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When is it okay if you take a 401k loan? ?

Jazz Wealth Managers 10 views

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Thanks for watching! 🙏 Drop your 401k loan thoughts below! :)
Comment from : @Jazzwealth

I took out a 6 thousand dollar loan from my 401k after a year I paid it off and had 18k in my 401k idk if I should borrow again I have steady job and pays well any advice?
Comment from : @DaddyDRIFT300

Should I used the bank transfer offered by credit cards
Comment from : @anamolina7302

I took a 401k loan to help pay for some roof repairs It just so happened it was right before the market down turn so it's going back in at lower prices
Comment from : @OtakuTiki

It so depends on individual situation I love this option as after years of contributing to my 401k it become so helpful as a quick emergency boost and unexpected side effect on making my savings work for me It's no life changing event thing but it sure makes life more comfortable if used strategically right
Comment from : @WarbirdPhoenix

I think 401k loans are acceptable in certain situations I used a 401k loan on one occasion A piece of property came available and I had to move quickly A few clicks of the mouse and I had the money sitting in my checking account in a few days Basically, I temporarily substituted one asset (real property) for another asset (401k) I don't agree with using the loans to pay for things such as vacations, depreciating assets such as boats, cars, etc, or in the example given, paying off consumer debt
Comment from : @lkj0822g

If you lose your job or switch companies , your loan is due 60 days after leaving the first company and if you don’t pay it back than they take it from you your 401k before rolling it over , and they tax you and charge fees that could potentially turn the interest into 50 or higher
Comment from : @monicasink9611

I took a lone today against my 401K today My long term boyfriend had a medical issue and I need to take care of him I was able to take FMLA but not paid I had them suck up my vacation , dumped my small emergency fund into the bank and figured what I needed for bills, food, for the rest of the time off took slightly more than that out for variables it hurts,, honestly does, but i felt I had not many options
Comment from : @Pinkkermit17

Why does taking a 401k loan feel bad? Lol like I feel guilty taking my own money
Comment from : @DTill1995

I just tooka loan from my 401k yesterday, can i still make a loan from other lending companies? Will i be decline if i did? Hope you can answer my questions yhamk you
Comment from : @evanmendoza3332

Thanks
Comment from : @SeanKmath

Dustin, would you consider us as a client with only a a high 401k and a Roth 401k I’ve been watching you since you talked about your hand ,which mine is the same Reply and we will join ASAP
Comment from : @stnwhitehurst

Never, robbing your future People spend of stuff they don’t need, robbing your future stuff
Comment from : @kckuc310

Thanks Dustin good info
Comment from : @brucesmith6868

Dustin would you consider a client's cash flow before doing it?
Comment from : @Lilmookie1672

Thought: save on taxes by contributing to max allowed If you really need money for other investment, take 401k loan When the investment makes sense to tap to 401k loan, why not? Just be disciplined
Comment from : @cmadan9