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Ep #109: 401K Loans: The Pros, Cons, And Major Risks To Avoid
10/02/2024
Ep #109: 401K Loans: The Pros, Cons, And Major Risks To Avoid
Listen in as I break down the critical details of 401k loans—the pros, cons, and major risks you need to be aware of before borrowing from your retirement savings. We discuss how a 401k loan works, the ease of accessing funds, and the potential advantages like no credit checks and quick approval. However, we also explore the often-overlooked dangers, including missed investment growth, double taxation, and the significant risk of repayment penalties if you change jobs or can't pay back the loan in time. Whether you're in a financial emergency or considering a major purchase, this video offers essential insights to help you make an informed decision. Learn about alternative borrowing options like home equity loans, personal loans, and even 0% APR credit cards. ----- We help business owners: → Assess their level of readiness to exit from a financial, tax, and legal perspective → Craft a wealth plan to exit comfortably and with confidence → Plan for the next chapter of their life 👉 ----- WANT MORE BUSINESS PLANNING TIPS? Subscribe to the As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession."
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