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
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
2689: How We Paid Off $17,000+ in Student Loan Debt in Just 54 Days by Dave Cahill with JackieBeck.com
2688: Resisting Lifestyle Inflation by Lisa Harrison of Mad Money Monster on Hedonic Adaptation
2687: I Used To Be Afraid Of Money, But Things Have Changed by Liz Davidson of Frugalwoods
2686: Should You Give Money to Your Adult Children? by J.D. Roth of Get Rich Slowly on Financial Outpatient
2685: 3 Ways to Hack Your Financial Happiness by Chris Reining on Strategies for Fostering Genuine Contentment
2684: Should You Cancel Your Credit Card After Paying It Off by Kumiko of The Budget Mom on Frugality
2683: Two Huge Reasons Why Your Career Matters by ESI of ESI Money on How to Increase My Income
2682: When Does Caffeine Withdrawal Stop by Ana Gotter with Healthline on Should I Drink Coffee
2681: Should You Do a Debt Consolidation Loan? by James Lambridis of DebtMD on Financial Security
2680: 5 Things No One Tells You About Retirement That You Need to Know by Janet Berry-Johnson with New Retirement
2679: 10 Money Questions Every Couple Must Answer by Christina Browning of Our Rich Journey
2678: [Part 2] Conquer 3 Critical Early Retirement Challenges by Redefining Retirement by Chris Mamula of Can I Retire Yet
2677: [Part 1] Conquer 3 Critical Early Retirement Challenges by Redefining Retirement by Chris Mamula of Can I Retire Yet
2676: Climb Out Of Massive Debt with These 10 Life Changing Steps by Andy Hill of Marriage Kids And Money
2675: The Goldilocks Zone of Personal Finance by Nick Maggiulli of Of Dollars and Data on Financial Security
2674: Stop Doing S*** You Hate by Isaac Morehouse on Strategic Life Choices & Personal Fulfillment
Create your
podcast in
minutes
It is Free
The Commercial Edge: Unleash the Power of People
The emPOWERed Half Hour
U.S Property Podcast
Aligned Money Show
Dubai Property Podcast
The Ramsey Show
The Clark Howard Podcast