In this video, I will be discussing if you can use a 401k loan to do the velocity banking strategy. We will also cover the pros and cons.
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Translated titles:
¿Se puede utilizar un préstamo 401K para hacer la estrategia de Velocity Banking? El | ¿Cuáles s
Können Sie ein 401K-Darlehen verwenden, um die Velocity-Banking-Strategie umzusetzen? | Was sind di
Pouvez-vous utiliser un prêt 401K pour réaliser la stratégie bancaire Velocity? | Quels sont les
Você pode usar um empréstimo 401K para fazer a estratégia bancária de velocidade? | Quais são o
क्या आप वेग बैंकिंग रणनीति के लिए 401K ऋण…(read more)
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Dont forget people, the money that's paid back to the 401K loan is after tax income (and you will be taxed again upon withdrawal at retirement) and if you leave your job before you pay the loan off, the outstanding balance is tacked on as income and your taxed on it. So for example, if you take out 50 grand and leave your job still owing 30 grand, be prepared to pay about 6 grand or so in taxes on that money come next April.
You pay yourself back with after tax money, into an account that you going to be taxed again on withdrawal. Great strategy for paying tax twice!
We took out a 401K loan, but it was for purposes other than paying off debt, so it just became another debt, unfortunately. Not a good situation, and we're trying to get it paid off so that when my husband leaves his job (hopefully soon) we won't owe a bunch of taxes on it. But for for your example I can see how this would work well IF a person plans on staying at their job for the next 5 years. I'm not a huge fan of retirement accounts though, I feel like there are too many restrictions on what you can and can't do with them. Interesting video though. Thanks for sharing! 🙂
If you take out a 401k loan will it show up on your credit report?
Hi mike . I appreciate your channel.
I have a question about some of your velocity banking videos to pay down a mortgage. I noticed that a lot of times you are using a 6% mortgage rate . What about today’s interest rate being so low ? Is there still a benefit to velocity banking or are you better off doing something else with your money ? I ask, because when does the line of credit interest become to high vs the low mortgage interest rate ? I hope I’m phrasing this right because I would really like to save on my mortgage. Thanks in advance for any of your insight
I’m using a 401k loan as well as the 0% credit cards to do velocity banking, however I’m not paying down debt. I’m investing in high return assets to build wealth. Same concept, just playing offense not defense. And my offense has cash flow!
This was a good video. I combined this idea with getting a Line of Credit and it allowed me to free up quite a bit of on-going cash flow and pay the debt down even faster as a result. 20k debt, chunk payment of 7k, and a new found cash flow of an additional 1k coming in to pay down the debt. I really enjoy your velocity banking videos! They’ve been very helpful.
Great info Mike! Question, can you truly use the velocity strategy with your 401K? Meaning, can I pay the loan back faster by chunking payment back to the 401K loan? For example borough 20K over the 5 years, but pay it back in like 12 months by chucking your cash flow, then getting another loan after that one is paid off?
I have been taking out 20 thousand chunks on a 0% 1 year credit card and paying 2 grand back a month on it. In 10 months, I repeat the process. Velocity banking works if you have good credit, and KNOWING and HAVING your payback monthly amount. (And it doesnt hurt to have back up savings to pay it off in case of an emergency) Great credit and being strict with yourself wins the game.
Great information Mike, I just recently discovered your channel and I am already using your lessons to take action.