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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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2691: Is It Ever OK To Borrow From Your 401K? by Mark Dennis of Financial Finesse on Retirement Planning
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 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
2673: 7 Ways To Make Money Instead Of Working A Full-Time Job by Courtney Luke of Arrest Your Debt
2672: 4 Reasons To Make Extra Money - It Changed My Life And It Can Change Yours Too! by Michelle Schroeder-Gardner
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