We often borrow when it comes to paying for big ticket items. In this specific article we concentrate on two loan sources: borrowing from your own 401(k) your retirement plan, and borrowing against a policy loan to your life insurance policy.
Which is way better: 401(k) loans or life insurance coverage loans?
You’ll find conflicting advice. Some specialists state 401(k) loans should really be very first option. Other people, like Forbes factor Colleen Oakley, state 401(k) loans should really be your final option.
The Championship Match: 401(k) Plan Loans vs. Life Insurance Policies Policy Loans
The former editor of Financial Planning magazine, and a 401(k) loan proponent to settle this once and for all, I’m going to climb into the ring with Rich White. We’re going to duke it down head-to-head in a imaginary championship fight that is six-round.