Sunday, August 23, 2009

401K Loans -Just Do it!

I can not believe the 'stupid' financial tips out there.
Think twice if you want to tap your 401k for a loan.
The 'experts' always say 'Don't do it' 'You'll be double
taxed' 'You'll lose your compounding interest'
Yes to all of these but what about these options:
It's YOUR money.
What better place to borrow quickly? The bank 'Of Me'
I call it. If you borrow from a bank or loan company what
kind of money do you pay with -your taxed income? Who
gets the interest? The bank or loan company.
401k loan who gets the interest? You do -you payback the Bank of Me!
You don't usually have to wait a long time to be approved with
your 401k and can select your own payments.
In many cases a short term loan from your 401k should not
make you feel all guilty. Do so if you want.

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