Is there a way to convert a 401K to bitcoin or gold without paying a crapload of fees?
#AskNostr
Discussion
Yes for Bitcoin, No for gold. Roughly...
1) Unless you already manage the 401k, quit that job to allow for a rollover
2) Start your own company. Ideally an LLC
3) Work with a service like solo401k.com to setup your 401k plan for the company.
4) Open accounts under the plan as needed for usd funds, exchanges, and collaborative multisig (e.g. unchained). These are indepent of banking accounts you opened for the business itself.
5) Roll the funds over from old employer plan to your new plan
6) Transfer funds to exchange account to buy bitcoin
7) Withdraw the bitcoin into the multisig account.
DIY research. Not Financial Advice
solo401k.com
unchained.com
https://unchained.com/blog/ultimate-guide-to-bitcoin-retirement-savings/
I think there's a way. Mostly fees work on percentages, but when you got to higher values, you can find people that will accept prices, without percentage.
Lets suppose that the fees on p2p going around 5%. From 400k, that is 20k, which is a lot. You may find someone that would trade this 400k for lower values, like 7k (which i still think its a lot but you get it). 7k would be like 2%; which you will got in like a month when btc goes up.
I think that you may find persons accepting this just on physical locations; cause you will have to pay for it in physical money, bills, or paying a product. Their network also will help you find other people to trade.