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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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2671: What Are Mortgage Points (And Should You Buy Them)? by Jeff Rose of Good Financial Cents
2670: Break the Paycheck-to-Paycheck Cycle and Start Saving by Vicki Cook and Amy Blacklock of Women Who Money
2669: Roots v. Wings: Considering Home Ownership by JL Collins on Embracing the Flexibility of Renting
2668: 7 Steps to Take to Live with Financial Freedom by Neiko Johnson with Money Mini Blog
2667: Do You Use Work As An Excuse Not To Reach Financial Independence? by Kevin of Financial Panther
2666: 5 Tips to Make Your Groceries Last Two Weeks by Shawna Scafe of Simple on Purpose
2665: Why the Small Things Matter by Andrew of Dollar After Dollar on Excessive Spending
2664: Stuff We Just Stopped Buying by Lisa Harrison of Mad Money Monster on Saving Big
2663: Breaking the Doom Spending Cycle by Sara Stanizai of Prospect Therapy on Developing Healthy Coping
2662: Setting Smart Financial Goals by Sierra Black of Get Rich Slowly on Practical Goal-Setting Strategies
2661: 3 Unconventional Ways to Super-Charge Your Savings by Paula Pant of Afford Anything
2660: [Part 2] The Stages Of Financial Management by Andrea Joy of Saving Joyfully on Paying Down Debt
2659: [Part 1] The Stages Of Financial Management by Andrea Joy of Saving Joyfully on Consistent Planning
2658: 5 Eating Goals That Aren't Fad Diets by Rachel Trotta on Sustainable Healthy Changes
2657: 6 Ways to Strengthen Your Retirement Savings This Year by Stacker of Radical FIRE on Financial Spring Cleaning
2656: Money Talks, But Do You Speak the Language? by Kathleen Coxwell of New Retirement on Building Wealth
2655: When it Comes to Financial Advice, Follow the Money by Erik Carter of Financial Finesse
2654: Stupid Or Smart? (Getting A Loan To Pay Off Your Debt) by Philip Taylor of PT Money
2653: Mindful Money by Ira Israel on Scarcity Mentality, Abundance & Financial Freedom
2652: Six Secrets of a Credit Score by J Money of Budgets Are Sexy on Payment History & Financial Habits
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