Should I overdraft or borrown from my 401K?

Question

I really want a Lap Top, semi excellent one to do my business on it asap. But I don't make enough money it'll take me forever.

Should I overdraft my account to pay for it? If So how should I do it at Best Buys, write them a check or swipe a card, I don't know how to take money out of the ATM from overdraft. Or borrow money from my 401K as hardship, since the house , not mine I live in is foreclosing, Or just try to save up for that purchase?

Answer 1

Probably not what you want to hear, but the fact is, if you haven't got the cash, you'd be better off waiting till you could afford it. Old fashioned idea I know, waiting to buy something until you can afford it, but the "want it now" culture in this country is what got us in the mess we're in now!

Borrowing from your 401k is crazy...you'll pay tax on the cash withdrawn and a 10% penalty - is the laptop really worth that much extra? And if it'll take you ages to save up for the laptop, think about how much longer it'll take you to pay off the credit card bill for the cost of the laptop at the rates the cc company is charging.... and thats gonna hurt you 2 or 3 years down the line when you're still paying for your semi excellent laptop which is already obsolete, so you're looking for a new one but can't afford it because you haven't paid the old one off yet, so you take out more debt and so it goes on........

After you've finished cursing me out, think about it for a while....you'll see the sense sooner or later. Hopefully sooner

Answer 2

Try to get a Dell credit card. Then you can just order it on credit!