Need Help Investing

[Schneed10]

Originally Posted by over the mountain

do what i did. build up a nice 401k over 5 years or so. have the stock market take a nose dive cutting your 401k in half. then when money gets tight and you need to pay the bills, you can take a loan out against your own 401k with penalties and all!!

i have a real question thoo. should i be putting money back into my 401k now? ive been putting money in my money market account (easier to access if you need some cash) and CDs.

Yes, you should be contributing to your 401K, especially if your company matches contributions.

If they match, and you don't take advantage of it, it's like walking right on by a table with a pile of money and a sign that says "free".

I know this is too late now, but never tap into your 401K before retirement, this is extraordinarily costly. Instead build an emergency fund to tap into when emergency strikes. Once the emergency fund is sufficiently established, increase your contributions to your 401K.