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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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2708: Does Your Brain Predict Your Financial Success by John Assaraf of My Neurogym
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2693: How Do I Get My Spouse To Go Along With My Frugal Plans? By Jacob Lund Fisker on Marriage & Financial Planning
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