4 ms·
If you lost all your 401K money, you not only lost the money, but you also lost the TIME that it took for that money to accumulate and grow. In addition, I woul
by jotjotzzz 9y ago
If you lost all your 401K money, you not only lost the money, but you also lost the TIME that it took for that money to accumulate and grow. In addition, I would think there would be tax implications for losing that money. I don't know enough, but this sounds like a very risky and bad idea compared to getting a bank loan. In addition, your 401K is safe during bankruptcy -- in case your bank loan goes bad. The approach of using retirement money for a venture is gambling with your safety net.