I need advice...leaving one job for another

**buildmybudget** · 11-02-2009, 03:04 PM

Do you have a credit card? This is one instance where a credit card could be a great solution, especially when compared against taking money out of your 401k.

**cschin4** · 11-02-2009, 03:10 PM

No yelling. There are times in life when you take a step back to take 2 steps forward. I would advise that you really just play it close to the vest and use your cc for an emergency. But, then pay off your cc ASAP. And, if that doesn't work, then you could tap the 401K. How much do you really need to tide yourself over for a few weeks?

**creditcardfree** · 11-02-2009, 03:46 PM

Originally posted by buildmybudget View Post

Do you have a credit card? This is one instance where a credit card could be a great solution, especially when compared against taking money out of your 401k.

I agree with this...but if not available then yes take only the $1K out of the 401K. I think you have 60 days to fund the rollover from the date of disbursement. If they send a check to you directly, they legally have to withhold 20% for taxes, so you would need to make up the difference to get the full amount in there. See why I suggest the credit card?

Please double check my info before you do anything though.

**irmanator** · 11-02-2009, 04:10 PM

I don't have to move the 401k I am finding out. The main reason i am worried is the mortgage payment is in that time frame and I don't want to mess with that. All the other bills i can re-arrange or get pmt agreements or whatever.

I think for now we are gonna try to live with out it, make the mortgage, ignore everyone else. The kids can always go to grandma's for dinner.

I don't have any available credit.

I have to do this because the job pays $3. more an hour.

**MonkeyMama** · 11-02-2009, 04:19 PM

Are you sure on the mortgage deadline? Most mortgage companies give a 10-15 day grace period, no fees or hit to credit report. (Just food for thought, if you weren't aware. If not aware - I would look into it).

When I Was on unpaid leave, I found the mortgage the easiest to put off a couple of weeks. Everyone else will ding you with late fees.

**irmanator** · 11-02-2009, 04:58 PM

mortgage is due on the 1 and wont get first check till the 16th. maybe I am ocd about my house payment but my mortgage is cheaper than anything i could rent so I am not taking any kinf of chances on that.

**jasonnoguchi** · 11-02-2009, 05:19 PM

I have a friend who was in your situation. Left old job for a new job paying slightly higher. However, the new job turned out to be not too suitable for him and he left it after just 1 year. So, I would also urge you to consider the "stickiness" of the new job as you don't want to find yourself in my friend's situation, now struggling to pay mortgages through his nose.

**zetta** · 11-02-2009, 07:10 PM

Is a short-term loan from family a possibility?

If not, this is an instance where a payday loan might actually be appropriate. Just be sure to pay it back in full when you get paid on the 16th, don't roll it over, and don't get in the habit of using them.

If you take $1k out of your 401k, you'll actually lose about $200 in penalties.

How much would you need to cover mortage and bills that come due between the 1st and 16th?

Double check your mortgage statement. Mine says due on the 1st, and late fees are assessed on the 15th. So I could pay it on the 14th and still be safe.

**Daylily** · 11-02-2009, 08:01 PM

Congrats on the job!

It sounds like you are wanting to leave the 401k with the what-will-be former employer so you are not talking about cashing it out and getting all the fees and taxes withheld. The consequences of which were mentioned above.

So it sounds like you want to take a loan from the 401k. However, isn't it the case that if you take a loan from a 401k and then cease employment with the employer that the loan is due immediately?

As a further consideration, would they even be able to process the loan in the time frame that you need it?

**MonkeyMama** · 11-02-2009, 08:02 PM

Originally posted by zetta View Post

Double check your mortgage statement. Mine says due on the 1st, and late fees are assessed on the 15th. So I could pay it on the 14th and still be safe.

Agreed. I am OCD about my finances too, but so what if you pay your mortgage within the grace period??? Just once? There is no downside.

ETA: 16th probably wouldn't work. I see now this probably wouldn't work for you. But still wouldn't hurt to look up that grace period.

**irmanator** · 11-03-2009, 04:33 AM

Jason: Right now I am in a factory soldering small parts, and hating it. I have been there for 6 years trying to get off the assembly line. I am certain if I can do this for that long I can do the new job that long or more. After that it doesn't matter as much because my kids will have graduated and moved on and I will be selling and moving down south.

$3hr is slightly more than a little raise in my income bracket.

I feel excited about the new job, I will be taking care of people with disabilities. I am that type of person. The previous job was just to pay bills untill my name came up on the list.

**wincrasher** · 11-03-2009, 04:56 AM

Just call your mortgage company and explain the situation. I'm sure they'd give you a couple extra weeks no problem.

Even if you wanted to cash out your 401k - WHICH IS CRAZY, DON'T DO IT - the money wouldn't come in time to help you out.

Changing jobs is a big move and can be either really exciting or really stressful. Sounds like things will get better for you after you get past the transition. Good Luck!

**irmanator** · 11-03-2009, 06:05 AM

I think we are gonna be ok, I just got a bunch of money worries before this that I am working thru plus I over analyze things. I was also a little concerned about not gettin a check till dec 16 as to what to do with christmas but my kids are flexible they said "do christmas in january" So I guess they are ok with it.

This job once i get in a couple months will make a lot of my money worries go away. (slowly but hey better than the other direction)

**cschin4** · 11-03-2009, 06:17 AM

This job once i get in a couple months will make a lot of my money worries go away.

$3 an hour more isn't going to make a lot of your money worries go away.

I need advice...leaving one job for another