2006 was a HARD year for me

[Tommy_Dolitte]

Networth topples to $55 K.

I need a pick-up board....It seems with all of the personal hardship, my financial sense and discipline have taken a slide. I've felt like taking out a loan from my 401K to get back on my feet---yet resist since I so badly want to eclipse the $100 K level again.

I can't wait for the summer...

 

[Texas Proud]

Hey Tommy,

You don't say why it was such a hard year... divorce, lost job, health, bad investments, other

You also don't say why you would want to take out a loan Again, debts? Living expense? Wild vacation? Just because??

It is not a good thing to take money from your 401(k) with the taxes and penalty... but, if you need to eat... well...

 

[Martha]

Tommy, we haven't seen you for a long time. If at all possible, don't take the 401k loan or cash it in.

 

[spideyrdpd]

Hi Tommy
I doubt if anyone would recommend the loan unless you have a good reason for taking it. There are of course investment options that arent available inside the 401k and you could use the money to fund the roth ira. Of course if you borrow money that means less in yer paycheck !
Rob