Why not borrow against my 401k?
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Thread created 07-17-2012 by BenjiHennery
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So what would you do with the extra cash? Seems like you need to invest your surplus first..
Why not borrow against my 401k?
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Thread created 07-17-2012 by BenjiHennery
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Not a believer in what?
You are not paying taxes twice. I have dispelled this myth on this forum multiple times.
Why not borrow against my 401k?
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Thread created 07-17-2012 by BenjiHennery
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There are way smarter finance guys then you. If this was a smart idea, everyone would be doing it.
My 401k is up 7.5% this year, maybe you're just not a smart invester.
Why not borrow against my 401k?
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Thread created 07-17-2012 by BenjiHennery
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Nope. It is. Do it.
The money you think that's in "your 401k" is not yours. Go ahead, call the 1-800# and tell them "I want my money now" and see what happens.
Why not borrow against my 401k?
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Thread created 07-17-2012 by BenjiHennery
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Yes, I understand what a shelter is. My point was to explain how you can increase your after tax return by slick dealing as well. If you
The 401k allows to to grow your investments tax free. It...
Why not borrow against my 401k?
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Thread created 07-17-2012 by BenjiHennery
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Once again that isn't sheltering. I don't think it means what you think it means.
Sheltering has do to with reducing taxable income, hence a 401K. You are talking about discounts not tax...
Why not borrow against my 401k?
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Thread created 07-17-2012 by BenjiHennery
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Lemme guess, he finally woke up and figured out it was a scam? :wave:
Why not borrow against my 401k?
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Thread created 07-17-2012 by BenjiHennery
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All great points.
However, many (most?) blindly put money into these vehicles *thinking* it's a "good idea" cause that's what's been sold to them by the financial services crew. Then, in this...
Why not borrow against my 401k?
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Thread created 07-17-2012 by BenjiHennery
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Slick dealing is a good way.
If you get rewards back on your CC that is a guaranteed return on your money (as long as you are buying something that you would have otherwise purchased).
Why not borrow against my 401k?
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Thread created 07-17-2012 by BenjiHennery
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Why is your 401K only in money markets? There is generally an origination loan fee that you are probably missing.
Why not borrow against my 401k?
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Thread created 07-17-2012 by BenjiHennery
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My 401k is up 7.5% this year, maybe you're just not a smart invester.
Agreed. That's why I don't do it. I'm a good speller though.
Why not borrow against my 401k?
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Thread created 07-17-2012 by BenjiHennery
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Really stupid plan.
Bet someone here will tell you to do it.
Why not borrow against my 401k?
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Thread created 07-17-2012 by BenjiHennery
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Evaluate your accounts. You should be able to redistribute funds to make at minimum modest gains with little risk.
Why not borrow against my 401k?
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Thread created 07-17-2012 by BenjiHennery
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I would not do it. Your 401k is pretty liquid so, if you did have a situation come up that you did need the cash you could get it in a day or two. So having the money in a savings account where it...
Why not borrow against my 401k?
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Thread created 07-17-2012 by BenjiHennery
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I'm almost 40 with a grasp on investing. Insulting my grammar doesn't bother me. Go aheed and do it.
Why not borrow against my 401k?
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Thread created 07-17-2012 by BenjiHennery
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If you figure out a way to do this, please let me know. I think real estate is a great investment, and I'd like to tap my 401k. Unfortunately, there's a $50k limit on loans, and I don't think that...
Why not borrow against my 401k?
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Thread created 07-17-2012 by BenjiHennery
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Real or contrived, no one's life savings is under the illusion. ;)
Either funnel your money into the "safety" of a retirement savings plan or they will steal it through taxes anyway. What a great...
Why not borrow against my 401k?
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Thread created 07-17-2012 by BenjiHennery
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No one said investing is easy or simple. However its hard to plan for things when the future is so uncertain. Negative interest is a very real thing too, which is what you get for keeping that...
Why not borrow against my 401k?
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Thread created 07-17-2012 by BenjiHennery
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get out of money market accounts
only have them when the market in general is extremely overbought
you can lose money if it's all in a money market. All plans have fees, even if only TPA...
Why not borrow against my 401k?
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Thread created 07-17-2012 by BenjiHennery
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Why is your 401K only in money markets?
- I'm not a believer
So what would you do with the extra cash?
- Sitting on it is one option, but I've been waiting to pounce on the right real estate. ...
Why not borrow against my 401k?
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Thread created 07-17-2012 by BenjiHennery
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y did u put money in there in the first place? Company matching?
Why not borrow against my 401k?
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Thread created 07-17-2012 by BenjiHennery
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Loans are not subject to the penalty. Withdrawals generally are...although Rule 72(t) allows penalty free withdrawal.
Why not borrow against my 401k?
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Thread created 07-17-2012 by BenjiHennery
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like?
Why not borrow against my 401k?
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Thread created 07-17-2012 by BenjiHennery
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Everyone knows you can't land a ship on cheese.
Why not borrow against my 401k?
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Thread created 07-17-2012 by BenjiHennery
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Right and The moon landing was fake too . . . .
Why not borrow against my 401k?
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Thread created 07-17-2012 by BenjiHennery
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Anything is possible with Hollywood magic, a New Mexico warehouse, and a government budget.
Why not borrow against my 401k?
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Thread created 07-17-2012 by BenjiHennery
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it's been said and i'll say it again, you're a tool. stop flaming people's honest requests for advice.
Why not borrow against my 401k?
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Thread created 07-17-2012 by BenjiHennery
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Borrowing from a 401k is sometimes a good idea!
You didn't write if your would be subject to the 10% penalty.
Why not borrow against my 401k?
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Thread created 07-17-2012 by BenjiHennery
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A 401K does not grow your investments tax free...it allows the opportunity to defer your tax.
Why not borrow against my 401k?
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Thread created 07-17-2012 by BenjiHennery
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That isn't sheltering.
Why not borrow against my 401k?
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Thread created 07-17-2012 by BenjiHennery
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It is "sheltering."
Say you were going to budget $500 a year to spend on Gas. You could purchase $500 in Gas cards from a store while Chase (or any other CC company) was doing a promotion where...
Why not borrow against my 401k?
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Thread created 07-17-2012 by BenjiHennery
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It's probably a bad idea for most people, but it could be a good idea for some.
I have my 401k in money markets that pay pretty much nothing. I contribute the max and get a match from my company....
