I quit my job — What should I do with my 401k?
When you leave your job, you have several choices regarding your 401(k). These options for a 401(k) rollover are pretty much universal, meaning they apply to every 401(k) and to every job change situation. Your options are:
Cash the 401(k) Plan and Receive a Full Pay-Out
I've listed this option first because it has the most serious ramifications.
Review: Dave Ramsey’s ‘The Total Money Makeover’
According to Get Rich Slowly founder J.D. Roth, Dave Ramsey and his influential book "The Total Money Makeover" changed his life:
"In the fall of 2004, I had over $35,000 in consumer debt. I was making a solid middle-class salary, but I lived paycheck to paycheck. My money habits were terrible. When I looked into the future, all I saw were years of toil to pay for the things I'd already purchased.
"Then a friend loaned me a copy of The Total Money Makeover, a book by some guy I'd never heard of named Dave Ramsey.
A free and simple budget planner
J.D. doesn't talk a lot about budgeting at Get Rich Slowly — he uses a spending plan — but I want to share a personal budget planner I've created that has helped me immensely. I'm not historically a budget person myself, but I've been using this for a while and it seems to be working quite well. I hope that some of you find it useful, too.
This budget planning spreadsheet is available in the following formats:
