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Question about quitting a 401k match to pay off my truck faster, my brother in law says I'm an idiot
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janaallen27d ago
That match is basically free money and you'd be leaving it on the table. Let's say your employer kicks in 4 percent, that's an instant 100 percent return on whatever you put in, and no truck loan on earth comes close to that. I get wanting the truck gone, debt stress is real, but slowing down your retirement to shave a few months off a car note is usually a bad trade. Here's what I'd do instead: keep contributing at least up to the full match, then throw every extra dollar you have at the truck. If the payment is what's killing you, look at refinancing or selling it and getting something cheaper. Your brother in law calling you an idiot is out of line, but he's not wrong about the math part. What's the interest rate on that truck loan?
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