SO BROKE WE ARE RAIDING OUR RETIREMENT
ฝัง
- เผยแพร่เมื่อ 7 ก.ย. 2024
- Title: Rising 401K Hardship Withdrawals: Impact of Housing Affordability Crisis
[00:02]( • SO BROKE WE ARE RAIDIN... ) Hardship withdrawals from 401Ks have skyrocketed 40%
[02:18]( • SO BROKE WE ARE RAIDIN... ) Increased hardship withdrawals and home equity lines of credit indicate financial struggle.
[06:25]( • SO BROKE WE ARE RAIDIN... ) Real estate prices are at risk of correction due to over-appreciation.
[08:31]( • SO BROKE WE ARE RAIDIN... ) Avoid foreclosure impact on credit
[13:07]( • SO BROKE WE ARE RAIDIN... ) Create a joint bank account for emergency funds and automatic payments
[15:18]( • SO BROKE WE ARE RAIDIN... ) Programs exist to prevent foreclosure and offer government assistance
[19:22]( • SO BROKE WE ARE RAIDIN... ) Foreclosure trends may follow credit card and car loan defaults
[21:09]( • SO BROKE WE ARE RAIDIN... ) Used car inventory levels are rising, leading to more aggressive sales tactics.
[25:04]( • SO BROKE WE ARE RAIDIN... ) Stimulating the economy to reduce foreclosures and increase job opportunities.
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Title: Rising 401K Hardship Withdrawals: Impact of Housing Affordability Crisis
[00:02]( • SO BROKE WE ARE RAIDIN... ) Hardship withdrawals from 401Ks have skyrocketed 40%
- People are pulling money out of their 401Ks early mostly due to falling behind on rent or mortgage payments.
- Hardship withdrawals allow individuals to temporarily take out money from their 401K without being taxed, with the requirement to put the money back.
[02:18]( • SO BROKE WE ARE RAIDIN... ) Increased hardship withdrawals and home equity lines of credit indicate financial struggle.
- Hardship withdrawals have doubled since 2021, indicating financial distress despite positive economic indicators.
- Common reasons for hardship withdrawals include avoiding foreclosure, paying college tuition, and medical expenses.
[06:25]( • SO BROKE WE ARE RAIDIN... ) Real estate prices are at risk of correction due to over-appreciation.
- Foreclosures have increased by 10% nationwide in 2023 compared to 2022, reaching 360,000.
- More foreclosures are anticipated in the next 1-3 years, but there may be fewer fully closed REOs due to people selling their homes subject to pre-foreclosure.
[08:31]( • SO BROKE WE ARE RAIDIN... ) Avoid foreclosure impact on credit
- Bankruptcy can temporarily pause foreclosure proceedings but does not solve the underlying financial problem.
- Consider alternative options such as selling the property subject to, reaching out for assistance, and understanding the consequences of foreclosure.
[13:07]( • SO BROKE WE ARE RAIDIN... ) Create a joint bank account for emergency funds and automatic payments
- Having a joint bank account can protect against financial challenges if one spouse passes away unexpectedly
- Explore the American Rescue Plan Act's Homeowner Assistance Fund for financial support during hardships
[15:18]( • SO BROKE WE ARE RAIDIN... ) Programs exist to prevent foreclosure and offer government assistance
- Foreclosure filings are significantly increasing
- People tend to default on credit card debt before other liabilities
[19:22]( • SO BROKE WE ARE RAIDIN... ) Foreclosure trends may follow credit card and car loan defaults
- Defaults may start with credit card debt before moving to car loan defaults
- Anticipated tightening of money supply leading to decreased borrowing options
[21:09]( • SO BROKE WE ARE RAIDIN... ) Used car inventory levels are rising, leading to more aggressive sales tactics.
- Dealerships are struggling and sales staff are under pressure to make sales.
- High inflation may help people pay off old debt and reduce defaults in the real estate market.
[25:04]( • SO BROKE WE ARE RAIDIN... ) Stimulating the economy to reduce foreclosures and increase job opportunities.
- Providing stimulus to the economy to encourage companies to hire more people and pay off debts.
- Identifying additional measures to prevent foreclosures and promote economic growth.
there is a Fed put on the housing market, housing is such a big part of the economy fed wont let it tank
When they're all setup to take advantage of the crash, they'll crash it.
people need to learn to live on less than they make . Car loans will keep you broke
ABSOLUTELY!!!!!
Ride the bus
Robbing Peter to pay Paul.
Classic strategy
I disagree. People are taking money from the 401k and the like because markets are up so much, 14% already this year and taking loans (CC or the like) are at least 10 points higher. I have no references, but its seems obvious.
People are struggling, so that's why they're cashing out on their investments.
Stack bitcoin and watch the real estate bros lose it. LOL
Not a bad strategy. What I don't like about it is that bitcoin doesn't pay anything except speculative appreciation. Real estate will pay you monthly AND appreciate. But everybody should own some bitcoin.