What They DON’T Tell You About LOANS From Your 401k 🤯

[Amelia-Elizabeth]

Nobody can become financially successful over night. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals.

[billbaughman]

I bet this guy sells whole life insurance

[RafetMert-qskw]

Increasing tax rates are the reason I rolled over my 401k to a Roth. I don’t want to be 59 paying taxes on current income on withdrawals made from my retirement account.

[matthewmchenry]

Borrowing on 401k is dumb, whereas borrowing on life policy is extremely dumb--mostly because it implies you got suckered into opening a life policy.

[shanenolan]

However... if you quit your job and cease to FUND the account, the money just sits and you STILL have access to it... 💯💯💯💯 if you cease to fund your insurance policy, the money is GONE

[whasian]

It’s crazy how much information he’s leaving out probably because he sells insurance. 1) when you take a loan from your 401k the interest you pay goes back to your own account where life insurance it goes to the company. 2) Assuming he’s talking about IUL they cap what you can earn usually below the average return on the fund so if the market is up 30% and your cap is 8% they keep that extra 22%. 3) Life insurance charges you fees for the investments as well as extra fees on top of the insurance so you pay way more than you would investing in a 401k. There are a ton of other reasons why

[andypeiffer]

No, you have to pay it back. And since you used your life insurance as collateral, then that means you don't own it anymore (or at least the death benefit amount up to the total loan) until your loan is paid off.

So... don't die if you do that. Unless you hate your family. Then fuck them.

[fresh]

Everyone one mindset is different you just have to establish a blueprint me personally I had 80k in my 401k did a 401k loan for 30k took that money invested in a business that I had established over time once that business started making good money i used my checks to fully pay of the loan left that job in been happy every sense, nothing is going to come over night think long time instead of short term

[nowayarte]

Not to mention the 17 hidden fees that you get stuck with keeping your 401k and you can’t touch it till 59 1/2

[DigitalLoom]

Why does life have to be so complicated I make video games and that’s way more complicated than this and I still don’t understand what they’re talking about that’s how you know we’re all being gaslit

[Knitty]

Lmaoooo These Insurance dudes, you can never trust. They work in the scammiest..business on gods green earth

[UptownNi]

Yeah he’s definitely not speaking user friendly lol

[Syngm]

Shout out to the people who can get a whole life insurance policy, i cant...

[lisac.gayden]

So when u borrow your cash value on iul or whole life if you don't pay it back then it is deduct from your death benefit

[iamdamnalex]

Alright, I want to retire at 40, can I withdraw from my 401k?- I plan on moving from country to country

[LMTLSS]

Can you transfer your 401k or bank certificates to a LI ?

[JohnWick-nooz]

What about a life insurance policy given with a federal position is it the same thing?

[Reekay]

You don't need to sell it to borrow from your 401k bud

[Najibway]

What the hell does collateralize mean lol

[Elsanta]

Paying taxes on my own saved money..no thank you