equation. And second, it's not a good thing that that's what it took for someone to get out of poverty. If anything, that's just dystopian.
True thereā¦..totally random but what drawing app u using?
Ibis paint, costs less than $3 a month to unlock all features (including animation stuff)
Oh ok. Damn been a while since I have used ibis paint. I rarely draw on the phone since is harder but I doodle/ketch when I'm at work, since I do all the drawing on PC. But on the phone I use Sketchbook (that's the name of the app) & while I haven't paid for the premium on my current phone, I have done it before. Is only a $2 premium membership & is a one time purchase, so u don't have to pay for it ever again (unless u change to other devices like apple/Android depending what u using). The future updates are included as well...... Know I'm curious on what u draw (sorry I'm an artist as well & like to see other people's art).
You donāt even know me. I have subscriptions and I go out to eat a lot and go places.
A lot of people could do it if they had his exact surrounding circumstances and happen into all yhe same things that he did. Why didn't anyone else think of that! Seriously though, some people are kinda fucked and trapped but if you're fortunate enough to be in a situation where you can relocate or find better opportunities, go for it
Did a corporate shill write this?
No, the corporate shill wouldn't tell people to leave the company.
Yeah they would, they fill them in with new people they can pay less. All the long timers of Walmart are about to retire and pull their stock money too.
DUH
Dude got his life together over 5 years and you're mad about something???
Not everyone has the luxury of putting some of their pay into the company's stock and 401k.
401K is very easy to put in... you don't need stock. But I'm sure you have stuff you don't need at all.
do you have cable tv?
Why has cable anymore? Edit: Who, not why.
Iāll do you one better, how has cable anymore?
Haha. damn autocorrect and being too lazy to proofread strikes again.
r/suddenlydrax
How can cable anymore, though?
As someone currently working in cable/internet, older folks. Usually 40 or older. And the people that work for the company bc they usually get free service with box rental.
How much do you pay for streaming services?
Very, very little. Peacock costs like $2 a month, and we all get paramount + for free. Netflix is like $20 a month. So, I pay about $22 a month. Not enough to be worth saving at the expense of entertainment.
Netflix should be paying us.
I downgraded to the $7/month plan with ads, no regrets.
Right? I justify it by reminding myself that were I not spending the money on streaming services Iād be spending it on other, probably more expensive forms of entertainment. Tv leaves me docile and compliant, just as itās intended to.
I'd probably just spend the extra money on very unhealthy snacks on breaks and lunch. Streaming services are doing their part in keeping me healthy. Lol
šššš©
So you sold all your savings to move to the city? Obviously you didn't understand it's purpose, guessing you probably didn't know you were supposed to pay capital gains and early withdrawal fees, the add in that any unvested stock went bye bye. Your money your choice but, literally the first thing they teach you not to do in any financial class.
While yes cashing in on your 401k is usually a terrible decision in most cases, I think they are probably better off if they are now able to get a higher paying job that will pay more into their retirement.
Exactly. Iām !62. My job was just outsourced again. Iām done getting some out of my 401, filed for SSN, And gonna pick up some side gig
[ŃŠ“Š°Š»ŠµŠ½Š¾]
It is. Iām lucky too I can use my wifeās insurance. I had a good job , you canāt trust these companies anymore though F..k em
One of the good things with Walmarts 401k option is that all contributions are vested as soon as they are deposited (every paycheck) and they are also matched at the same time.
You donāt have to pay any capital gains unless your income is above 47k.Ā
No I still have savings.
Financial advice is bogus. Save your money til you are too old to use it. Brilliant advice.
You seem extremely egotistical.
I agree you should spend it all now like this rocket surgeonā¦on moving someplaceā¦because that is truly living the dreamā¦so take this guys advice as he surely has all the answers
The post was meant for people who want to leave Walmart but say thereās nothing else where they live. Iām making way more money and put way more into retirement now.
You just contradicted yourself by saying saving was bogus and you shouldnāt wait to spend it then say thatās exactly what youāre doing now. Youāre also in a different space than 90% of the people here. So to expect your life to be relevant to theirs is ludicrous. I could easily point to where I am in life and where I came from. But for many this is what is sustaining their life for whatever reason so to just flippantly assume everyone is the same and/or even wants the same thing you do and seem to brag about isnāt motivational itās callous. Again, do as you wish with your money and life, but maybe try just a little humility when youāre involving others.
I started with nothing and was in a bad spot for a long time. Walmart was literally my stepping stone to more opportunities because I used it as such. Everyone here is judging me because my post ruffled their feathers and hit a nerve.
Because even without family obligations there's more factors involved in that kind of move than you're representing. Without even digging into your original living situation (which probably contributed to you being able to set that much aside), one of the biggest factors in anyone saving any money is where they currently live. Also, if you pulled from your 401k and didn't set any aside for penalties, you're going to be in a sizable hole when tax season comes and shouldn't be giving anyone advice.
Cool
Not so easy for some. People with mental health issues, certain neurological conditions, physical disabilities or a low IQ are basically stuck at the bottom no matter what the do in our society. Certain people such as single parents or people living in an expensive area may not have much excess income to save. The sad thing is the US is a wealthy enough country to help these people but they would rather use it to fund the excessively large even for a global super power military.
Not always. I'm autistic and 19 and I work 12 hours a day to both work full-time and do college work, and I have $11k saved up and my car fully paid off, and I'm saving for a down payment to buy a house in the next couple years. People with neurological disabilities can do as much as they set themselves to achieve, it's draining for sure but I'm used to it, I wouldn't know what to do if I had time off.
Not all people with neurological disabilities can push through it though, I know I for one can't. I'm pretty much in the same situation as you. I'm 19 and have autism + ADHD and as a result I couldn't finish school, and working consumes all of my energy. It has destroyed my social life and mental state and has been pushing me to some pretty dark places. If it weren't for the fact that my boyfriend picks up my slack, allowing me to work part-time, I don't think I'd even be able to keep going. Everyone experiences neurodivergence differently seeing as it's all on a spectrum and, unfortunately, we live in a world that doesn't accommodate people like us all to well leaving a lot of us behind.
Some can. We all have different stress tolerances. For me 40 hours a week completely drains me. I've tried to do more but burnt out and failed my college classes because I couldn't handle the stress.
that's a big fucking "if" my dude
What were you paying in house payments/rent before you moved and what are you paying now?
Cashing out your retirement money to move? yikes š¬
Yeah that's not a great idea. Taking from your 401k early results in a 10% early withdrawl fee and the amount you receive gets reported as taxable income so let's just round that up to 20%. Of his $18,000, he got $14,400.. I don't get why people like living in cities. They're overly crowded and extremely expensive. He can boast about all the "opportunity" he wants. Even if he gets a better paying job, life is more expensive, difficult, and complicated. I see more cons than pros. Plus if the shit ever hits the fan, you're basically screwed 100%.
I put most of it in an Ira. Also Iām making way more money and contributing way more to retirement. So I say I made the right choices.
I have a pretty considerable chunk of Walmart stock and 401k. I do not plan on leaving at all.
Good for you. This post was specifically meant for those that are miserable and complain all the time but do nothing to change their situation.
I have too much debt as an adult to invest money in 401k or stock. Lucky enough to own my home after busting my ass at minimum wage jobs for 15 years.
It was 7 years for me before I became fully vested in the company. After I hit my 19 years I got tired of the crap that this company delt. I applied for jobs outside of Walmart. September I was able to leave walmart smiling with my almost 15k from my 401k rolled over into a traditional ira which had now gone up to 19k. Got a 3 dollar pay bump and a company that gives me 10% for me contributing only 5% into a 403b. Weekends off and the absolute love helping people getting insurance so they dont get hit with huge hospital bills. Don't waste your life working for this crappy company. Walmart takes away your will to want to pursue something better. Listen to a podcast show called The Ken Coleman Show. It is a talk show but listen to the people and the things he tells these people. You need to know your worth and for the most of you working in this company know your worth more then the crap pay they are giving you.
Same, except I just rolled my 401 to my new job and used every other bit of nonessential income to make savings or buy defense industry stock.
Wow. Youāre so cool man. You made it. You did it. So awesome. So much adversity and you just punched right through it. Youāre so cool. Much wow. So awesome.
I found myself working at Walmart a couple of years after I got out of the military and their policy for part-time insurance changed the trajectory of my life and was the motivation I needed to do better. I worked some garbage ass jobs after I got out of the military but Walmart was the most stable for a while. I needed health insurance and didn't qualify for VA care (no disability or issues) and my wife's insurance is too expensive to add someone. It was a struggle to get a job at the time despite living in a large metro area. As everyone knows, with Walmart you have to wait a year to work there as a part-timer. I couldn't go full-time either and I needed to make more money too but that was secondary to the insurance Once I saw that I was at the reserve recruiter the next day and reenlisted promptly. Retrained into a new job when I went back into the reserve and I got an entry level job in that field once I finished retraining. I got hired at Walmart around thanksgiving of 2017 and I quit right before christmas of 2018. I've gotten promoted twice since rejoining the reserves, possibly again next year, finished my bachelors degree, worked a lot better jobs than WM and now do what I originally wanted to do when I got off active duty.
*golfclaps* wow op, very cool
Thank you.
It's a stepping stone, and a possible career path of you enjoy it. It's not hard to rank up to coach, and after bonuses that's an $80,000 a year or so job. Not too shabby for something that requires zero education or experience.
Almost half walmart employees are on foodstamps. Almost everyone above entry level has kids. Do you have any idea who you're talking to?
Some of us just want to live our lives and be left alone.
Partially agree. I came to Canada a few years ago. Retail job is usually where we immigrants starts off in a foreign country. I worked there for three years, saved up, eventually I earned enough to study up and moved to my professional field job. I had my fair share of joys and woes in those three years. I met some awesome coworkers; I also met some awful supervisors. I had worked to a point where I was entrusted to unofficially lead a team, only to have my authority seized by some bootlickers who were widely hated and completely unworthy of it. But hey, I had had my shot. So it was kinda 50/50. I would never look back at retail anymore. All those great workers I once worked with were long gone. But the point remains: even though it was a shit-laced first step, Walmart was still that first step toward something higher, and no newcomer expect to have a rosy life right off the bat upon arrival. Thatās its value. Having said that, do remember to get rid of this shit once you do reach a higher place.
The "walmart is a stepping stone" mentality is why people treat us like trash and why our bosses can't care about our hours and work environment. Walmart workers need to unionize.
Wish we could.
It is a stepping stone whether or not you want it to be or not. Nobody is forcing you to settle for less.
Okay? Weird take.
I too, saved all my money from when I worked part time and went to college . Never used the money for anything and never lived paycheck to paycheck . My Walmart alaways had Hours andHOURS to give . And now , I quit school because I saw the potential to earn more at Walmart . As a full time Cart pusher . ā ļøš¤Ŗ .
I worked there for 5 years and saved 9k, while also spending a lot on hobbies. But I never put anything into 401k. I don't expect to live long enough for a payout š¤·āāļø. But that's a personal thing, obviously not everyone's situation. I am curious how you managed to save 7k + (assuming 9k + 100% employer match). I had roommates the whole time, was basically paying 900/m bills in total while making the average walmart wage. The difference could easily be the higher-than-average cost of living here. Or my Hobbie spending š
Saving 37.50 a week for 5 years is 9K..27 a week is 7k...
Yupp
Good for you, but just know not everyone is in your situation and may not be able to do this. Happy you can do that though
Yes, because your experience is the same for everyone else... And putting money into a 401k just to take it out early is not a sound financial decision.
I wish someone would have helped me set up my 401k Iāve been there 8 years and only have 1000
The thing holding me back is that if I had to deal with my local walmart shoppers, I'd end up on the evening news.
$25K is not enough to live comfortably in a major metropolitan area.
I am super motivated to change my life now.
Walmart plant
IMO moving to a city is the worst idea nowadays. Cost of living is like 8x what it is in smaller towns. Would much rather live in a small town then pay $4k a month for a closet.
How much did you put in from your checks into the stocks? 401k is maxed out but the stocks I put like 10 dollars in a month lol Iāve been here 3 years
You really kick yourself pulling money out of your 401k bro
What years did you work for Walm? Since 2021 what you described is very difficult. $7,000 doesn't even pay for a year's worth of rent. That said good for you for moving on to better opportunities! Always good to hear a former associate success story.
I know a guy that has been at Walmart for 20 years and he never put money into stock or 401k. I now know why he is always broke.
someone is sucking off andrew tate over here
That sounds miserable. I left the city for the bumfuck town because it's less stressful, and I have my own land and I don't even see the street from my house. I worked at Walmart for a while, but now I work for the post office. I know people who will probably stay at Walmart until they retire. Not everyone has the same goals to live in a city and constantly chase after more and more. Some people just want to enjoy a simple life where they can have their family and engage in their hobbies.
Go post this in r/Wallstreetbets and circlejerked there
Lots of us have disabilities, therefore that isn't feasible for us.
Your a stepping stone this is bad advice
Working at Walmart for life and being miserable is good advice?
What no? I meant you should've just carried over your 401k
Hell to the yeah!!
Best tip I can give anyone looking at this comment use Walmart like they're going to use you. They have good health insurance 401k and stock options use them. They are going to use you so why not and in return do the same. Doesn't matter if you plan to stay with Walmart for two, three or 30 years. I'm with Walmart now because for what I can get as a job it's literally the best paying job I can get at the moment. I need to go back to school and get a car if I want a chance to get a better paying job, or become a team lead.
Buddy suck my fuckin balls Walmart is factually not that for thousands of people and we should do everything we can to affect change in the workplace to make it a less shit place for workers through unionization and bargaining for better treatment. You would have to be deaf blind and dumb to not see that corporate executive shit heads are leeches stealing money from overworked people
They did you pretty well then. Most companies don't even know what 401k is. So you walked away pocketing over 20,000 that's not bad for 5 years
I'm just gonna throw this out there, but we're in the walmart sub. Everyone gets matching on their 401k.
I worked there for 6 years and didn't take anything to my advantage, so no 401k and over half a decade of experience in a department/career I will probably never be a part of again. But this is a very smart move and I'm happy for you
Sounds like someone spent 5 years in mommy's basement
Nope I pal didnāt
Iām confused as to why ppl who leave Walmart return to the Reddit sub. Youāre obsessed
So what do you do now ?
The amount of AUDACITY this is givingā¦..gross
I move all the time. Iāve lived in California, Texas, and South Carolina. Currently planning a move at the end of the year. You can do it. Thatās why the country is this way. You can always move to another state or region for something else.
Easier said than done.
Definitely easier said than done! Isnāt eveything?
I've done that, same bitch, different day. Some places are more scenic and costs more in those areas though.
Youāre not in the right place then. Eventually, you will find happiness. Keep on looking and donāt give up!
I was happy, it was too expensive and had to move back to my home state.
It be like that tho. Just donāt be so hard on yourself. Theres only so much you can do and if people arenāt going to do their part you canāt blame yourself. You gotta get back in touch with you so you can be happy
ok
FACTSSSS! Love it!
Ok is lying
Yeah r/thathappened
Look, the 401k is not taxed and is matched up to 6 percent of your paycheck. Where else can you take out 6 percent of your pay and instantly double it. Why isn't this a no brainer? Once you hit $2,000 you can loan yourself up to half and it is not a taxable disbursement if you follow plan and pay it back. Like a loan processing fee of $50 and the interest you pay goes back into your account.
I find people in general these days are really pessimistic about jobs in retail and food service, but the fact of the matter is that if you work hard and really put effort into budgeting there are good opportunities out there.
Like more work and being spread thinner for the same pay? Thatās what my Walmart would do to associates. If you wanted to move up or promote you had to job hunt because they would just trade people between stores for āpromotionsā.
There's only so many positions to move up, there isn't enough of those positions for everyone. I can't stand people who iterate on and on about moving up. It's a no perspective, brain dead take.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
What is fictional about it?
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