In this clip Brandon Guidry talks about borrowing from your 401k and all the pro’s and con’s about doing so.
#earnyourleisure #401k #business…(read more)
LEARN MORE ABOUT: 401k Plans
REVEALED: Best Investment During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
HOW TO INVEST IN SILVER: Silver IRA Investing
If you are starting a new business or looking to expand your current one, you may be wondering where to get the necessary funding. One option is to borrow from your 401k retirement plan. While the thought of having access to a large lump sum of money may seem appealing, there are several factors to consider before making this decision.
First and foremost, it’s important to understand that borrowing from your 401k can have long-term consequences on your retirement savings. The money you borrow from your 401k will no longer be invested, which means you could miss out on potential growth and earnings. Additionally, if you are unable to pay back the loan, you may face penalties and taxes on the amount you borrowed.
Another consideration is the risk associated with starting or growing a business. While you may have a solid business plan and feel confident in your ability to succeed, there is no guarantee that your venture will be profitable. If your business fails, you could face significant financial losses and be unable to repay the loan.
It’s also important to consider alternative funding options. Before borrowing from your 401k, explore other options such as business loans, grants, or crowdfunding. These options may offer more flexibility and less risk than borrowing from your retirement savings.
If you do decide to borrow from your 401k, make sure you fully understand the terms of the loan and have a plan in place to repay it. Set realistic goals for your business and budget accordingly to ensure you can make your loan payments on time.
In conclusion, borrowing from your 401k to fund your business is a decision that should be carefully considered. While it may provide a quick source of funding, it could have long-term consequences on your retirement savings and should only be used as a last resort. Before making any decisions, explore alternative sources of funding and seek advice from a financial professional.
Omg, unfortunately your comments has attracted a ton of scammers. Thanks for the video though.
Nice
I'm favoured, $230K every 4weeks! My life has totally changed i can now afford anything and also support God's work around me and my society.
Can you? Yes.
Should you, no. I’ve seen many people cash out or take loans against their 401k, and each time it was a loss.
Truly, this woman has taught me so much over the years, I now fully understand the economy, I wish they taught me this in college. You've helped my family With your advice, imagine investing $1000 and receiving $7,350 in 2days! Thanks Amber Harris.
Despite the dip in crypto, I still thank you for the level _headed financial advice. I started forex and crypto investment with $4,300 and since following you for few weeks now, I've gotten $30,700 in my portfolio. Thanks so much Expert JENNY
This was very helpful and informative.
Most people venture into crypto and other investments to be a millionaire. Meanwhile, I just want to be debt free
My greatest happiness is the $28,000 weekly profit I get consistently
My favorite Finance channels: Earn Your Leisure, Stock Brotha, & Wallstreet Trapper. Make my week complete!
You're paying yourself back
We the people of the United States are tired of the foot dragging, we want these people held accountable. I pray for our country, we need compassion for the American people! I appreciate your advices Buksy! Imagine investing $1000 and receiving $10,350 in 3days.
Yes and buy as much #XRP as you can
Yes
Yes
Yes