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4 reasons you should never, ever take a 401(k) loan


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7 replies to this topic

#1 hegemony

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Posted 14 August 2017 - 06:21 PM

http://money.cnn.com...x.html?iid=Lead


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#2 cv91915

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Posted 14 August 2017 - 06:25 PM

But I want a new house.
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#3 hegemony

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Posted 14 August 2017 - 07:23 PM

but I want my kinds to go to private school and I need to pay off my credit cards (and then run them up again!!!)


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#4 Cactus Flower

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Posted 20 August 2017 - 11:46 PM

This topic has been beat to death over the years.

 

I have taken 3 of them .. not sorry I did.   It beat "running up credit cards"


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#5 latebloomer

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Posted 16 September 2017 - 11:20 PM

This topic has been beat to death over the years.

 

I have taken 3 of them .. not sorry I did.   It beat "running up credit cards"

i actually dont think my job allows me to take a loan out of mine, or else i would have 



#6 cv91915

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Posted 17 September 2017 - 06:39 AM

But I have no impulse control and my credit cards have ridiculous balances.
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#7 TheVig

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Posted 17 September 2017 - 03:41 PM

My job doesnt allow 401k loans. Period. Only way to get the money is to quit or retire.

I remember two employees who lived beyond their means were on the verge of losing their homes back in 2009. Made direct pleas to the owner. Owner said, if I let you do it, then I have to let everyone do it. Sorry not gonna happen.

You guessed it, they lost their homes.
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#8 AsuranFish

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Posted 11 October 2017 - 09:32 PM

Cautionary tale, and I'm not exactly sure HOW it happened...

 

Co-worker of mine tried to pull $10,000 out of his 401K with the help of his son. Now, this poor guy barely speaks a word of English...

 

Somewhere, somehow, along the way, something went wrong and every cent of the $10,000 he pulled out went to the Commonwealth of Massachusetts as a tax payment.

 

We had a few HR people trying to help him get his money, fix the problem, but apparently the state isn't giving him back the money. Again, not sure why, if perhaps he did something wrong when filling out the forms...?

 

Anyway - if you DO take out a 401K loan, which you shouldn't, be careful and read everything!


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