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Ep #107: The Hidden Dangers of Borrowing from Your 401k: What You Need To Know
Manage episode 440534427 series 3557963
Το περιεχόμενο παρέχεται από το Tom Poltersdorf Jr.. Όλο το περιεχόμενο podcast, συμπεριλαμβανομένων των επεισοδίων, των γραφικών και των περιγραφών podcast, μεταφορτώνεται και παρέχεται απευθείας από τον Tom Poltersdorf Jr. ή τον συνεργάτη της πλατφόρμας podcast. Εάν πιστεύετε ότι κάποιος χρησιμοποιεί το έργο σας που προστατεύεται από πνευματικά δικαιώματα χωρίς την άδειά σας, μπορείτε να ακολουθήσετε τη διαδικασία που περιγράφεται εδώ https://el.player.fm/legal.
In this episode, we dive into the critical topic of borrowing from your 401k and why it could be a major setback for your financial future. Many business owners see 401k loans as a quick and convenient way to access cash, especially in tough times or for significant purchases.
However, the hidden costs, double taxation, and missed investment opportunities make borrowing from your retirement savings a risky move. We’ll explore the common pitfalls of 401k loans, the true cost of paying yourself back with interest, and why this strategy often backfires. Learn how these loans can jeopardize your long-term financial security and what you should consider before making the leap.
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