"I Took Out a 401(k) Loan - What Should I Do?"
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.7 • 3.1K Ratings
🗓️ 22 May 2023
⏱️ 21 minutes
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Summary
Transcript
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| 0:00.0 | Next up is a question from Jesse. |
| 0:10.3 | It says, I'm tired of my job and I'm planning to not only quit but leave my industry for |
| 0:16.0 | something else. |
| 0:17.5 | The downside is, I'll probably take a pretty big pay cut. |
| 0:21.9 | Any advice on navigating this? |
| 0:26.0 | My mom always used to say, failing to plan is planning to fail. |
| 0:33.9 | I think if you're going to go into this Jesse one, kudos to you for recognizing you're |
| 0:38.5 | in a job you don't like and maybe in a career field you don't want to be in. |
| 0:41.6 | You said, I don't like this, I want to change, I'd like to potentially be doing something |
| 0:45.8 | different. |
| 0:46.8 | That's great that you've recognized that. |
| 0:48.1 | Now comes the hard work. |
| 0:49.4 | You actually have to put the plan in place to figure out what makes that possible. |
| 0:53.1 | I don't know your situation. |
| 0:54.9 | You're married, do you have children, do you have debt obligations, what you're rent, |
| 0:58.6 | what you're mortgage, all these things that factor into it. |
| 1:01.6 | You got to figure out if I'm making X dollars and I'm going to be making 70% of X dollars |
| 1:06.8 | at this new job, how do I bridge the gap? |
| 1:09.9 | We here at our firm have heard a number of career changers. |
| 1:12.8 | We have former musicians, we have former doctors, we have former accountants, former engineers. |
| 1:21.7 | What are the things that we tell them is, hey, you were very storied in success in the |
| 1:25.2 | career that you were in, but here you might have to take a step back because you have to |
... |
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