Austin, TX - Here I Come!

[MikeyFingers]

I was born and raised in New York. I've lived on Long Island my entire life, but there's a very good chance that I'll be taking a great job opportunity in Austin, Texas.
I have a phone interview tomorrow morning and I should know for sure what's going to happen in the coming week or so. But I already talked to the lady who will be interviewing me once, and based on that and the fact that I have an excellent referral from a friend who works with her, there's a real good chance that I'll be getting this job.
I'm so excited about this. I just wish I was a little more prepared. I've been out of work for almost 3 months and just recently got a crappy part-time job, but I'm nearly broke and was not expecting to get this offer.
This will be the first time I'm living on my own, and it's over a thousand miles away from anybody I know (except for that one person who happens to be my best friend), so I'm pretty psyched right now.
My only concern is not being able to move soon enough because of financial issues. Can anyone offer any advice on that? I have about 2,500 in a 401K from my old job and I'd be willing to use that, but I don't know the rules about that kind of thing or how long it will take to get the money. Aside from that, I have pretty much nothing saved up. If they offer me this job and I miss my chance because I can't afford to move soon enough, I'll never forgive myself for it.

[MJ5150]

Negotiate some kind of $$ relocation assistance as part of you accepting the job.

-Mike

[Webtroll]

Welcome to TX!

[MikeyFingers]

Originally Posted by MJ5150

Negotiate some kind of $$ relocation assistance as part of you accepting the job.

-Mike

I had thought about that, but I'm not sure if they're willing/able to do it. I'll have to ask about it, because that would be SO sweet. But I'm really not sure. The friend I have down there said I could stay at his place until I can afford my own, which is awesome (and even his girlfriend is OK with, so she gets my vote for coolest girlfriend ever). But there's still a lot of expenses to worry about other than rent.

[blendermassacre]

You can probably take some money out of your 401k, but you'll take a beating if you're not of retirement age, unless there are specific circumstances. You would have to figure out what those exactly were.

[Staccato]

Congrats!

Practice slowing down. If you drive through a small Texas town and hit a red light, feel free to stop, put it in park-step out of your pickup, and stretch real good. If the light turns green before you're in the truck or ready to go, they'll wait, they've probably never heard of a New York minute.

[MikeyFingers]

Originally Posted by blendermassacre

You can probably take some money out of your 401k, but you'll take a beating if you're not of retirement age, unless there are specific circumstances. You would have to figure out what those exactly were.

I'm only 24 and the money in my 401K was accrued over 3 years at my old job. It's not the huge of a loss really, it's not like I've been saving forever. But I need to check the specifics about it, I'm going to make a call in the morning a find out the details.

[GregC]

Originally Posted by MikeyFingers

I'm only 24 and the money in my 401K was accrued over 3 years at my old job. It's not the huge of a loss really, it's not like I've been saving forever. But I need to check the specifics about it, I'm going to make a call in the morning a find out the details.

The hit you'll take, between the penalty and income taxes applied, will likely be brutal--worse than running up credit card debt and not paying it back for a year, probably. Try your best to find some other way to cover the expenses.

[bwv1013]

Originally Posted by GregC

The hit you'll take, between the penalty and income taxes applied, will likely be brutal--worse than running up credit card debt and not paying it back for a year, probably. Try your best to find some other way to cover the expenses.

+1. speaking from experience, you'll lose a huge chunk of your money. try to keep it stashed if at all possible. best of luck!

[jsbarber]

My recollection is that there is a 10% penalty for early withdrawl (i.e. before retirement age of 59.5), plus income tax on the amount removed. However, if you are unemployed you can probably claim a hardship withdrawal and avoid the 10% penalty. That said, it is a very bad idea to withdraw money from a 401k. The $2400 you have in their could be worth $25k or more by the time you retire. The money you put in now will have a very strong effect on the value of your 401k due to the amount of time has has to compound. I would suggest exploring every other alternative before resorting to this. On the flip side, you should always try to make contributions that are large enough to qualify for the maximum matching contribution from your employer, becuase that's just free money.

Jim

[MikeyFingers]

Update time:

This is a little delayed, but here's what's been happening over the last month or so. In a nutshell, I got a job in Austin, TX. I'm moving there on August 10th.
I've sold my car (it was a POS that wouldn't survive a drive that long anyway) and I've been working part-time at a convenience store to raise money. I've managed to save up enough money to fly there and have be comfortable until the paychecks start coming in.
So now I have about 2 weeks until I leave my lifelong home, New York.
I'm staying with my friend (mentioned in the OP) for a little while until I get on my feet. Considering that I'm going down there with no car, no home, little money, and basically nothing but what I can pack into a few suitcases; plus the fact that he and his girl just had a baby, and he's STILL letting me stay with him...he's doing me a massive favor. Thank God for your friends, because they might just change your life. Ringo was right...