Managing Your Financial Future with Lucia Capital Group
Managing Your Financial Future with Johnny Dean and "Professor" Rick Plum, CFP® Brought to you by the advisors and investment professionals at Lucia Capital Group, a registered investment advisor. Integrating financial planning and investing decisions, designed to help you reach your own financial goals. Want the best tips on which hot stocks you should buy this week? Go somewhere else - we don't do that. It's all about planning, strategy, managing your future and taking control of your financial life. Securities offered through LPL Financial, member FINRA/SIPC.
Managing Your Financial Future with Lucia Capital Group
Should You Ever Consider a 401(k) Loan?
For many people, the 401(k) is their largest source of retirement savings. Because of that, it may be tempting to tap into some of that money in the form of a loan if you need some quick cash.
But is that smart? Maybe - but only if you're aware of the rules and the potential pitfalls of borrowing from your plan. While it can provide you with a certain amount of temporary money, if you don't know what the downsides are, you could find yourself in a big financial mess.
So what are the pros and cons? Find out what you need to know about 401(k) loans from podcast host Johnny Dean and Rick "The Professor" Plum, CFP® on this week's episode of Managing Your Financial Future!