WEDGE KONCEPTS LLC ***************************************************************
4 REASONS YOU SHOULD BORROW FROM 401(k)
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1. EASY, QUICK AND CONVENIENT
-NO APPLICATIONS OR CREDIT CHECKS. CAN BE DONE ONLINE OR OVER THE TELEPHONE.
2. REPAYMENT FLEXIBILITY
-REPAYMENT DUE UP UNTIL 5 YEARS AWAY.
3. COST ADVANTAGE
- YOU SAVE ON THE INTEREST YOU WOULD HAVE PAID IF YOU TOOK OUT A TRADITIONAL LOAN. INTEREST IS PAID BACK INTO YOUR 401(K).
4. RETIREMENT SAVINGS CAN BENEFIT
-DEPENDING ON IF YOU LOST ANY EARNINGS; THE INTEREST PAID COULD INCREASE YOUR SAVINGS PROGRESS;
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THINGS TO WATCH OUT FOR
*TAX ISSUES
-DOUBLE TAXATION
*LEAVING A JOB WITH UNPAID LOAN
-THE MONEY WILL BE TREATED AS AN EARLY WITHDRAWAL.
*UNABLE TO FURTHER CONTRIBUTE
-DEPENDING ON YOUR COMPANY, YOU MAY NOT BE ABLE TO CONTRIBUTE UNTIL YOU’VE FULLY REPAID YOUR BORROWED MONEY.
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DISCLAIMER: I AM NOT A FINANCIAL ADVISER, ANALYST OR PLANNER. THE INFORMATION PROVIDED IN THIS VIDEO IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT MEANT TO TAKE THE PLACE OF PROFESSIONAL, LEGAL, ACCOUNTING, OR FINANCIAL ADVISE.
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