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Episode 2636:
Mike Ballew of EggStack.com delves into the intricacies of 401(k) loans, highlighting the consequences such as lost investment opportunities, the impact on future contributions, and the double taxation dilemma. Ballew advises against 401(k) loans, suggesting lifestyle adjustments or hardship withdrawals as preferable alternatives, underlining the importance of preserving retirement savings for financial security.
Read along with the original article(s) here: https://eggstack.com/blog/2021-06-13-Understanding-401(k)-Loans/
Quotes to ponder:
"A 401(k) loan is a bad idea. Not only does it do significant harm to your retirement savings, it places you at risk for a calamity that could lead to your financial ruin."
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2748: House Rich and Cash Poor by Mike Ballew of EggStack on Building Wealth for Retirement
2747: Losing More Than a Bet by Nick Maggiulli of Of Dollars and Data on Gambling & Personal Finance Habits
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2734: Weird Ways Our Brains Control Our Money Habits by Kristin Wong of Get Rich Slowly on Building Wealth
2733: 4 Ways To Take The Ego Out of Money Decisions by Mindy Crary with Tiny Buddha on Personal Finance
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