I Need My 401k Money Now should I Borrow from 401(k)?

I Need My 401k Money Now should I Borrow from 401(k)?
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1 Answer

Answer :

Borrowing from 401k is a good and also a bad idea. If you borrow from 401k, you will get deeper in debt. Imagine, you work hard and you are get taxed by the government to fund the 401k, so it means you are borrowing your own work hardened money. And if you borrow money from 401k, the moment you spend your borrowed money, you will get taxed again.  The most important thing is don't borrow money. Always find a way to not borrow money, I didn't say that don't borrow money.  Borrowing money is not the solution to your Financial Problem. Always solve your problem, don't escape it.
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Related questions

If I borrow from my 401 K, do I have to pay any interest and penalties?

Description : If I borrow from my 401 K, do I have to pay any interest and penalties?

Last Answer : In general, yes. Unless you meet certain strict requirements, there is a 10% penalty if you withdraw from your 401K.

What does it mean to rollover a 401[k]? [context: E*trade]?

Description : What does it mean to rollover a 401[k]? [context: E*trade]?

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401(k) vs. IRA: financial whizzes, please tell me--why would I switch from one to the other?

Description : 401(k) vs. IRA: financial whizzes, please tell me--why would I switch from one to the other?

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What is the maximum yearly contribution I can make to my 401 K?

Description : What is the maximum yearly contribution I can make to my 401 K?

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How do I search 401 K plans on the internet?

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Are there tax implications with a 401(k) IRA rollover Roth?

Description : Are there tax implications with a 401(k) IRA rollover Roth?

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How does a 403b retirement plan differ from a 401(k) plan?

Description : How does a 403b retirement plan differ from a 401(k) plan?

Last Answer : It is always good to have a retirement plan you need to first decide what you want,this site http://www.nationwide.com/403b-retirement-plans.jsp will tell you about a 403b plan which differs from a 401k plan which is usually offered by your company.

How To Evaluate If You’ve Got A Good 401(k) Plan?

Description : How To Evaluate If You’ve Got A Good 401(k) Plan?

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Suppose I borrow money from X and I authorize my bank to make monthly payments directly from my checking account. Now, I want more flexibility by paying either online or by check. X refuses to let me do this. But my bank refuses to "stop payment" on these tranfers even though its my money and it has no obligation to X. What's the law on this?

Description : Suppose I borrow money from X and I authorize my bank to make monthly payments directly from my checking account. Now, I want more flexibility by paying either online or by check. X refuses to let me do ... tranfers even though its my money and it has no obligation to X. What's the law on this?

Last Answer : answer:Hmm, I suppose you're from USA. Don't know the laws there, but here in Slovenia, we handle things like this by calling and yelling at the lady on the other side and things get fixed eventually. But ... what you can't do with you money. I'd threaten them I'm gonna change the bank or smthng.

Which of these credit card features would be best for customers who think they might need to use their credit card to borrow money?

Description : Which of these credit card features would be best for customers who think they might need to use their credit card to borrow money?

Last Answer : no fees for cash advances

Let a friend borrow a charger,now it wont work for my netbook. Help?

Description : Let a friend borrow a charger,now it wont work for my netbook. Help?

Last Answer : Sounds like the Laptop your friend plugged into “burned out” the charger. The Mac Book Pro 13” charger cannot be used to charge a MBP 15” or 17”, not enough output. Result is a brick for a charger.

Can I roll my 401 into a IRA in someone elses name?

Description : Can I roll my 401 into a IRA in someone elses name?

Last Answer : There are various products for this. You can set up the Multi-Station Wandering Alarm to alert you if she leaves the house: http://www.alzstore.com/Alzheimers/multi-station-wandering-alarm.htm

Which of the following range of Air Pollutant Index is considered as hazardous? (1) 301-500 (2) 201-300 (3) 101-200 (4) 401-500

Description : Which of the following range of Air Pollutant Index is considered as hazardous? (1) 301-500 (2) 201-300 (3) 101-200 (4) 401-500

Last Answer : (1) 301-500 Explanation: An Air Quality Index (AQI) of 301-500 is considered as hazardous to human health. It denotes the severely polluted state of air. AQI values over 300 trigger ... of emergency conditions. The entire population is even more likely to be affected by serious health effects.

Assume a frequency range of 401.000 MHz to 401.050 MHz, if you apply 25 kHz channeling plan, determine the center frequency of the first channel from the lower limit. A. 401.010 MHz B. 401.0125 MHz C. 401.025 MHz D. 401.00625 MHz

Description : Assume a frequency range of 401.000 MHz to 401.050 MHz, if you apply 25 kHz channeling plan, determine the center frequency of the first channel from the lower limit. A. 401.010 MHz B. 401.0125 MHz C. 401.025 MHz D. 401.00625 MHz

Last Answer : B. 401.0125 MHz

If frequency range of 401.000MHz to 401.050MHz has to be channelized at 12.5 kHz between channel, what is the center of its first channel from the lower limit? A. 401.125MHz B. 401.00625MHz C. 401.025MHz D. 401.0125MHz

Description : If frequency range of 401.000MHz to 401.050MHz has to be channelized at 12.5 kHz between channel, what is the center of its first channel from the lower limit? A. 401.125MHz B. 401.00625MHz C. 401.025MHz D. 401.0125MHz

Last Answer : B. 401.00625MHz

57% of 400 + 23% of 700 + 32% of 1100 – 28% of 1300 = ? a) 401 b) 389 c) 377 d) 364 e) 352

Description : 57% of 400 + 23% of 700 + 32% of 1100 – 28% of 1300 = ? a) 401 b) 389 c) 377 d) 364 e) 352

Last Answer : ? = 57×4 + 23×7 + 32×11 - 28×13 = 228 + 161 + 352 – 364 = 377 Answer: c)

3001 × 99 ÷ 11 -6001 × 8 + 401 × 11 + (303)2 = ? a) 76125 b) 78129 c) 75000 d) 75221 e) 74532

Description : 3001 × 99 ÷ 11 -6001 × 8 + 401 × 11 + (303)2 = ? a) 76125 b) 78129 c) 75000 d) 75221 e) 74532

Last Answer : ? =3001× 99 ÷ 11 – 6001 × 8 + 401 × 11 +(303)2 =3001 × 9 – 6001 × 8 + 401 × 11 + (303)2 =27009 -48008 + 4411 + 91809 = 75221 Answer: d)

Which of the following range of Air Pollutant Index is considered as hazardous ? (1) 301-500 (2) 201-300 (3) 101-200 (4) 401-500

Description : Which of the following range of Air Pollutant Index is considered as hazardous ? (1) 301-500 (2) 201-300 (3) 101-200 (4) 401-500

Last Answer : 301-500

In a famous restaurant rooms were numbered from 401 to 430, each room gives an earning of Rs. 4675/ day for the first 15 days a month and for the later half, Rs. 5370/ day per room. Find the average income room per day over the month of 30 days? A) 5700.5 B) 5872.7 C) 5900.5 D) 5022.5

Description : In a famous restaurant rooms were numbered from 401 to 430, each room gives an earning of Rs. 4675/ day for the first 15 days a month and for the later half, Rs. 5370/ day per room. Find the average income room per day over the month of 30 days? A) 5700.5 B) 5872.7 C) 5900.5 D) 5022.5  

Last Answer : Answer: D) Total number of rooms = 30 earning in 1st 15 days for 30 rooms  = 15 * 4675* 30 = Rs. 2103750 earning in 2nd 15 days for 30 rooms  = 15 * 5370 * 30 = Rs. 2416500 Average income per ... day over the month of 30 days  = [ 2103750 + 2416500] / [ 30 * 30]  = Rs. 5022.5

If you have adult children, and they ask to borrow a large sum of money, do you expect to get it back?

Description : If you have adult children, and they ask to borrow a large sum of money, do you expect to get it back?

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How to refuse a friend asking to borrow money?

Description : How to refuse a friend asking to borrow money?

Last Answer : Say, “I can’t. I don’t have it. ”

If people borrow money, shouldn't they have to pay it back?

Description : If people borrow money, shouldn't they have to pay it back?

Last Answer : Yup! All the banks and other corporations that were bailed out and/or received any kind of corporate welfare by the government should have to pay it back.

What would you do if you found out your government had to borrow money from a private bank to run the ecconomy, and that this was the real cause of inflation?

Description : What would you do if you found out your government had to borrow money from a private bank to run the ecconomy, and that this was the real cause of inflation?

Last Answer : My government borrows money from private entities all the time. The government has always been borrowing from private entities, and has never been able to function without it. We’ve never been without a national debt. Buy a Treasury bill?

Why is it shameful to borrow money?

Description : Why is it shameful to borrow money?

Last Answer : Well the way I see it, I don’t think it’s shameful as long as you pay back the person as soon as possible. However just taking it and running away with it, well, that’s just stealing

From which country did Britain borrow large sums of money during the First World War? -SST 10th

Description : From which country did Britain borrow large sums of money during the First World War? -SST 10th

Last Answer : United States of America.

Is it legal to take a loan from a company when your mobile balance is exhausted ? When we run out of mobile balance, we usually borrow some money from the office. In the eyes of the law, will it be permissible to use that money ?

Description : Is it legal to take a loan from a company when your mobile balance is exhausted ? When we run out of mobile balance, we usually borrow some money from the office. In the eyes of the law, will it be permissible to use that money ?

Last Answer : It is a type of loan. Debt is valid , as evidenced by the Sunnah and Ijma (consensus). [Mughni , Ibn Kudamah , 6/429]

What does if you would know the worth of money go and try to borrow some?

Description : What does if you would know the worth of money go and try to borrow some?

Last Answer : Need answer

How do you say can i borrow some money in french?

Description : How do you say can i borrow some money in french?

Last Answer : The literal translation is... Puis-je emprunter de l'argent

Can I borrow money off my card?

Description : Can I borrow money off my card?

Last Answer : What is the answer ?

What is the maximum amount of money you can borrow from quick loans?

Description : What is the maximum amount of money you can borrow from quick loans?

Last Answer : Quick loans can forward you an amount of money equal to your regular income. Typically this amount caps out, at around 5k. But this needs to be approved. You have to have recent payment records in order ... loan, or some other kind of collateral in the event that you are unable to pay your dues.

In the book my father sun sun johnson how much money did merton borrow from jake?

Description : In the book my father sun sun johnson how much money did merton borrow from jake?

Last Answer : 4300

Bank rate is the rate of interest: (1) At which public borrows money from Commercial Banks (2) At which public borrows money from R.B.I. (3) At which Commercial Banks borrow money from R.B.I. (4) At which Commercial Banks borrow money from the public

Description : Bank rate is the rate of interest: (1) At which public borrows money from Commercial Banks (2) At which public borrows money from R.B.I. (3) At which Commercial Banks borrow money from R.B.I. (4) At which Commercial Banks borrow money from the public

Last Answer : (3) At which Commercial Banks borrow money from R.B.I. Explanation: Bank Rate is the interest rate at which a nation's central bank lends money to domestic banks. Often these loans are ... activity. Regulation of the economy through management of the money supply is referred to as monetary policy.

Bank rate is the rate of interest - (1) at which public borrows money from Commercial Bank (2) at which public borrows money from RBI (3) at which Commercial Banks borrow money from RBI (4) at which Commercial Banks borrow money from public

Description : Bank rate is the rate of interest - (1) at which public borrows money from Commercial Bank (2) at which public borrows money from RBI (3) at which Commercial Banks borrow money from RBI (4) at which Commercial Banks borrow money from public

Last Answer : (3) at which Commercial Banks borrow money from RBI Explanation: Bank Rate is the interest rate at which a nation’s central bank lends money to domestic banks. Managing the bank rate is a preferred method by which central banks can regulate the level of economic activity.

What is 'Bank rate'? a) The rate at which commercial banks borrow money from RBI b) The rate at which commercial banks lend money to customers c) The rate at which commercial banks lend money to RBI d) none of the above

Description : What is 'Bank rate'? a) The rate at which commercial banks borrow money from RBI b) The rate at which commercial banks lend money to customers c) The rate at which commercial banks lend money to RBI d) none of the above

Last Answer : a) The rate at which commercial banks borrow money from RBI Bank rate is the rate at which commercial banks can borrow money from the RBI. If the rate is higher, then taking money from RBI becomes difficult, so the banks will lend less to public. And vice-versa.

What is the interest rate at which banks borrow money from Reserve Bank of India (RBI) called?

Description : What is the interest rate at which banks borrow money from Reserve Bank of India (RBI) called?

Last Answer : Repo Rate

Ravi borrowed some money at the rate of 4 p.c.p.a. for the first three years, at the rate of 8 p.c.p.a. for the next two years and at the rate of 9 p.c.p.a. for the period beyond 5 years. If he pays a total simple interest of 19,550 at the end of 7 years, how much money did he borrow? a) 39,500 b) 42,500 c) 41,900 d) 43,000 e) None of these

Description : Ravi borrowed some money at the rate of 4 p.c.p.a. for the first three years, at the rate of 8 p.c.p.a. for the next two years and at the rate of 9 p.c.p.a. for the period beyond 5 years. If he pays a ... 7 years, how much money did he borrow? a) 39,500 b) 42,500 c) 41,900 d) 43,000 e) None of these

Last Answer : Let the amount borrowed be Rs P Total amount of simple interest = (P×3×4)/100 + (p×2×8)/100 + (p×2×9)/100 = 19550 0.12P + 0.16P + 0.18P = 19550 0.46p= 19550 P = Rs. 42500 Answer: b)

Wanting to take money out of 401k, does there need to be a reason?

Description : Wanting to take money out of 401k, does there need to be a reason?

Last Answer : answer:TL;DR - It depends, but probably. Rules vary a ton between plans. They're always going to ask and there are some good, helpful, reasons for them to. There are also a few steps to ... best first step is probably to give them a call and just ask questions until you know all your options.

Need gift ideas for a friend who let us borrow their car gratis for 2 months.

Description : Need gift ideas for a friend who let us borrow their car gratis for 2 months.

Last Answer : Wow. What great friends! Do you have anything like a boat or vacation home you could let them use for a long weekend? How about a year’s worth of coupons for one of those fancy car wash/detailing places?

Correct answer: A By borrowing 5 bits from the last octet, you can. have 30 subnets. If you borrowed only 4 bits you could only have 14 subnets. The formula is (2 to the power of n)-2. By borrowing 4 bits, you have (2×2x2×2)-2=14. By borrowing 5 bits, you have (2×2x2×2x2)-2=30. To get 20 subnets, you would need to borrow 5 bits so the subnet mask would be 255.255.255.248

Description : hosts per subnet. What subnet mask will you use? * 255.255.255.248 * 255.255.255.128 * 255.255.255.192 * 255.255.255.240

Last Answer : Correct answer: A By borrowing 5 bits from the last octet, you can. have 30 subnets. If you borrowed only 4 bits you could only have 14 subnets. The formula is (2 to the power of n)-2. By borrowing ... To get 20 subnets, you would need to borrow 5 bits so the subnet mask would be 255.255.255.248.

Can you lose money in your 401K?

Description : Can you lose money in your 401K?

Last Answer : Yes you can. If you’re invested in something, and it loses money, you lose money.

I have a good amount of money invested into my 401k as a 26 year old. I'm thinking about just cashing it out and taking the loss of half the money i invested. Which kills me to think about this. But I'm afread of this ecomony and this amero. Should I just cash it out? Or wait? I'm thinking I could loss more if I just left it in... Am I right?

Description : I have a good amount of money invested into my 401k as a 26 year old. I'm thinking about just cashing it out and taking the loss of half the money i invested. Which kills me to think about this. But I'm afread ... it out? Or wait? I'm thinking I could loss more if I just left it in... Am I right?

Last Answer : Don't do it. A 401K is an investment that is meant to grow over time. Sometimes you lose sometimes you gain, but short of an economic disaster you will gain if you leave it alone. The tax you will ... pay on the money you withdraw will be yet another loss on top of the future gains you will losing.

What will happen if I decide to withdraw money out of my 401K account before I reach retirement age?

Description : What will happen if I decide to withdraw money out of my 401K account before I reach retirement age?

Last Answer : You will get nailed with at least a 10% penalty and have to claim it as taxable income besides, unless you can do it on a 401k loan wich you repay to yourself at a set interest rate. (a much better idea)

I have a 401k account from a previous employer can I roll my funds over to a money market account without penalties and withdrawl from it months down the road ?

Description : I have a 401k account from a previous employer can I roll my funds over to a money market account without penalties and withdrawl from it months down the road ?

Last Answer : A lot of the answer depends on your age. If you are younger than 59 1/2 you will have a 10 % penalty on the amount you withdraw from your 401K and the amount will be regarded as income in ... 401K but there are regulations the IRS has on how much you can withdraw each year depending on your age.

I`m 67 yrs.old and still work part time . Can i take my 401k out from my company and buy treasury bonds and not lose any of my money?

Description : I`m 67 yrs.old and still work part time . Can i take my 401k out from my company and buy treasury bonds and not lose any of my money?

Last Answer : Most 401k plans have penalties for early withdrawal.

Do you think government should borrow excessively in order to court future votes?

Description : Do you think government should borrow excessively in order to court future votes?

Last Answer : This is one reason I support the line item veto. When the economy tanked in 2009, Obama got a huge list of shovel-ready projects to approve. When I saw the list, I was stunned at the number of wasteful pojects.

Would you let someone borrow a bathing suit or vice versa?

Description : Would you let someone borrow a bathing suit or vice versa?

Last Answer : I wouldn’t think twice about it. Not just speaking hypothetically, I have both worn others bathing suits and loaned my own.