3 times its ok to take a loan from a 401k | Retirement planning

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Information 3 times its ok to take a loan from a 401k | Retirement planning

Title	:	3 times its ok to take a loan from a 401k \| Retirement planning
Lasting	:	5.39
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Views	:	183 rb

Say if u borrowed the money and got laid off but picked up another job can u have that money taking out your paycheck to continue payments
Comment from : Mz Red

Am I the only 1 to say wait how many fingers he have and rewind to 1:50 😂
Comment from : BnAZ_ 80

But why do I have to pay it back if it's money I put in there?
Comment from : Kezmen Flowers

Is it okay to borrow to get bilstein shocks and new fog lights for my tacoma?brbrI NEED THIS SHIT
Comment from : icouch

I took a couple of loans from my 401k, first to put a down payment on my home My home has doubled in value since 2017, currently worth 650k Second time I took a loan was when I had to pay off some debt to improve my credit score and refinance my home loan after divorce I refinanced during the lows in 2021 and also got rid of my PMI I probably won't take another loan again if I can help it!
Comment from : Cecilia Baker

I changed jobs but can I still be able to take out loan from the pension from my previous employer? Is that possible?
Comment from : Masculinity Or Nothing

I personally think now's a good time for a 401K loan if you need it, Because your dropping that money rite back into your account when the market is so low rite now
Comment from : West Deaton

Nice video but I was wondering y u were 😂😂 You have a missing finger when u said 3nice humor 😂💯
Comment from : ⚡️VoltedRICAN⚡️

What if I had already left my job but haven't transferred my 401k to my new job Would I have to owe the government money come tax season?
Comment from : BeardedGoose

Thank you for saving me Thank you for sharing 😊
Comment from : thatsyourgirl _lele

Thank you brother!! this is 100 all about my question I got the exact answer from you!!!!!!!!
Comment from : Addis Chelsea Cherkose

Fidelity has always been doing exploit been an investor of theirs for years now Meanwhile I’m also a dividend investor, my wife and I have invested in the s&p500, both through my TSP with the government and through fidelity in her 401-k Cashed out 370k from the S&P and invested with a full service broker Until about 3years ago we were 100 in the s&p after over 30 years I’m retiring at the end of the month at 59, while my wife will retire next year at 54 We currently have 8 million in out tax deferred savings
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Comment from : Dr Sami Saad

Informative video Thank you😊👍
Comment from : Pamela Folger

Does the loan check come sooner than 7-10 days?
Comment from : Jori Sheats

If you are not working and withdraw funds from your 401k, do you have to file it with your income tax
Comment from : Linval Blackwood

Would you use 401K money to start a business? Maybe a loan that way ?
Comment from : Oege’s Auto

Eww
Comment from : ll_payload_ll

It's 401(k) not 401K
Comment from : Patrick

Only borrow frombr401k if you will invest it on something that will provide you with a better yield
Comment from : Bill Francia

Once I noticed he only had 3 fingers on the right hand I got distracted
Comment from : Martin Simpson

To the people saying it’s bad cus your gonna end up paying double taxes on it, if your using this loan to pay off for example a car payment in full You’d still end up saving all that money on the interest in the car payments which year over year is more costly than the double taxes Or am I missing a step ?
Comment from : Es-Cada Dia-Bro

Might yolo on a car that I couldn’t afford otherwise thanks to my IRA it’s an older car a the value grows on that car 8 per year so to me that makes it not a bad investment and technically not a loss
Comment from : 77kthomas

You should also mention that 401k loan interest is paid back TO YOURSELF All of the payment goes back into your 401k So the interest is a non factor really
Comment from : Night Hunter

Using your disability as a marketing tool in my opinion is not good Why do it?
Comment from : Bruce D

Nowhere in the comments do I see " but you do repay the loan with after-tax dollars plus interest" That would be another negative to using 401K Loans, no? Any bank loan will beat your federal/state tax rate, no?
Comment from : V B

You lost your marbles
Comment from : Daniel Delarosa

What about school?
Comment from : Money Manny

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How did you profit from The team I need inquiry on this
Comment from : Titiana Yunex

Wow Youre a douche No info just trying to get new custos
Comment from : Brandon Parker

Holy shit I jist notcied your hand
Comment from : Charles Spencee

I will be retiring in 4years and i don't think i have enough to retire Been looking out on how to invest some of my savings Anyone to help out?
Comment from : Walter Louis

401 loan 20k to pay off mortgage is ok?
Comment from : Jorge Trevino

9 fingers?
Comment from : Sonic fan Boy👍👍

But can you not just transfer your retirement money to another job
Comment from : Anastacia Juarez

Are you missing a finger?
Comment from : Anthonyq Colosimo

Bro, where's your 5th finger :O??
Comment from : Jaewon Lee

"3 times : br1 When u need money br2 When u need money br3 When u need money "brDid I get this right?
Comment from : Rashad Almilad

”thing happens when you least expected” Biden gets “ellected” as POTUS! Yeah “things happens” !! 😂 😂
Comment from : Daniela Deac

Can I withdraw 10,000 out of my Roth to remodel my exting home?
Comment from : Rey Salazar

I took a 50K loan one time to put down on a new property while our other property was still on the market! Paid it back within 3 months!
Comment from : Gary Huffman

This is all baaad information DO NOT LISTEN TO HIM!!!!
Comment from : Michael Kidd

Very important point to keep in mind, 401k contributions are not taxed but 401k loan repayments are at your current tax rate You will pay tax on that money again whenever you take distributions at whatever tax rate you may be in at that time So you would be double taxed on the loan portion of your 401k
Comment from : Dewayne Hutcheson

When I took out a loan from my 401k it stated the loan would have to be repaid in full if you leave your job All the financial advisors on YouTube say the same thing I had an accident I became disabled I could not keep my job I received a letter stating that if I authorized direct Bank withdrawals I can continue to make my monthly payment I did not have to pay it off in full within 60 days I have always heardthat if you left your employment you would be required to repay it off in full Apparently that is not true
Comment from : 40mmrrsmith

Completely DO NOT agree with paying off cc debt If your serious use the payment that would go into paying back that loan to pay off your cc I know the rate is probably higher but your not losing out on the 401k earnings and future earnings compounded on those earnings But you know this already
Comment from : Rob Sinbob

Hello everyone I would love to tell little about the goodness of my life on how I was able to get a reliable loan after been deceived by different internet lenders! I finally came across this reliable loan from where I could get a loan of 6000 euros! Please if you are in need of any kind of loan kindly contact Mrs Elena on her company private email (elenamarzena703@gmailcom) or contact WhatsApp (‪+41779039204) and they won’t fail you! Lots of people have gotten their loans already thanks and God bless her
Comment from : Williams Tomson

Thanks for the great videosvery interesting
Comment from : Richard Bott Slots And More

What's the difference between an ira and a 401 cons pros
Comment from : cameron G

Terrible advice
Comment from : macmike kingbee

Can I buy individual stocks like Apple, or MSFT and channel that into my pre-existing company Walmart 401K?
Comment from : Ian Scianablo

The cost of borrowing from one's 401k is not limited to the interest rate Repayments often incur double taxation and opportunity costs on the market side This means the real cost of a 6 loan taken out in January of last year for 12 months (assuming an S&P 500 investment and a 20 tax bracket for reference) is closer to 26 PLUS 30 or so of missed market gains Real cost falls in right around DEVASTATING To be fair, the usual real cost outside of 2018 is closer to 34, but that still hurts
Comment from : Robert Carbonell

Do I need money in my savings to do a 401k loan?
Comment from : Real Shiesty

With the market tanking is it smart to pull out a loan to have a smaller amount for losses? In last 2 weeks I am at 23 loss
Comment from : 303AdrianArian

401 K money goes in from your paycheck pre tax, loan repayments come from after tax money, and you pay tax on it again when you withdraw for retirement, number 1 reason you should never take a loan
Comment from : Stephen Dove

My wife has 401k and she owns 4k and wants to pay it off and get other loan should she do it or wait after this crisis with the coronavirus
Comment from : Jesus Vargas

In the year 2000, I used a 401K loan to make a down payment on a home When the markets crashed a year later that money wasn't affected There were also a lot of unexpected costs involved when I bought the property so it was the best choice at that time for me I was advised not to do the loan, although I would still be living in an apartment if I had followed that advice
Comment from : flilguy

If I borrow $4,000 how much will they take from my check monthly?
Comment from : hollyb9llz

This was the most informative commercial I may have ever seen
Comment from : RF Archives

Should we take a loan to pay off student loans?
Comment from : Love always Jasmine

I took out a loan from my 401k to put down for some land is this a smart thing?
Comment from : L H

What if you will take that money before market crash???
Comment from : Piotr Kilebas

If I have a specific amount invested in stocks, and say I owe about the same amount on a 401k loan, would it make sense to cash out on the stocks and pay off the loan? Or does it make more sense to just do the monthly payments since I'm paying myself back anyway?
Comment from : galloe

What if u lose your job? And if u owe 12,000$$ brCan u take out a another loan? To start a business?
Comment from : Jerry Brodie

Hey, what happens if I take a loan from my 401 k and the market crashes the next day Would that save my money as it was off the market? brbrThank you!
Comment from : Santiago Gomez

Taking a loan from your 401(k) is the second worst thing you can do to it
Comment from : Jason Buckman

You're missing a finger What happened? Love the videos Very helpful
Comment from : Tau

If I want to down pay partial on a car for my kid who is going to college and would like to take out some money will that be consider an education expense?
Comment from : Mai Vue

Question brI was not allowed to barrow money from my vested 401k I could only barrow from my employee contributions, I was like what
Comment from : Angel F

The loan is great The interest is low (5-6) and you pay it back to yourself Comes out of your paycheck every 2 weeks Zero downside, just don’t get fired or you owe it all back at once
Comment from : Jimmy C

If I get laid off can I close my 401 even if I already took a small loan?
Comment from : Soto 777

Okay GOnna go borrow $50,000 to buy boat and take a $6,000 vacation Pay back in 4 years J/K, not a good idea Nice video
Comment from : HumbleGolds

dear J W M, is there the way my loan can reduce from my money within the account, and not from my paycheck? i do have way more money than the loan i am taking out appreciate your time to reply have a great day
Comment from : CHANTIP

Can I do a hardship without taking a 401k loan first?
Comment from : Carolina Ulloa Lopez

One thing people never bring up is the fact it doesnt affect your credit score For example I'm trying to buy a home but have credit card debt so my score isnt perfect Borrowing from my 401k pays off those high interest debts and raises my score
Comment from : Predator Shelby

You can’t take it with you when you’re dead you might as well enjoy it now instead Many people don’t make it to 59 1/2
Comment from : jvaldez5

Is the interest from the 401k loan tax deductible?
Comment from : SylvanSage

What about for a 35 FHA downpayment on an owner occupied investment like a duplex or triplex?
Comment from : Giovannie Rivera

I was reading the fine print on 401k loans (fidelity) it said the interest paid goes back into your own retirement account did I miss read or can someone elaborate
Comment from : salinas831100

I heard you can take a withdrawal before 59 1/2 for higher education and have it directed to the college which would avoid the 10 penalty Has anyone heard of this? If not i have approx 300k in my plan and thought i could take a withdrawal at 59 Im almost 55 We have about 20k per kid set aside per year after some refinancing with a planner My wife doesnt want to strap the kids with alot of debt I dont either I really want to help my kids and not sure of longevity after 65 even though im in good shape but a stressful job Am i crazy for thinking this way Also can i take a withdrawal at 59 and still continue to contribute till 65? Would love any input
Comment from : eadams1057

The interest if you take the loan is paid back to you since you're borrowing from yourself, something to also keep in mind
Comment from : Eman namE

Hey Jazz Help please can they take the already accumulated money on the invoice they send every three months ?? No?? Right? 🤷🏾‍♀️🙋🏾‍♀️
Comment from : Love& Kindness

I borrowed from my 401k account for a down payment on a triplex, I pay myself back @7 and earn a return of 15+ on investment
Comment from : SickBoy SickRiders