Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2691:
Mark Dennis of FinancialFinesse.com sheds light on the complexities of borrowing from your 401(k). He outlines the seductive ease of tapping into retirement savings for immediate financial needs but cautions against the long-term repercussions such actions may have on one's financial health and retirement planning. Dennis meticulously explores the benefits and pitfalls, emphasizing smarter alternatives to safeguard one’s financial future.
Read along with the original article(s) here: https://www.financialfinesse.com/2017/10/23/is-it-ever-ok-to-borrow-from-your-401k/
Quotes to ponder:
"Plundering our retirement piggy banks can be tempting when a financial emergency arises, but this type of short-term fix may have some long-term consequences that are more expensive than we realize."
"Once you dip into your retirement stash and use it to relieve some type of financial pain, you can begin to slide down a slippery financial behavior slope."
"Bottom line: make sure you have carefully considered all other alternatives before you undo much of the hard work you have already invested in growing your retirement nest egg."
Learn more about your ad choices. Visit megaphone.fm/adchoices
2709: Cheap But Great Dates by Leo Babauta of Zen Habits on Romantic Dates & Budget-Friendly Dating
2708: Does Your Brain Predict Your Financial Success by John Assaraf of My Neurogym
2707: The Best Time of Year to Buy Many Items by Andrea Joy of Saving Joyfully
2706: Weekend Weight Loss Tips by Chalene Johnson on Maintaining Health Goals without Sacrificing Fun
2705: 6 Ways Being Cheap Can Cost You Money by Michelle Schroeder-Gardner of Making Sense of Cents
2704: 7 Ways You May Be Leaving Money on the Table When You Retire by Kathleen Coxwell of New Retirement
2703: Why Paying Off the Mortgage Early May Be a Big Mistake by Len Penzo on How to Fight Inflation
2702: Trading Financial Freedom for Mini-Retirement by Chris of Keep Thifty on FIRE Lifestyle & Sabbaticals
2701: The Secret to Becoming Your Own Financial Expert by Philip Taylor of PT Money on Money Freedom
2700: 10 Ways to Take Control of Your Finances by Kalen Bruce of Money Mini Blog on Financial Independence
2699: Your Greatest Asset is YOU by Nick Maggiulli of Of Dollars and Data on Personal Growth & Development
2698: How to Overcome and Conquer Fear by Shirley of Daring Living on Self-Help & Mental Health
2697: Can’t Stick to a Budget? Here’s the Solution by Jen Hayes on Dave Ramsey's Cash Envelope System
2696: [Part 2] We’re Mortgage Free! Our 10 Steps to Get a $500,000 Paid Off House in 5 Years by Andy Hill of Marriage Kids and Money
2695: [Part 1] We’re Mortgage Free! Our 10 Steps to Get a $500,000 Paid Off House in 5 Years by Andy Hill of Marriage Kids and Money
2694: How Do I Budget with a Variable Income? by Laura Gariepy of Women Who Money on Personal Financial Planning
2693: How Do I Get My Spouse To Go Along With My Frugal Plans? By Jacob Lund Fisker on Marriage & Financial Planning
2692: Why My 77 Percent Savings Rate Means Nothing by Paula Pant of Afford Anything on FIRE & Early Retirement
2690: Three Vital Reasons To Say “I’m Sorry” In Your Marriage by Dr. Margaret Rutherford on Improving Relationships
Create your
podcast in
minutes
It is Free
The Commercial Edge: Unleash the Power of People
The emPOWERed Half Hour
Optimal Living Daily
Aligned Money Show
Dubai Property Podcast
IBKR Podcasts
The Ramsey Show