2646: 401(k) Loans: What Are Their Pros and Cons? by Amanda of Women Who Money on Financial Planning

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Optimal Living Daily LLC

Self-improvement, Education, Business, Investing

4.5 • 1.3K Ratings

🗓️ 6 March 2024

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2646: Amanda from WomenWhoMoney.com explores the nuanced landscape of 401(k) loans, offering a comprehensive guide on their benefits and drawbacks. She delves into the mechanics of borrowing against your 401(k), the implications of such decisions, and provides thoughtful insights on why this option, while tempting, should be approached with caution. This episode promises a deeper understanding of 401(k) loans, empowering listeners with the knowledge to make informed financial decisions. Read along with the original article(s) here: https://womenwhomoney.com/401k-loan-pros-cons/ Quotes to ponder: "Borrowing from your 401(k) is essentially borrowing money from yourself, but there’s much more to it than that." "The interest rate for a 401(k) loan is commonly 1-2% more than the prime rate." "Most people don’t have pensions anymore, so many will rely on the money saved in their 401(k) to get them by in retirement." Learn more about your ad choices. Visit megaphone.fm/adchoices

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1:00.0	This is Optimal Finance Daily daily episode 2646.
1:04.0	401k loans. What are their pros and cons?
1:08.0	By Amanda of Women Who Money.com
1:11.0	and I'm your host and personal finance enthusiasts, Diana Merriam. Now let's get right to it and
1:17.1	continue optimizing your life.
1:18.8	401k loans. loans. What are their pros and cons? By Amanda of Women Who Money.com.
1:30.0	If you contribute to a 401k plan through your employer, it could be one of your most substantial assets beside your home.
1:37.0	And if money's tight in your savings account balance is running low, you might wonder how you can tap the funds in your 401k for a loan.
	...

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