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Monday, August 23, 2010

Stop! 5 Reasons Not to Touch That 401k

Thinking about taking out a 401k Loan? Just stop. Even though that 401k balance can be a temptation, stay away from it. BNET's Evil HR Lady tells you why.

Stop! 5 Reasons Not to Touch That 401k


Joe Fox said...

I agree with many of your points -- but one point to make is that I'm making more money on my loans (4% interest) paying myself than I was making from the market during late 2009 and 2010 thus far. My return hasn't been very positive. At least with the loans, I know I'm putting 4% more back in my pocket.

Anonymous said...

Sorry Joe, I can't resist. The concept of "making" money by paying yourself interest is extremely funny.

This is a wonderful concept. I'm going to the bank right now to withdraw all the money I can to stuff into my wallet.

I'll make a FORTUNE!

If you're not comfortable with market volatility, that's fine. Go to cash and sit it out. But don't play shell games with yourself and pretend to be "making" money.