‘Should I withdraw $20,000 from my 401(k) to pay off my credit-card debt?’
I read your column on a regular basis and feel almost out of league to be writing. Unlike most of your writers, I don’t have a huge or impressive portfolio.
“ ‘I’m not sure how long I have for this world, and would like to have the home I always dreamed of before I die.’ ” Should I withdraw $20,000 from my 401 to pay off my credit-card debt? Could I take out a second mortgage to turn my studio garage into a desirable rental with a pool? Your No. 1 priority: Pay off your $20,000 credit card. You are bleeding money with the astronomical interest rate. Replace your porch, upgrade your appliances as needed, and help ensure that your home is comfortable for the rest of your lifetime.
The No. 1 rule of investment is to diversify. If this company’s stock tanks, you’re in trouble. Consider investing in funds that comprise many different stocks. Also, look at bonds, fixed-income securities with regular interest payments. Pools are expensive to install — $35,000 to $65,000 — maintain and, as nice as they are to look at, you will likely use it less frequently than you think. Test the water with an above-ground pool.
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