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western WI | I cannot believe the number of comments on here about NOT doing it. Everyone seems so convinced that all of this money and free money from your employers and stocks will always be there. I beg to differ! The whole thing is going to implode sooner or later as this whole stock increase has been based on ficticious money. Of course a financial adviser will tell you not to do it. I want something real, something you can feel, not paper! The government will confiscate all of the 401k's at some point, just a matter of time. And all of the "free" money won't be so free anymore. Just my opinion.
One additional note....you do not have to pay the loan back in 90 days if you lose your job. You can withdraw all funds, pay a 10% penalty, plus the taxes. If there is a better investment that more than covers the penalties, taxes and lost employer match, then go for it! In the end....it really boils down to whether you believe this money will be worth anything years down the road.
Edited by grainbinder 5/24/2015 07:10
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finance/Ag loan question/scenario - 401K loan to pay for tile
