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Steve and Damon Talk About if You Should Borrow From Your 401K to Deal With Debt
In this episode, Damon Day and I explore the complexities of borrowing from a 401(k) or home equity line of credit to repay debt. Damon shares insights from his experiences with clients, highlighting situations where utilizing these financial resources can be advantageous and those that may lead to greater challenges. Emphasizing the need for careful planning over impulsive decisions, we discuss common misconceptions regarding tapping into retirement accounts and home equity.
We also address the implications of cash flow, market timing, and penalties associated with 401(k) loans, urging…
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