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! 🙂
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!
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.
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?
Thanks Dustin good info
Thanks Bruce 🙂
Never, robbing your future. People spend of stuff they don’t need, robbing your future stuff.
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
Thanks
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