19
posted ago by Capitalism_Fuck_Yeah ago by Capitalism_Fuck_Yeah +19 / -0

Most people don't know about this but you can take a loan out on your 401K for certain things. You then owe a loan to your 401K and pay interest to yourself.

If the concept is confusing imagine you are the US government and your 401K is the fed but this time the US government has to pay back everything eventually.

I'm sure there are some people that know more about doing this. I've not needed to do it yet but I know the option exists. Talk to whoever manages your 401k or IRA they can usually tell you more about it.

Comments (8)
sorted by:
2
FLbywayofTX 2 points ago +2 / -0

Don’t take a loan from your 401k.

Max your contribution to get your employers max contribution the goal is to put in as little of your own money as possible. At the end of the year, roll the max into a precious metals IRA from Scott Sprott or someone else who buys physical instead of just issuing certificates.

1
Capitalism_Fuck_Yeah [S] 1 point ago +1 / -0

And if you lose your job due to the socialist vaccine mandates? I just want people to be aware they have another option besides cashing out their 401K and taking a massive tax penalty.

0
deleted 0 points ago +1 / -1
2
SpacemanTy 2 points ago +3 / -1

No, don’t listen to this retard

1
Gnometard 1 point ago +1 / -0

I did it last year, invested it all, made enough to buy a house, and paid it back.

1
Dontdoxxxmeplease 1 point ago +1 / -0

God idea for those 401kcels. I found out pawnshops would do this with precious metals which I thought was pretty cool ASSETS are a great bargaining chip.

1
BigFreedomBoner 1 point ago +1 / -0

401k are ruining America. All these institutional investors are the ones directing all this bullshit.

Get your money out of BigTech, Big Pharma. Big everything.

0
deleted 0 points ago +1 / -1