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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]We took out a 401K loan for our home purchase and DH just lost his job and does not have to pay back the entirety of the loan immediately. They are just holding onto the loan and the 401K until its paid off. A bunch of financial advisers and our tax guy all told us it was a good idea. We are young (early 30's) and it is basically borrowing money from ourselves with no additional interest and no tax implications. I know DCUM thinks retirement with $10M per year is the most important thing in the world but some of us need to live in the present and not 30+ years from now. [/quote]
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