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Still Owe and Want To Get Out

bradfordHI

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Westin 2 Bedroom Maui; selling it now.
2 bedroom ocean Front Hyatt week 51. We Rent it on VRBO only.
I was implying owning real estate is almost always better then renting.
Not timeshare specific. Again, I meant owning real estate. Not owning timeshare.
General statements are not wise. Also message boards are hard to fully understand my intent or anyone's intent






QUOTE="bradfordHI, post: 1949311, member: 89867"]Yes. I was giving them an option most don't know about. Im not pro timeshare or not.
I only told her what I did. I don't know her personal finances. But saying it's a bad choice is not smart to say.

Most people don't know that option is available. It saved me $9,000 dollars in interest alone. So it was perfect for me.

I paid it back and now only have Maintenance fees. I have done it on both of my 2 most recent purchases so it's worked for me perfectly.

Brad

QUOTE="SmithOp, post: 1949309, member: 44697"]I agree with the article you linked, its a last resort, but I don't consider using it to buy a timeshare a valid last resort.

Owning a timeshare is not always better than renting, so I disagree with that statement.

I rent some of my timeshare points to offset my annual fees.

You might want to read this article, it does a better job of explaining all the disadvantages of 401K loans.

http://www.marketwatch.com/story/avoid-the-temptation-of-dipping-into-your-401k-2015-06-04


Sent from my iPad using Tapatalk[/QUOTE][/QUOTE]
 

TUGBrian

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should probably make a better attempt to be more clear in your comments if you find that so many people are "unable to understand your intent"...
 

dioxide45

TUG Review Crew: Expert
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I agree with the article you linked, its a last resort, but I don't consider using it to buy a timeshare a valid last resort.

Owning a timeshare is not always better than renting, so I disagree with that statement.

I rent some of my timeshare points to offset my annual fees.

You might want to read this article, it does a better job of explaining all the disadvantages of 401K loans.

http://www.marketwatch.com/story/avoid-the-temptation-of-dipping-into-your-401k-2015-06-04


Sent from my iPad using Tapatalk
It seems that this article supports the double taxation myth. There is no double taxation with a 401K loan except on the interest that you pay when paying back the loan.

https://thefinancebuff.com/401k-loan-double-taxation-myth.html
 

bradfordHI

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Westin 2 Bedroom Maui; selling it now.
2 bedroom ocean Front Hyatt week 51. We Rent it on VRBO only.
developers want you to keep their financing. 14 to 18%

So for me I did a 401k Loan to pay it off. 42,000 dollars.
Than I paid myself back at 5% over the year.
That's what I personally did. I saved a little over $4,000 a month and put all that money back in one year.
They are called 401b loans or something like that. My financial advisor and CPA set it up for me. I can get more info if you need it.

Does that make sense?

I'm sorry, I am one of the happy owners who post. I was not saying use your 401k for timeshare.
. But I love what I own. I use the system. Maybe I should write a book because there is a lot of things I have done that others never think of.
 

bradfordHI

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Westin 2 Bedroom Maui; selling it now.
2 bedroom ocean Front Hyatt week 51. We Rent it on VRBO only.
Good article. Im not a tax advisor but it worked for me perfectly. Everyone is different. This is my 401 V. LOL.
And I used my 401K to pay me instead of the developer.
Don't do if your not a good budget person.
My maint is now 342 a month but our family traveled 60 days this year using only Points and not renting 1 hotel. It felt great.
We also rented 2 weeks to somone else and got $4400 from a renter. I'm getting close to breaking even on my maintence and will uodate you when I do.
I learned a lot from this site. Its been great for me and my wife.







It seems that this article supports the double taxation myth. There is no double taxation with a 401K loan except on the interest that you pay when paying back the loan.

https://thefinancebuff.com/401k-loan-double-taxation-myth.html
 
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