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11-01-2008, 04:22 AM
| #11 |
| Junior Member Join Date: Oct 2008
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Reputation:  (10) |  "...borrow money from my own 401K account as a personal loan. It's not considered as cashing out 401K so there's no penalty..." There is a 'penalty'. It's called opportunity cost. By not having the money in the 401k you're missing the potential to buy stocks that are at rock bottom prices. http://en.wikipedia.org/wiki/Opportunity_cost |
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11-24-2008, 07:31 PM
| #12 |
| Junior Member  Join Date: Sep 2008 Location: New York
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Reputation: (10) | I would agree with fiancepro. also with the Federal Reserve’s interest rate cut a few weeks ago, 1-year CD rates have fallen about 5% from their October highs. Unless you are considering a long term CD rate (5+ years) it makes safer to place your cash into a money market and/or savings accounts. |
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