When is it okay if you take a 401k loan? 🤔
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- Опубліковано 5 сер 2024
- Are 401k loans bad? Are 401k loans a good idea? We're talking all things 401k loans today including the repayment process, using a loan to payoff credit card debt, and more! Discover the truth about 401k loans and whether you should take one out. In this video, we'll discuss the pros and cons of borrowing from your retirement savings and the potential impact it can have on your financial future. Don't miss out on this important information about maximizing your gains!
0:00 - 0:51 Intro to Are 401k loans a Good Idea?
0:52 - 1:06 Is this a good time to take a loan from your 401k loan?
1:07 - 2:05 Use a 401k loan to pay credit card debt
2:06 - 3:04 Missing out on stock market gains with a 401k loan?
3:05 - 3:49 Look at your finances as a balance sheet
3:50 - 4:43 Using a 401k loan to payoff your line of credit
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Thanks for watching! 🙏 Drop your 401k loan thoughts below! :)
I'm so happy I made productive decisions about my finances that changed my life forever,hoping to retire next year.. Investment should always be on any creative man's heart for success in life
That's awesome!!! I know nothing about investment and I'm keen on getting started. What are the strategies?
I'll advise you to work with a financial advisor.....Building a good investment portfolio is more complex so I would recommend you seek Fergus Waylen's support. This way you can get strategies designed to address your unique long/short-term goals and financial dreams
He often interacts on facebook , using the user name
Fergus waylen , that's his user name
Fergus Waylen
That's his username / facebook
You're always smart, and I appreciate your heart to share knowledge.
My wife would disagree with the first part, but I appreciate the sentiment! Thanks for watching!
Thanks Dustin good info
Thanks Bruce :)
Thanks
I took a lone today against my 401K today. My long term boyfriend had a medical issue and I need to take care of him. I was able to take FMLA but not paid. I had them suck up my vacation , dumped my small emergency fund into the bank and figured what I needed for bills, food, for the rest of the time off. took slightly more than that out for variables. it hurts,, honestly does, but i felt I had not many options .
You are onto something with the asset backed lines of credit. Most people would just blow it, but savvy investors could use such a thing to get the very best interest rates. I imagine buying a house off margin, making no payments, then your sell the house years later, pay back all the money and it never left the Roth. Such things are why I'm tempted by cash accounts.
You can just self direct your retirement accounts. That way you actually get the appreciation in the Roth.
Dustin would you consider a client's cash flow before doing it?
Thought: save on taxes by contributing to max allowed. If you really need money for other investment, take 401k loan. When the investment makes sense to tap to 401k loan, why not? Just be disciplined.
Just self direct your retirement accounts. Don’t use the loan.
Never, robbing your future. People spend of stuff they don’t need, robbing your future stuff.
You're not robbing your future if you use that money for something that produces a larger return.
I just tooka loan from my 401k yesterday, can i still make a loan from other lending companies? Will i be decline if i did? Hope you can answer my questions yhamk you
Prospective loaning companies have no knowledge of your 401(k) loan and doesn't affect whether or not you will be approved or denied. It's red flag however that you need two loans.
Dustin, would you consider us as a client with only a a high 401k and a Roth 401k. I’ve been watching you since you talked about your hand ,which mine is the same. Reply and we will join ASAP
Why does taking a 401k loan feel bad? Lol like I feel guilty taking my own money
What about if you are buying a new home? The 401k loan is higher interest, but it's be getting it back and not giving it to the 6+% mortgage.
How long do you have to pay off a 401k loan?
5 years or less
I just realized I rolled my 401k over to an IRA and that you can't borrow from it for more than 2 months. 😭
@@steven5096 home 401(k) loan typically 10-15 years, general loans 5 years