So, you’ve found out that you can borrow from your 401k and you’re ready to call your company’s 401k manager and request the maximum amount. After all, it’s your money and you need it now. Your human resources page tells you it’s simple to request and you’re paying yourself back with interest so what’s the harm? Slow down. It’s not necessarily a bad thing to borrow from your 401k, depending on the reason you need the money. However, you need to know the 401k loan rules before you take out a loan, just as you would need to know the terms of any loan from any institution. Yes, you are paying yourself back, but in the meantime, the money … [Read more...]