Sell Stocks To Pay Off My 401(k) Loan?
The Ramsey Show Highlights
Ramsey Network
4.5 • 839 Ratings
🗓️ 22 June 2024
⏱️ 3 minutes
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| 0:00.0 | Brought to you by the Every Dollar app. Start budgeting for free today. |
| 0:06.9 | I'm a father of five. I have a supporting spouse. We have some debt. There's debt, car loans. |
| 0:16.6 | We did a reasonable improvement. We had some contractor issues to a point where we had lost quite bad money. |
| 0:24.2 | So I ended up taking money from my 401K to kind of cover the home improvement that we were |
| 0:32.6 | doing on the home. |
| 0:34.3 | And so I think in total between the cars and the AAC improvement, the home improvement, |
| 0:39.6 | we're looking at about $121,000. |
| 0:43.8 | But we do... |
| 0:44.2 | I thought you covered the home improvement. |
| 0:46.1 | Is it paid off or not? |
| 0:48.6 | It's, I used, I took money from my 401K to... |
| 0:52.7 | You borrowed money or you took money? |
| 0:55.9 | I did. I borrowed money. |
| 0:56.9 | So you have a 401k loan. |
| 0:59.6 | I do. |
| 1:00.4 | A 50,000 or what? |
| 1:02.8 | Yes, a 50,000. |
| 1:03.8 | Okay, and then you have what else? |
| 1:07.1 | Two car... |
| 1:08.4 | Okay, and that amounts to another 50. |
| 1:10.7 | Okay, so you got 100,000 in debt, right? |
| 1:13.4 | Yes. |
... |
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