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401k Loans Explained (You Should Take them More Often Than You May Think)

Frames 401k Loans Explained (You Should Take them More Often Than You May Think)

Description 401k Loans Explained (You Should Take them More Often Than You May Think)

Comments 401k Loans Explained (You Should Take them More Often Than You May Think)

Make sure to grab my Free Ebook for tips on supercharging your financial life👉🏻 celestialwmcom/ptpebook-go/ Comment from : See the Forest Through the Trees

i owe about 12,000 in credit cards should i barrow from my 401k to pay them off what should i do Comment from : mamiso morales

Right before a collapae Comment from : Sky1

I used mine to pay off my house and do some necessary repairs during the pandemic So far I’ve avoided market drops and I’m still contributing so all good here Comment from : jvaldez5

I'm wondering if people who went through the financial crisis in 2008 had an easier time than me right now The stock market is making me really worried because I've lost over $27,000 in just this month and I'm not making as much money as I used to This is making me concerned that I might not have enough money saved up for my retirement since I can't add to my savings Comment from : Greggs Berdard L

First time viewer here 👋🏻 great video!! I am curious though, can you get a loan from your 401k to buy a house when the house you're buying is not your primary residence? Comment from : Sam I Am

I plan on borrowing against my 401k to pay off my student loans (now that interest is being reimplemented on student loans) The compound interest on student loans is a killer and I’m projected to pay back the 401k loan within 6 months Do you think it’s a good strategy? Comment from : PachecoEverAfter

I want to pay off credit cards cause I'm paying 300 to 400 interest every month I want to borrow 30k , so i can live debt free and just pay back the loan from my paycheck so I'll never feel the hit Comment from : Guy

I have $15000 in high interest credit card debt from a medical emergency several years ago At a rate of 1999 I am also 58 years old Should I take a 401k loan at 9 interest I will need 4/5 years to pay it back Comment from : Debbie Cosmano

Thanks for the video!!! Very informative! When paying back, will it withdraw before tax or after tax? It sounds attractive if it is before tax Also, if getting a mortgage later, will 401k loan payment be counted in DTI? I’m currently getting an auto loan with interest rate at 569, the 401k interest loan Apr is 975 I’m thinking of borrowing 20k out from 401k loan to the auto loan principal , in this case I’m paying less interest to the bank😅 I do have saving to cover the whole loan amount(40k) but just checking if any other ‘wise’ option out there Comment from : Aaron Zheng

I have a financial investment opportunity that I want to invest in and I don't have any other options but to borrow from my 403 b is that a good choice? Comment from : Kat Cesar

What steps do u take to go about a 401k withdrawal? I keed to make one NOW😢 Comment from : Jay dawg

Was it a smart move to take a 401k loan to put in a CD at 5?? Comment from : Don Gabbanelli

Makes a lot of sense for people who need to buy a vehicle and rather than paying a bank the interest pay your selfie interest! Even though a vehicle is a depreciating asset it's still better than giving the money away! Comment from : Vodka Tonic

Do they still take out normal 401k contributions while also taking out the loan re paymemt? Comment from : backrack01

If I get a loan from my 401k , let’s say I was doing 9 of each paycheck to invest , after my loan will I have to make a payment for the loan AND pay a payment for the loan itself ? Comment from : Clay Evins

So if I take a loan on my 401k are they going to take the 9 PLUS the loan payment each paycheck ? Comment from : Clay Evins

I believe the big question here is how much growth in your 401k is it costing you over time sometimes those numbers can be a game changer I’m afraid if I keep borrowing against my 401k I’m risking my potential years of growth I’m not sure Comment from : Seeking Truth

On timestamp starting 6:38 which you discussed about the small loan interest that has tax implication that comes back later in life, are you referring to retirement? Comment from : Scarlett Reed

Only way that I can Hedge my 401k from the coming market fall (no safe cash options allowed in the plan so they can collect their fees of course) is to take a LOAN out on it and put the money in 3 month Treasury's at 5 Annualized, repeat Can pay it back in full at any time if need be Comment from : KG

I'm 60 and withdrew $45,000 to buy a property in the Philippines because that's where I want to retire Comment from : Clowder Winner

So basically Dave Ramsey is full of shit Comment from : WakeRunSleep

5k in credit card debt, would you take out 401k personal loan to pay off and raise credit score? Comment from : GetUrHustleUp

I've used a small portions to purchase stocks at their lows Comment from : mo jo

I took a 401K loan for the down payment on a house 5+ years ago This was a simple way for the bank to “verify” where the funds came from without having to use bank records and ask about every deposit that wasn’t tied to a paycheck This helped us avoid the PMI on the loan We payed back the 401K loan in 6 months (that was the minimum loan repayment option) We poured $$ into our mortgage and t when we got our balance down to $50K, we took out a 401K loan again to pay off our house! We did all of this in 5 years and have since paid off our last 401K loan Now we own a house, have more cash flow and don’t plan on borrowing any more money as we should be able to pay everything outright Comment from : The B0SS HOG

What about to pay off a mortgage? Comment from : Orlando Medina

I'm taking a $50k 401k loan to fund the rehab of a flip property I'm expecting to pay off my 401k loan within 6 months (at or around the time I liquidate my flip), so really I'm just protecting my actual cash (checking account) by using short-term low-cost debtwhose handful of loan interest payments are going directly back into my 401k retirement account Comment from : ke0kie

So we took 401k loans to help w down payments on a home We had not yet sold out other property at the time of the purchase Now our other house is set to sell we will be getting a nice amount of equity from that sale and plan to recast the loan to get a lower monthly payment with the equity proceeds and we were planning to payoff the 401k loans also But im wondering it we would be better off making payments on the 401k loans and use that extra equity for the recast and drop our mortgage payment even more Probably would drop it $800/ month brWhat say you? Comment from : Bret Koops

I'm considering taking a 401k loan to my my education Comment from : Marvin Yancor

thanks! Comment from : Marvin Yancor

Plan to do this Q2 2024 if housing prices are down to the right spot and rates are still through the roof Focusing on knocking out 50k in debt and am hopeful I’ll be able to do it in the next few months so I can start stacking away as much as possible for my first home brbrQuestion for you: what do you think rates will look like Q2 2024? I know the fed has stated they are adamant about bringing down inflation rates Comment from :

Ok so I applied for a 401k loan I'm young and have been at my company for 12 years I should have no trouble being approved right since they offer the loan on our investment website? I'm just worried about being denied because I really need the money and soon Comment from : TheMangler24

Interest paid back to yourself?? I didn't know that! That's a big deal now that the rates are 4 Comment from : Internet Money PE

I would borrow to meet 20 down to avoid PMI - but would suck if you lost your job while it isn’t repaid Comment from : Ultra

Really good video 🤝 Comment from : Guillermo López

So happy to hear your opinion being I just did this to help buy a vehicle👍 Comment from : Jacqueline McClendon

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