Dec 1, 2023
Part of managing your finances and making the best decisions for retirement is understanding how to best utilize the assets you have in your possession. One of the largest accounts most people have is their 401k and it’s impossible to ignore if you need to make larger purchases. But is it a bad idea to take out a 401k loan?
Here’s some of what we discuss in this episode:
- The mechanics of a 401k and how it works.
- Why we generally tell people this is a bad idea.
- What can go wrong with a 401k loan.
- How do the taxes and interest work with the 401k loan.
- The opportunity cost to taking a loan out of your 401k.
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