401k Loans Explained (You Should Take them More Often Than You May Think)

Video Description

Here's my channel to view all my financial planning videos:👉 https://bit.ly/3wSE8jf Should You Borrow against your 401(k)? In this video, CERTIFIED FINANCIAL PLANNER™ Professional Colin Exelby discusses this controversial topic. Some people think 401k loans are great planning tools and others say they are horrible. Which is it? Have you ever been told never, ever borrow against your 401k? Were you taught this by your parents? Did some financial advisor tell you that? Did you ask why? In my opinion, taking a 401k loan or TSP loan can be a good call in certain situations. Mostly when money is needed quickly and the repayment period is short. Like an emergency! Stick with me, and I’ll give you the ins and outs of 401k loans, when it makes the most sense, and why you shouldn’t follow old, outdated advice! TIME STAMPS : 00:00 Should you borrow against your 401(k)? 02:51 Ways to take money out of your company retirement plan 03:58 How does the loan work? 05:23 What happens to your investments when you borrow from them? 06:26 How do you pay it back? 08:08 When should you consider using 401(k) funds? 09:23 If you are married and one spouse lost a job.... 10:04 Looking to buy a home? In this video, Colin Exelby, CFP®, reveals the age we make the smartest financial decisions. Discover how age plays a pivotal role in the financial decision-making process and the importance of adapting your strategies as you progress through life. We also touch upon a common financial mistake made by 50-year-olds—underestimating their life expectancy—and why it's crucial to be conservative in your assumptions, especially when planning for retirement. ⬇️ DISCLAIMER : https://celestialwm.com/social-media-disclosures/ Outstanding Personal Finance Tools👇 Stop leaving yourself vulnerable to data breaches. Go to my sponsor...👇 ★☆★Aura to get a 14-day free trial and see if any of your data has been exposed.★☆★ https://aura.com/cwmwealth Budgeting...👇 ★☆★ Rocket Money (originally called as TrueBill) ★☆★ https://rocketmoney.sjv.io/CelestialWM Wealth Management...👇 ★☆★Personal Capital ★☆★👇 https://personalcapital.sjv.io/CelestialWM Bookkeeping...👇 ★☆★Gusto Bookkeeping★☆★👇 https://gusto.pxf.io/CelestialWM ★☆★ Do you really need an emergency fund? ★☆★ https://youtu.be/rym_F9nnnVw ★☆★ How To Navigate A Bear Market - Are We Already In Recession? ★☆★ https://youtu.be/ppIeXimc8Gw ★☆★ How to Create a 💯 % Tax-Free Retirement Income PLAYLIST ★☆★ https://www.youtube.com/playlist?list=PLjypohR2dKqMw9OASLnR-LWRrfaeNYLvP ★☆★ Book Your Free Consultation! ★☆★ https://celestialwm.com/free-consultation/ [About] Colin Exelby is a Certified Financial Planner Professional™ or CFP®. He owns the virtual financial advisory practice Celestial Wealth Management. I provide financial planning for business owners and their families that makes sense. Transformational change is made when you focus on the big picture. My goal is to help you think outside the box about your life, your money, and your health to be the best you can possibly be. We strive to help you: *Optimize Your Cash Flow *Minimize Your Taxes *Build Your Net Worth *Create a Lasting Legacy ➡️ ➡️Free Guide Here: https://celestialwm.com/ptpebook-go/⬅️⬅️ If this sounds like what you are looking for then hit the subscribe button right here and I'll see you in the comments! TAGS - When Should You Take a 401k Loan? (More Often Than You May Think),retirement planning for business owners,certified financial planner,cash flow management,debt management,celestial wealth management,401k,401k loans,pros,pros and cons of 401k loans,saving for retirement,401k mistakes,retirement planning,how to plan for retirement,How 401(k) Loans Work,401k loan check,borrowing from 401k,tax planning,401k buying a house,401k plan,retirement account,retirement,certified financial planner,roth 401k,traditional 401k,tax planning,ed slott,cash flow management,debt management,celestial wealth management,roth ira,ira,custodial ira,children roth,vanguard custodial ira,million dollar roth,investing,how to save money,roth ira explained,roth ira fidelity,roth ira for baby,money life hack,planning,retirement planning,roth ira planning,business owners,2022 retirement planning,tax free retirement,How to Compute Tax on Monthly Salary | Monthly Withholding Tax on Compensation Income, Can I set my Children Up with a Retirement Account? Tax Free Income!, How To Create A Tax Plan For Your Retirement,Partner With The Government To Pay Zero Taxes - Robert Kiyosaki, Tom Wheelwright, and Ken McElroy,How to Pay Zero Taxes...the Easy Way,How Rich People Avoid Paying Taxes -Robert Kiyosaki,Tax Loopholes The Rich Use To Pay Zero Taxes w/ Tom Wheelwright,How to (Legally) Never Pay Taxes Again,This Is How You Can Buy Real Estate With Little or No Money