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Listen to Johnson Brunetti's Money Wisdom with Joel Johnson CFP®, host of Better Money Television program and Forbes Contributor. Gain true financial wisdom and advice aimed at educating you about all of your financial options when it comes to retirement so you can make the best decisions for you and your family. Get information and education that can bring you peace of mind with your savings and retirement. Whether it’s your 401k account, IRA, or an underperforming asset, Joel Johnson can answer your questions and make you more aware of issues that may affect you.

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  2. Is It a Bad Idea to Take Out a 401k Loan?

Is It a Bad Idea to Take Out a 401k Loan?

Dec 1, 2023

Part of managing your finances and making the best decisions for retirement is understanding how to best utilize the assets you have in your possession. One of the largest accounts most people have is their 401k and it’s impossible to ignore if you need to make larger purchases. But is it a bad idea to take out a 401k loan?

 

Here’s some of what we discuss in this episode:

  • The mechanics of a 401k and how it works.
  • Why we generally tell people this is a bad idea.
  • What can go wrong with a 401k loan.
  • How do the taxes and interest work with the 401k loan.
  • The opportunity cost to taking a loan out of your 401k.

 

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