Forum Discussion
Gjac
Jun 28, 2014Explorer III
Ideally you want to finance appreciating assets like a house or property and pay cash for depreciating assents like a car or RV. But another way to do this if you can't pass up a good deal and don't have the money is to borrow the money from your 401k. I just learned that you can borrow up to $50K from your 401k at 10% interest for 5 years. This is your money so you would be paying yourself back with interest and it would be a way to put more money into your 401k. Not sure how many people know this as it would be better than paying interest to the bank.
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