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Should I Withdraw from My 401k to Pay Off Debt? [The Answer Might Surprise You]

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I think it's essential to emphasize the importance of diversification and risk management Many people are scared of the stock market because they don't understand it
Comment from : @Lawan-g7y

I'm 61 I want to wd 15k, how interest would I concur?
Comment from : @JamesMckiever-eg3ny

I mean if I have 13k and have to pay 3k I’m okay with that lol
Comment from : @DeeGetGuap

Cant be used for credit card useless information
Comment from : @Jimi-HendrixJr

The best explanation ever! Thanks for all your details and examples Cheers!
Comment from : @apocalipse23TheFinal

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them We can get by, but can't seem to get ahead My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for
Comment from : @TonysBowlesas

Why are we required to have a 401k? I don’t plan to ever retire
Comment from : @DREDALGO

She's beautiful goodness gracious
Comment from : @davidruiz3334

If you borrow money from your 401k as loan I thought that would be a non taxable option
Comment from : @calziz

So give up 30 or go bankrupt
Comment from : @EvilKamaji

you can't withdraw from your 401k to pay off credit card debt so what are we talking about here? The IRS only allows withdrawal for funeral expenses, foreclosure relief, student debt, home repairs due to natural disaster, and a new home purchase (go figure)
Comment from : @NadyaPena-01

I considering doing a withdrawl to wipe my student loan, mentally idk that i can take my middle of the month check being thrashed for 4 more years
Comment from : @gregc247

Great video, and, taxes are illegal Read the Dec of Ind and the US Constitution We broke away from England for what main reason? Well, when this gov't decided to become greedy, it became worse than England ever was
Comment from : @RotterStudios

Taxing should be a crime
Comment from : @1991june

Keep hearing people saying you will be taxed if you withdrawgonna be taxed no matter when you withdrawonly problem im having is having to quit in order to close out the 401k
Comment from : @philliplipscomb9461

I just got fired from Nema inc trucking company in Duluth Ga I've been there 17 years and they said I was a reckless driver The funny thing is, I have no wrecks, tickets or violations I have $120,000 in my 401k I was going to cash out $30k to pay off some credit cards I changed my mind after I found out it would cost me another $30k
Comment from : @blackericdenice

A 401k is reasonable for the lower interest rate without paying taxes Cheers!
Comment from : @jlprescott7243

Thank you
Comment from : @MrG__2

Is it even possible to withdraw to pay off debt? Is debt itself a valid "financial hardship" that will allow a withdrawal?
Comment from : @KeithElite

Would be so helpful to have some kind of visual in these numbers Thank you!
Comment from : @BloomByCC

Really helpful video Appreciate you laying out the logic and the example I was thinking about pulling out money from my 401k until I saw this and did the math
Comment from : @MLee-he9fk

Welcome to the 401k trap …the “money “ that you hope to become worth more will inevitably provide you with less over time…
Comment from : @ZoomedOut2020

💠 Check out 401k Loans: Beware of Double Taxation: youtube/SWf5PDTxa-IbrbrMORE 401(k) VIDEOS TO WATCH:brbr⭐ The Truth about ESGs In 401ks: youtube/npB4SV9GHZwbrbr⭐ Diversify Your 401k: Maximize Your Portfolio and Protect Your Savings youtube/gMGre1cy7FUbrbr⭐401k Loans: Beware of Double Taxation [Investors BEWARE] youtube/SWf5PDTxa-Ibrbr⭐PROTECT Your 401(k) in a Volatile Market youtube/6lgo_DwwMcg
Comment from : @StopBeingSoldMedia