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Reply to "Explain to me why it's a bad idea to borrow against your 401k?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous] Best post ever.[/quote] I know! I just wish it were longer. [/quote] I just spit out my coffee. Well done. Seriously, the L O N G pp makes some very good points - boiled down, they are: It can be a good idea if you (i) understand the risks (chiefly what happens if you lose your job); (ii) understand the costs (not getting investment gains on the borrowed $$, potentially being unable to contribute to the 401k while a loan is outstanding - that has current tax as well as retirement consequences); and (iii) most importantly, understanding that this is a last resort, not a frequently used strategy to pay off avoidable consumer debt. [/quote]
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