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Anyone have a recommended tax person in Chicago?
What does 401k mean?
Thoughts on personal loans to consolidate Debt?
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Never in the form of a dispersement, but I've taken several 401k loans over the course of 20 years. Once to pay a significant, unexpected tax bill, a few for home improvements, bury a parent, etc.
We took a loan from 401k (about $20k) to help buy a house because we knew we were getting that amount of money two months later. Paid it back when we got it.
I’ve also taken out two 401k loans. I’m pretty young and didn’t have an emergency fund the first time I moved, and didn’t anticipate the cost of moving. The second time, my personal laptop crapped out and I, again, didn’t have enough in my emergency fund. I paid both loans back early and it wasn’t an issue—but shows the importance of having at least 5k saved for random expenses!
No, it would have to be a last resort for me.