Be wealthy and smart, episode 339.

I'm gonna live no rich life.

Rich life.

So if y'all know what I mean, put your hands up and declare with me, yeah, I'm full of pain,

I'm gonna live a good life.

A few people is glorious, like. Step into a world of wealth of wealth and financial freedom without budgets, boredom or bosses on

be wealthy and Smart.

And now here's your host, Linda P. Jones.

Welcome to Be Wealthy and Smart.

I'm Linda P. Jones, America's Wealth Mentor.

Empowering women and Men Worldwide to Financial Freedom.

On today's show, we're going to talk about why not to take loans from your 401k, and

you're going to learn why it's not a good idea to take loans and take money out of your 401k.

And we're going to cover this through an article that I found, which I will leave a link to the article in the show notes and on my website at

Linda P Jones.com. But this was written by Jeff Brown and it comes to us from USNews.com and it says,

says, those surveys show the average investor is not saving enough for retirement.

Some have done pretty well using large contributions and handsome stock returns to build substantial

holdings. But for many a 401k is the most substantial account, perhaps the only account, and in an emergency the investor is likely to face a hefty tax bill and penalty for taking money out.

That's where a 401k loan comes in.

Used right, a loan can be an inexpensive way to get money out of the 401k

before qualified withdrawals are permitted after age 59.5. With accounts flush from stock market gains of recent years, it may look like a good time

to borrow, especially if you think you'll have a chance to repay after market dip. But experts

...