))
Ep #109: 401K Loans: The Pros, Cons, And Major Risks To Avoid
Manage episode 443194966 series 3557963
Content provided by Tom Poltersdorf Jr.. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Tom Poltersdorf Jr. or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ro.player.fm/legal.
Listen in as I break down the critical details of 401k loans—the pros, cons, and major risks you need to be aware of before borrowing from your retirement savings. We discuss how a 401k loan works, the ease of accessing funds, and the potential advantages like no credit checks and quick approval.
However, we also explore the often-overlooked dangers, including missed investment growth, double taxation, and the significant risk of repayment penalties if you change jobs or can't pay back the loan in time. Whether you're in a financial emergency or considering a major purchase, this video offers essential insights to help you make an informed decision. Learn about alternative borrowing options like home equity loans, personal loans, and even 0% APR credit cards.
-----
We help business owners:
→ Assess their level of readiness to exit from a financial, tax, and legal perspective
→ Craft a wealth plan to exit comfortably and with confidence
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
-----
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Newsletter!
As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession."
109 episoade
Distribuie
