When is it okay if you take a 401k loan? 🤔

Are 401k loans bad? Are 401k loans a good idea? We're talking all things 401k loans today including the repayment process, using a loan to payoff credit card debt, and more! Discover the truth about 401k loans and whether you should take one out. In this video, we'll discuss the pros and cons of borrowing from your retirement savings and the potential impact it can have on your financial future. Don't miss out on this important information about maximizing your gains!

0:00 - 0:51 Intro to Are 401k loans a Good Idea?
0:52 - 1:06 Is this a good time to take a loan from your 401k loan?
1:07 - 2:05 Use a 401k loan to pay credit card debt
2:06 - 3:04 Missing out on stock market gains with a 401k loan?
3:05 - 3:49 Look at your finances as a balance sheet
3:50 - 4:43 Using a 401k loan to payoff your line of credit

[Jazzwealth]

Thanks for watching! 🙏 Drop your 401k loan thoughts below! :)

[lea]

I'm so happy I made productive decisions about my finances that changed my life forever, hoping to retire next year.. Investment should always be on any creative man's heart for success in life

[PhinAI]

You're always smart, and I appreciate your heart to share knowledge.

[cmadan]

Thought: save on taxes by contributing to max allowed. If you really need money for other investment, take 401k loan. When the investment makes sense to tap to 401k loan, why not? Just be disciplined.

[Lilmookie]

Dustin would you consider a client's cash flow before doing it?

[kckuc]

Never, robbing your future. People spend of stuff they don’t need, robbing your future stuff.

[Zorlig]

You are onto something with the asset backed lines of credit. Most people would just blow it, but savvy investors could use such a thing to get the very best interest rates. I imagine buying a house off margin, making no payments, then your sell the house years later, pay back all the money and it never left the Roth. Such things are why I'm tempted by cash accounts.

[Pinkkermit]

I took a lone today against my 401K today. My long term boyfriend had a medical issue and I need to take care of him. I was able to take FMLA but not paid. I had them suck up my vacation, dumped my small emergency fund into the bank and figured what I needed for bills, food, for the rest of the time off. took slightly more than that out for variables. it hurts, , honestly does, but i felt I had not many options .

[stnwhitehurst]

Dustin, would you consider us as a client with only a a high 401k and a Roth 401k. I’ve been watching you since you talked about your hand, which mine is the same. Reply and we will join ASAP

[ThePeterDislikeShow]

I'm a bit worried that if you take a 401k loan and your employer knows you're not free to leave the job it can change the workplace power dynamics. Are these worries founded?

[evanmendoza]

I just tooka loan from my 401k yesterday, can i still make a loan from other lending companies? Will i be decline if i did? Hope you can answer my questions yhamk you

[dariantillman]

Why does taking a 401k loan feel bad? Lol like I feel guilty taking my own money

[laurar]

What about if you are buying a new home? The 401k loan is higher interest, but it's be getting it back and not giving it to the 6+% mortgage.

How long do you have to pay off a 401k loan?

[monicasink]

If you lose your job or switch companies, your loan is due 60 days after leaving the first company and if you don’t pay it back than they take it from you your 401k before rolling it over, and they tax you and charge fees that could potentially turn the interest into 50% or higher