> my father keeps saying pulling from 401 k is good

Your father probably means well.

But quite frankly, stop taking financial advice from dear father.

Be wary of draining your future to finance you present.

Borrowing from your 401k is the worst thing you can do in a down market. That means you'll liquidate your holdings which when you 'pay the loan' you'll re-buy plus after tax interest at a potentially different price.

If you can't afford a cheap car and are going to need to buy and maintain an interlock device along with an SR22 insurance plan then I'm not sure you can afford a car and putting it on a credit card (which isn't possible most places) is just leading you down a slippery slope.

I don't know anything in particular about Illinois law

Yes exactly that. I'm looking for anything regarding illinois I wasn't able to find anything on IRS instructions either.

That’s something I always wondered. If the long term plan is to benefit from the the slow but gradual growth, due to time invested, wouldn’t the best option be to get in as early as possible with a lump sum?

My plan was, to let it go to collections, get caught back up on bills and pay it off as soon as I can. I know it's the norm, but I'm not trying to be scummy and dip on it. I just have insane financial hardship going on and would like to get caught back up.

It’s always smart to have your resume up to date, and definitely be skeptical of the claim that everyone’s job is safe. In your shoes I wouldn’t jump ship right away, but I’d start putting out some feelers to see what’s out there.

I'm not exactly sure how an LLC works, but I think it is slightly related to this situation, could I use an LLC to evenly buy the house 25% each and with how I think they work, could say if someone wants out, another person can buy their 25% in the LLC? Correct me if I'm wrong, I am not even close to sure.

I appreciate that would you be able to point me in the right direction with regards to illinois? :)

You should be extremely concerned. Equity firms are concerned with profit and a great way to increase profit is to reduce payroll.

It would be helpful to think about why you were acquired. Does your now former employer hold important patents or IP? Do you have key customers? Are the employees highly specialized and difficult to replace?

If it's the first or second, the risk of them winding down this company from an employment perspective much higher.

That's not to say it's all bad. When I went through a merger our health insurance improved. On the flip side, it became pretty clear within 3-6 months that the acquiring firm was calling the shots. Our offices were in different cities and it was also clear that my office was now "second tier".

What I meant is that some dealerships, like the one you are working with might be able to roll the 2.3K into the vehicle you are looking to buy so you can pay off the clunker and not take the hit.

You could temporarily lose access to money at a particular bank. You will probably get the money back sooner or later, this could be a problem if all your money is in one place and you need to make an important payment.

Fraud is one way this could happen, but not the only one. Fraudulent withdrawals can usually be reversed but not always immediately. If you want to be very careful, you'd have one account that is only used for the most important payments and nothing else.

It is also possible that the bank will decide to close your account if they deem you suspicious. While they will usually return your money, you will be unable to access it while waiting for them to do so.

I feel the same way! i get worried putting in now and then it dropping another 15 percent.

Again, if that's the case so be it, but I really hope they don't expect me to pay it all at once. I live in Indiana, and I looked up the JD byrider repo thing and it really didn't say anything about that, just:

"When repossession can occur:

The titleholder can repossess once you default on your loan, which could mean missed payments or that you are not meeting another requirement of the loan, such as maintaining insurance on the vehicle. See your specific loan or lease contract for details on what requirements you must meet to avoid repossession.

The repossession process:

Your vehicle can be repossessed on your property, provided there is no breach of the peace. The person who repossesses the vehicle must notify the local sheriff’s office before repossessing or with" for Indiana

Also, not trying to argue. Just trying to brainstorm 😭

Using two separate banks won't stop you from being victimized by fraud, but it can help mitigate it's impact if you don't put all your eggs in one basket.

In regards to better saving practices, I'm not really following. You should save regardless of whether you have one account or multiple.

So what your saying, is it is feasible as long as you have a bullet-proof plan in order?

Absolutely smart to have your resume ready. When my dad’s company merged in the 2010s, they announced very publicly and loudly that nobody’s job was at risk. About 25% of his pre-merger colleagues were let go within six months.

Not to say that’ll happen where you are, but take any promises about security with a huge grain of salt. If you ever start to feel “weird,” and that management is treating you differently, be proactive.

Don't listen to the very narrow thinking, That you and your friends are too young, too irresponsible and so on, Just by hearing your logic it's apparent that you are a very intelligent and reasonable young man. You already know that you can make it work so you don't have to argue that point. Just work out all the details with your friends for any possible unforseen occurrence such as someone has to leave college due to family emergency. Possible buy outs- must be postponed until the end of the 4yrs. Then have backup plan, do you rent the room? Have it in writing!!

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it is cheaper to fix your current vehicle than pay 10% apr.

Tell them that you next call will be to the SIPC.

You’re taking a big risk that everyone will contribute.

Also a rule of thumb is that you’ll lose money if you don’t keep it for 5 year’s minimum.

There’s also closing costs and all that too.

What if you get a roof leak and you need to hire someone? Do you want to go through that? Water heater breaks, furnace goes out. Anything.

One of you will have to sign the paperwork. Everyone else could bail and that person is stuck holding the bucket.

It’s a huge risk. Just rent during this time

I'm speaking in terms of a legal document (with a lawyer) and yes, that would protect OP financially. As for the details of that, yes a lawyer would need to be involved. I'm not talking about a handshake and a high five.

Not sure why you're responding as if I gave them bad advice, I'm right. I appreciate your additional input though.

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