?? Work at Pickup Points � Flexible schedule

3 times its ok to take a loan from a 401k | Retirement planning

Jazz Wealth Managers 249 views

Download Video

Comments

If you take a 401k loan, you better hope you don’t lose that job before you pay it back because the balance is due immediately upon termination, or you pay penalties!
Comment from : @MikeD843

Me and my fiance are looking to get a house next year, we are first time buyers and I was thinking of taking a loan from my 401k to help with the house down payment, can anyone tell me if this would be advisable? We have some money saved up but most of it is going to the wedding
Comment from : @MysteryBounty

What about if you want to take a vacation?
Comment from : @beans9499

Wow
Comment from : @samueltrevino2550

I borrowed $25,000 from mine to set up an emergency fund and a living expense cushion Everyone would say that was dumb and maybe it was but I had my debt paid off and was just throwing every dime at my 401k and hadn’t done the emergency fund and cushion yet and seeing that $25k sitting in my bank really gave me peace of mind and caused me to work and save that much harder I’ve never touched that money in 15 years but have added to it and have it in a higher earning account Forgot to mention that the 401k loan was paid off long ago and I’ve never borrowed against it since
Comment from : @curtcoltharp3719

Hey jazz you helped me make a decision I've been trying to figure out what to do for the last 3 weeks thank you for the knowledge your a life saver bro👍🏾👍🏾👌🏾💪🏾
Comment from : @elnorsemclemorelll5057

do you play guitar ?
Comment from : @3dmagictricks

Also, the intrest you pay on the loan goes back into YOUR account, not to whoever your 401 k is by So in reality intrest would be zero, as long as you pay of the loan
Comment from : @Underestimated1

Hehe I only 10 I don’t get anything
Comment from : @vijikokiladuhin9434

Help me get out😂😂😂
Comment from : @vijikokiladuhin9434

Using Fidelity, After paying off one loan, how soon can you start a new loan!?!?
Comment from : @kennethstone4590

How does one fail to mention that the interest is paid back to your own account? Fail
Comment from : @Irondrgntp

Quick question I have a loan out for 2k, but I’m quitting my job, I still have 10k in my 401k… do I have to pay that 2k back or can I withdrawal my 10k? Or do I pay the loan back and withdrawal the 12k?
Comment from : @Tekneeq1

It’s never ok to borrow from your 401k
Comment from : @BIG_Z_69

Most Americans find it hard to retire comfortably amid economy downtrend Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
Comment from : @AnnieHolsen

Can we just appreciate for a second how WILD it is that they force you to take out a LOAN on YOUR OWN MONEY? Taxes have gotten very very out of hand
Comment from : @alexwatson6370

Emergency no heat in the house considering this and electricity went out on one side of the house
Comment from : @purpleplanet9000

If you have high interest credit card debt Shop other lenders for a balance transfer with a promotional very low interest rate for a limited amount of time
Comment from : @MaxwellsAxiom

so if someone has 11k in CCard debt, would you pull it out to eliminate the Ccard debt? Borrow it?
Comment from : @Logan-Powell

What if you took a withdrawal to pay of a 401k loan, does this make sense?
Comment from : @MrDmacc1

But don’t max those credit cards out again probably cancel them after their paid off
Comment from : @WhoEvenKnowsNow

What is the typical interest rate u pay on a 401k loan ?
Comment from : @aftech7268

More and more people might face a tough time in retirement Low-paying jobs, inflation, and high rents make it hard to save Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire
Comment from : @NicholasBall130

I only have 500$ in my 401k I lost my job and next that 500$ to make rent next month should I just do a straight withdraw or loan
Comment from : @JimLahey45

FJB
Comment from : @Edvc777

I had always heard that I had to pay back the loan in 60 days if I left my company but I got laid off in January with about 75 still outstanding on a 10K loan The 401K administrator for my old company said I just had to keep paying every month and I could pay along the originally agreed timeline
Comment from : @g-dave8002

@1:55 I see only 4 fingers brI had to pause the video brBut yes there's only 4 fingers on his right hand
Comment from : @RayMancha

It’s the best bank on the planet You pay yourself YOUR OWN INTEREST, not some bank
Comment from : @dewservices

I'm 29 What about if I want to buy a Harley Davidson Breakout 117?
Comment from : @fmpabxx7834

Problem with a 401k loan is they don't let you make extra payments The only extra payment you can make is if you pay it completely off
Comment from : @augietrujillo7860

I have taken 401k loans out 3 times to buy rental properties I feel like I have gotten back a good return because the properties have doubled My only problem is I spend my cash flow and don't reinvest it
Comment from : @augietrujillo7860

A lot of 401(k)s will not let you do it aloan Mine doesn’t do it I’m through John Hancock and I guess our company didn’t opt to do that one at all You can only do hardship if you qualify 😅😢🥵
Comment from : @jerrylockhart3069

Basically i feel having a professional guidance before using your 401k accounts would really help 0:56
Comment from : @LinaresAnthonio

Stand still
Comment from : @Donsmen22

It's also good to note that if you leave your job while having an outstanding 401k loan balance and don't pay it off in the 60-90 days, the remaining balance will be considered as a withdrawal and you'll be charged the penalty for withdrawing before 59 and get taxed on it as well
Comment from : @Nisfrx

what if my 401k is from a divorce and its in his still being vested in his old employee plan?
Comment from : @AngeliqueFlores-c6n

Say if u borrowed the money and got laid off but picked up another job can u have that money taking out your paycheck to continue payments
Comment from : @mzred7302

Am I the only 1 to say wait how many fingers he have and rewind to 1:50 😂
Comment from : @bnaz_8092

But why do I have to pay it back if it's money I put in there?
Comment from : @Kflow1989

Is it okay to borrow to get bilstein shocks and new fog lights for my tacoma?brbrI NEED THIS SHIT
Comment from : @icouch

I took a couple of loans from my 401k, first to put a down payment on my home My home has doubled in value since 2017, currently worth 650k Second time I took a loan was when I had to pay off some debt to improve my credit score and refinance my home loan after divorce I refinanced during the lows in 2021 and also got rid of my PMI I probably won't take another loan again if I can help it!
Comment from : @ceciliaruns72

I changed jobs but can I still be able to take out loan from the pension from my previous employer? Is that possible?
Comment from : @MasculinityOrNothing

I personally think now's a good time for a 401K loan if you need it, Because your dropping that money rite back into your account when the market is so low rite now
Comment from : @westdeaton4127

Nice video but I was wondering y u were 😂😂 You have a missing finger when u said 3nice humor 😂💯
Comment from : @CaliRican2026

What if I had already left my job but haven't transferred my 401k to my new job Would I have to owe the government money come tax season?
Comment from : @Beardedgoose1

Thank you for saving me Thank you for sharing 😊
Comment from : @thatsyourgirl_lele1247

Thank you brother!! this is 100 all about my question I got the exact answer from you!!!!!!!!
Comment from : @addischelseacherkose5426

Try BCL retirement plan and thank me later Best way to build up wealth
Comment from : @drsamisaad5143

Informative video Thank you😊👍
Comment from : @pamelafolger8449

Does the loan check come sooner than 7-10 days?
Comment from : @jorisheats4953

If you are not working and withdraw funds from your 401k, do you have to file it with your income tax
Comment from : @linvalblackwood463

Would you use 401K money to start a business? Maybe a loan that way ?
Comment from : @CargangLA5619

Eww
Comment from : @ll_payload_ll8253

It's 401(k) not 401K
Comment from : @Patrick-il4es

Only borrow frombr401k if you will invest it on something that will provide you with a better yield
Comment from : @billfrancia122

Once I noticed he only had 3 fingers on the right hand I got distracted
Comment from : @Rooster003

To the people saying it’s bad cus your gonna end up paying double taxes on it, if your using this loan to pay off for example a car payment in full You’d still end up saving all that money on the interest in the car payments which year over year is more costly than the double taxes Or am I missing a step ?
Comment from : @es-cadadia-bro9513

Might yolo on a car that I couldn’t afford otherwise thanks to my IRA it’s an older car a the value grows on that car 8 per year so to me that makes it not a bad investment and technically not a loss
Comment from : @77kthomas

You should also mention that 401k loan interest is paid back TO YOURSELF All of the payment goes back into your 401k So the interest is a non factor really
Comment from : @nightcitydrive534

Using your disability as a marketing tool in my opinion is not good Why do it?
Comment from : @bruced370

You lost your marbles
Comment from : @danieldelarosa3319

What about school?
Comment from : @MotivationalClips007

Got a 820 credit score from 450 after consultation with Guildunlocks who fixed my score for me and placed it on permenant score
Comment from : @laxjacks2995

Wow Youre a douche No info just trying to get new custos
Comment from : @poorsport213

Holy shit I jist notcied your hand
Comment from : @Blue-Hawk-Legend

I will be retiring in 4years and i don't think i have enough to retire Been looking out on how to invest some of my savings Anyone to help out?
Comment from : @walterlouis4828

401 loan 20k to pay off mortgage is ok?
Comment from : @jorgetrevino5173

9 fingers?
Comment from : @jeremyrouse5411

But can you not just transfer your retirement money to another job
Comment from : @anastaciajuarez8360

Are you missing a finger?
Comment from : @FredrickMoss5374

"3 times : br1 When u need money br2 When u need money br3 When u need money "brDid I get this right?
Comment from : @rashadalmilad

”thing happens when you least expected” Biden gets “ellected” as POTUS! Yeah “things happens” !! 😂 😂
Comment from : @danieladeac6090

Can I withdraw 10,000 out of my Roth to remodel my exting home?
Comment from : @reysalazar6850

I took a 50K loan one time to put down on a new property while our other property was still on the market! Paid it back within 3 months!
Comment from : @GoombaGary

This is all baaad information DO NOT LISTEN TO HIM!!!!
Comment from : @shooting9247

When I took out a loan from my 401k it stated the loan would have to be repaid in full if you leave your job All the financial advisors on YouTube say the same thing I had an accident I became disabled I could not keep my job I received a letter stating that if I authorized direct Bank withdrawals I can continue to make my monthly payment I did not have to pay it off in full within 60 days I have always heardthat if you left your employment you would be required to repay it off in full Apparently that is not true
Comment from : @roadrunner40

Completely DO NOT agree with paying off cc debt If your serious use the payment that would go into paying back that loan to pay off your cc I know the rate is probably higher but your not losing out on the 401k earnings and future earnings compounded on those earnings But you know this already
Comment from : @Robyrob7771