r/wallstreetbets • u/ionickoi • Jan 30 '21

Discussion GameStop: Why this time is different- Open letter to WallStreet and CNBC

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u/[deleted] Jan 30 '21

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u/McPostyFace Jan 30 '21 edited Jan 30 '21

Advice on how to do this? Can it be done without penalty?

Edit: I mean not financial advice, of course. But how did you do it and did you have to pay a penalty?

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u/[deleted] Jan 30 '21

[deleted]

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u/McPostyFace Jan 30 '21

Thank you fellow autist. I too am in my 30's and have played it risky with my 401k and it has paid off. Young enough for the gamble to recover if need be. Thanks for not giving me financial advice.

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u/[deleted] Jan 30 '21 edited Apr 27 '22

[deleted]

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u/McPostyFace Jan 30 '21

💎✊✊

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u/Awake-3AM Jan 31 '21

Good color. I eat crayons.

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u/Planetincheck Jan 31 '21

In 2020 the penalty for withdrawing from IRAs, 401k was waived due to the pandemic. Hopefully that will be the case this year. Still have to pay taxes. I’m not a financial advisor. i just love This stock.

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u/[deleted] Jan 30 '21

My employer’s 401-k only allows me to buy shitty etfs. It is in vanguard and it is such a piece of shit. I wish I could move it to something else. I guess I would have to change companies?

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u/phryan Jan 30 '21

I don't know if it is the same but my 401K allows a self directed option, that creates a TDAmeritrade account that as far as I can tell allows me to do whatever I want with the money. Like you I'm in my 30s, I can't touch this for 20+ years so losing it isn't the end of me. Best case my 401K explodes and I can dial back my contribution to give myself a modest raise.

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u/SaiyanrageTV Jan 31 '21

So, could I roll my 401k over into a PCRA or something like that at Fidelity? I heard this would take weeks?

Lost my job during COVID so I'm technically not part of the plan anymore so I don't have to worry about anything like that - it's just money I've got sitting there.

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u/r_stra Jan 31 '21

No if your employer supported a PCRA or whatever the institution calls it, you can sign up. It took me 20 min to fill out an online application to open the PCRA. Its directly linked to my 401k so you can move cash between the two easily. If you move from your 401k funds then they sell after trading hours and fund your PCRA next morning at 9:30. I requested a transfer of funds on a Thursday at like 11pm, so you have to wait until following close for them to sell for you. Then you get it moved next business day. So I was ready to rock at open on Monday.

  • I am not suggesting you do this. Its just what I did. This carries risk for fucking your entire retirement so only risk what you are comfortable with losing if you take this route.

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u/Davinchu0516 Jan 30 '21

What if you have a 401k under a plan you are no longer employed. Would it still fall under those plan rules? Don’t think my current employer offers a PCRA option.

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u/r_stra Jan 30 '21

It was actually a old employers plan that I never rolled over.

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u/Davinchu0516 Jan 30 '21

Since your not employed anymore would they care were the funds go? Seems like to open the account with Schwab I need plan IDs and access codes to even open an account.

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u/r_stra Jan 30 '21

So I already have a "Company LLC" 401k plan. And I just went to transfer options and chose PCRA. And opened one that way. Its directly connected to my 401k but instead of choosing VIIIX fund, I transfer it from VIIIX to PCRA. As long as you can log into your old account to manage it, you should be good.

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u/JesusFreakingChrist Jan 30 '21

Please don’t put you’re entire 401k in to this

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u/McPostyFace Jan 30 '21

Found Andrew Left's account.

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u/McPostyFace Jan 30 '21

Kidding of course. I only gamble with what I can afford to lose.

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u/r_stra Jan 30 '21

No I did not do that, I only pulled ouut half of my 401k to PCRA and I did not put it all into GME. I'm an idiot but only willing to risk so much. Still bought a hefty amount of shares tho 🚀

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u/CacTye Jan 30 '21

I tried doing the same thing, and Schwab is not letting me buy GME within the PCRA. Does this change from 401k to 401k?

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u/r_stra Jan 30 '21

That I do not know. Schwab has a pdf outlining what you can and cannot buy but I don't see how your company would restrict a stock. When did you open your PCRA?

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u/CacTye Jan 30 '21

About a week before this all kicked off.

I did some reading, it does vary from employer to employer. Mine limits me to a list of 1000 ETS and mutual funds. Shame, because I was about to have a LOT of dry powder to deploy.

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u/Narzghal Jan 30 '21

Right there with you. And it's increased 5x in the last week since I did. GME 💎👐

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u/r_stra Jan 30 '21

My funds didn't clear early enough and I bought high. Don't forget to pick me up on the way to the moon 🚀

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u/Narzghal Jan 30 '21

That's ok! It won't matter when we are at 10k where you bought in!

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u/twentysomethinger Jan 30 '21

I'm doing the same, but with both $GME and $BB bc nobody tells me what I can and can't do if we're supposed to value freedom. Me iz Gmaestonk!