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re: 401k Loans
Posted on 6/5/13 at 4:49 pm to tigerrocket
Posted on 6/5/13 at 4:49 pm to tigerrocket
I think it all depends on your 401k plan. In some plans, when you borrow money, the money you borrow comes out of your plan and you aren't earning dividends on the money. In my plan, you just borrow against the money in the plan and you still get to earn dividends on it. All the interest you pay goes back into the plan as well. I don't think it's as bad a deal as some make it out to be.
1
Posted on 6/5/13 at 4:54 pm to JonTheTigerFan
I think some of the older plans were like you describe. Even if they pull the funds out of the account, you still earn the interest from the loan rather than the bank. (so technically your 50k loan is an investment that earns interest as you pay the loan back).
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