Borrow From My 401(k) To Pay Off Debt?

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Title	:	Borrow From My 401(k) To Pay Off Debt?
Lasting	:	3.46
Date of publication	:
Views	:	46 rb

When Dave tells people to stop putting their money into their 401(k), he is thinking that this is a temporary situation He is trying to motivate people to get out of debt as soon as possible I don't think Dave is imagining that people take several years to pay off their debt
Comment from : Some Person

Heck nah don't stop contributing to your 401k but why rush to pay off a car that might be reck and than get less money back because it's depreciated Can pay the house faster though
Comment from : Davidra Baker

Goodness gracious With that much money he didn't even need to take out a loan for a car He could have enough money saved up to pay cash for a car in a few months
Comment from : 1981lashlarue

He doesnt know what she makes but I bet she knows what he makes
Comment from : Taking Back Profits

Sell the car and buy a 5,000 vehicle
Comment from : Mike Shaw

Nice work 🎆🎇✨
Comment from : Jeff Dorris

Total mismanagement of funds Making upwards of $90k and only has $10k in emergency savings, $3k in regular savings, but bought a $32k car? Sounds like he’s living way above his means, and possibly did not put a down payment on the car Just because you start making more, doesn’t mean to increase your spending! He should have been saving/investing every OT dollar he made
Comment from : Denise

Hey Dave, should I borrow to—br“No…”👴🏻
Comment from : Leon

100 guaranteed his wife has her own debts, like a car payment, that he isn't including Remarkably unorganized
Comment from : Don Hill

This guy lives near where I’m moving too in Jacksonville, NC
Comment from : RemainLoyalToYour0wnSoil

Nice video very engaging from beninging to end Investment and business is the best way to make profits
Comment from : Robert Moore

And what if he dies tomorrow?
Comment from : Mike D

Thank you Dave brI need this answer really
Comment from : Moonie

Wouldn’t you think that adding how much you and your spouse make annually would be the first stepI mean it would help to see where to subtract from lol
Comment from : Amazing Grace

Well on his way to wealth38 yrs old with a little over $600k in retirement brI would do the match, and not adding anymore to it till all debts are paid off thanks to DAILYWEBEARN🟡NET 👍
Comment from : INSTANTPROFIT ORG

I wanna give a shout-out wow they are awesome DailywebEARN🦠NETT IM SO HAPPY and I wanna say Thank you for helping me with bills during the past year
Comment from : Ateş Yıldızları

Your altruism is beyond anything I have ever experienced I will be able to drive to work safely in the used I GOT MYSELF A NEW CAR !! DailywebEARN🔥NET is legit
Comment from : Uğur Demirel

I wanna give a shout-out wow they are awesomeDailywebEARN🦠NETThank you for helping me with bills during the past year
Comment from : denksiz oyuncu

I am grateful for the large amount of money you gave! As you know, it will be used towards remodeling my business iDebtsoff on Instagram thank you for the $20K
Comment from : AGK GAMING

How does this caller have 600k in his 401k at 38, and $13k liquid cash?brbrSomething doesn’t add up here, and I was really hoping Dave would dig in
Comment from : Cauhauna

seems like dave assumed he combines his income with his wife's, but it sounds more like they keep their money separate since she makes more i wonder if it's his first brand new car if so, he probably could've paid for it using his 401k without any penalties $32k is also $10k over what he should be spending on a car if they don't combine incomes
Comment from : Brian Erwin

If he said he has 600k is his 401k I’m not buying it Has 3,000 in savings and 10k and they make 85 at age 38 Not buying it
Comment from : RRK

I tried to borrow from mine years ago, but the rules were so strict I couldn't I'm glad they were The rules kept me from making a mistake There's usually a better way if you give it a serious chance
Comment from : WT K

Him: …”Borrow from 401k?… stop even if it matches??”brbrMe: “Newbie!”
Comment from : Mike Brown (Bassist)

😎👍👌✌🖖😁
Comment from : john mirbach

12k W2 with 90k in profit, yeah that’s gonna be an audit soon
Comment from : M W

Make more money to pay off debt It’s not rocket science
Comment from : Casey Burns

why not sell the car and buy a cheap one?
Comment from : 6 pack 6 foot 6 figs single somehow

I means it’s his money in the 401k why not
Comment from : Dalmatian Family

Does he and his wife have a house?
Comment from : T Jones

Always taken exercises and vitamins seriously and we are assured of long life and prosperity we deserve God got the best plan for our financial growth
Comment from : Bitcoin Trader

Dumbest advise possible
Comment from : john done

Well on his way to wealth38 yrs old with a little over $600k in retirement brI would do the match, and not adding anymore to it till all debts are paid off 👍
Comment from : M Love Spring

The ONLY reason to forego the company match is if you are so deep in debt you cannot put food on the table Terrible advice by Dave here They have a household income of $180k and he's worried about a $32k car loan? SMH
Comment from : Lee_CPA

I thought the feds temporialy waves off the penalty when withdrawing from retirement accounts? Am I wrong on this?
Comment from : Marcenel Joseph

Yes take the loan out And pay it off
Comment from : GameboyTommy

Never borrow from your future to pay for your mistakes of the past
Comment from : Jean C

Don't borrow from a retirement account for anything You destroy your existing army of dollar bills which are already in the account, doing the heavy lifting, providing you with compound interest You are taking away the ability for the account to grow to pay off a depreciating asset Sell the car, your retirement is much more important
Comment from : James Jhonson

Keep the 401k matching Pay off the car Pretty simple
Comment from : Dean Albertson

bruh ur living with a friend not a wife jeeeez don't know how much she makes???
Comment from : Le0

If you really need $ that bad, just stop contributing to it for a while You are going to lose a lot less
Comment from : wewhoareabouttodie saluteyou

Hey you comment warriors, should I pay down my mortgage or invest in the S&P 500? Go for it…
Comment from : StevieJ D

David Georgia: Personal Preparedness & Finance

Not knowing how much money comes in is a recipe to live beyond your means, because you don't know what your "means" are
Comment from : David Georgia: Personal Preparedness & Finance

depends whats the interest rate on car if interest rate on car is lower than your house, pay extra towards house pay more on high interest i am not paying off my car which has 099 interest rate, i am throwing all extra towards house and make min car payment Plus, 401K is worst investment for retirement there are other safer investments out there, research
Comment from : aJ Decker

401k's will be challenge to outperform and beat this "transitory inflation" free money will be swallowed if it was free
Comment from : Le0

You and your wife make over 180k a year and you want to borrow from your 401k to pay off a 30k car!?!? Just pay the Dam 🦫 car off sheeesh
Comment from : TopVillain

Using money that interest is working for you to use to pay money in interest that's costing you morebrSTUPID!!!!!!!
Comment from : TheIronChainMaster

Half a M, and still broke…smh
Comment from : Ears to listen podcast

He has no idea what his wife makes? Whaaaaat?
Comment from : Betty Smith

Caller and wife are probably not "we" in terms of finance
Comment from : LittleMopeHead

Before i even watched i no the anwser is brHECK NObrRICE & BEANS
Comment from : 503 morgan

There’s basically no instance that Dave recommends borrowing from your 401k
Comment from : Brendan Evan

"Do you have any money"??? 🤣
Comment from : Ostro1980

Can i afford a tuna sandwich? I have 500 in my debit and 5500 in my savings
Comment from : Moonlight

He sounds like it will take him years to pay that car off
Comment from : Nuclear Crypto

I don’t think him and his wife combined finance
Comment from : Tracy Hunt

If someone doesn't even know what their spouse is makingthat person will forever keep buying unnecessary expensive stuff and will always remain in debt
Comment from : Kejriwal saara punjab tere naal

Has no idea how much money his wife makes SMH 😔
Comment from : RJ Russo

My employer asked me if I wanted to get involved in their 401K I told them I don’t think I can run that far 🤓
Comment from : MikeTheYungGod

it all seams so easy when Dave explains 😁 Who agrees? 😂
Comment from : Polyglots journey

Don’t do it I made that mistake about 10 years ago I paid off 40k, but it cost me well north of 100k in 401k profits looking at it now Big mistake
Comment from : J A

Get the match and get a second or third job to supplement Don't give up free money
Comment from : K Roddy

Depends what the interest rate of his car loan is I would still contribute to 401k enough to get the company match if the interest rate is really low I wouldn't advocate this position to begin with but once you are in it doesn't really make sense to give up free money and the tax deductions just so you can say you are debt free
Comment from : Eli

With that salary he can easily pay the car in 18 months and maintain the company match so long as he watches his spending
Comment from : Darthen X

Go ahead and so itbrGet the debt behind you Your young You have alot of money and time to make morebrIts all the same Paying off debt and savingbrIts a wash
Comment from : secret squirrel

Why doesnt he know how much his wife makes? Weird
Comment from : Plants4TheWin

Dude…you don’t know how much your wife makes???
Comment from : Brown Elcamino

I don't know who needs to hear this, you've got to stop saving money Invest some part of it, if you really want financial freedom
Comment from : Patricia LaRoy

It's all technically the same thing, just moving money one area to another with the exception of one area making money while the other loses money in interestbrJust pay off the debt and pretend the scenario is you have 30k less except a car is technically a depreciating "asset" so its not completely a -30k deduction off his net worth
Comment from : David Kweun