Hook

Their other posts in the index, biggest breakout first.
Taking out multiple loans against a 401K. A lot of people are upset about, you know, America and why can't I borrow my money or have access to my money in the 401K and I shouldn't have to take a loan against it. There are rules in place to make sure that, you know, you don't abuse the system. A lot of people still do. They don't care about, you know, the risks involved in it. Like I was saying, the reason that the 401K and other IRA accounts are like that, it's trying to dissuade you from from doing something that is not typically meant for that set account. I've seen one person, they said, oh, I've been taking out loans for 10 years and I'm doing just fine. The 401K and other plans like that were not meant for you then. It means that you are robbing Peter to pay Paul because you're not supposed to touch it. And when you touch it, it means you are not in a place to have one because you're defeating its purpose. You're not letting it grow. So, what I mean is, maybe it's in your best interest to pause the contributions because it sounds like you need the money. And when you're at a point in life when you don't need the money, then you can contribute more out of your paycheck. I've seen people say, oh, I used it to buy a house, pay off the house. I used it to buy a car, pay off the car. I used to do XYZ, that's not what a 401K was meant to do. The beauty of it is it lets you borrow from it and they don't ask questions as long as you don't follow hardship. I am not a financial advisor. This is not financial advice. I'm just here to tell you the information. What you do with the information is completely up to you. As long as you don't cry wolf, 10, 20, 30 years later when it's time to retire, and you blame the economy or you blame the world when you were the one that took those loans repeatedly over time instead of letting it grow. So, when you hit 55, 65, 75, and it's time to sit down somewhere, now it's everybody else's fault or we live on a rock and I can't stand to hear it. It's not fair. You blew through your money over the last 20, 30 years when people told you not to do it. I'm not understanding the logic.