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Ep #107: The Hidden Dangers of Borrowing from Your 401k: What You Need To Know
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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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→ Assess their level of readiness to exit from a financial, tax, and legal perspective
→ Craft a wealth plan to exit comfortably and with confidence
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
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