At age 27, my dad passed away and I inherited a retirement account from him worth $50,000.
Looking back, it was the right decision for our family because it gave us a jumpstart on building wealth. ," an ongoing series about generational wealth from Personal Finance Insider. My then-boyfriend and I were renting a small one-bedroom apartment and before our lease was up we needed to decide if we were signing on for another year or purchasing a home. I had been saving in my ownand knew there was a special rule that allowed me to withdraw $10,000 without penalty or additional taxes to put towards a first-time home purchase.
At the time of this writing, my IRA is valued at $46,900, which means it has grown to almost the original amount before I took out the $10,000. With roughly $50,000 of undergraduate and graduate student loans, I also could have also cashed out the balance of the 401 and put the rest of the inheritance towards my student loans.
Were do I have to go to get a home for that? All I've seen so far was about ≥250k ...
NYDOUGH 20k down on a house...where? Lol
Should have bought bitcoin instead. Sad.