Should I Take a 401(k) Loan?

<p>Most 401(k) participants have the option to take out 401(k) loans, and many take advantage. Should you take out a 401(k) loan to buy your first house, or maybe put in a new pool? In this Q&A, we'll discuss the basics of a 401(k) loan, some drawbacks to taking money out, and a real-world example of how it can affect your Army of Dollar Bills.</p> <div id="1630008811.007700" class="c-virtual_list__item" tabindex= "-1" role="group" aria-roledescription="list item" data-qa= "virtual-list-item"> <div class= "c-message_kit__background c-message_kit__background--hovered p-message_pane_message__message c-message_kit__message" role="presentation" data-qa="message_container" data-qa-unprocessed="false" data-qa-placeholder="false"> <div class="c-message_kit__hover c-message_kit__hover--hovered" role="document" aria-roledescription="message" data-qa-hover= "true"> <div class= "c-message_kit__actions c-message_kit__actions--default"> <div class="c-message_kit__gutter"> <div class="c-message_kit__gutter__right" role="presentation" data-qa="message_content"> <div class= "c-message_kit__blocks c-message_kit__blocks--rich_text"> <div class= "c-message__message_blocks c-message__message_blocks--rich_text"> <div class="p-block_kit_renderer" data-qa="block-kit-renderer"> <div class= "p-block_kit_renderer__block_wrapper p-block_kit_renderer__block_wrapper--first"> <div class="p-rich_text_block" dir="auto"> <div class="p-rich_text_section"><a class="c-link" href= "https://bit.ly/3gxyUOH" target="_blank" rel="noopener noreferrer" data-sk="tooltip_parent" aria-describedby= "sk-tooltip-9240">Subscribe on YouTube!</a><br /> <a class="c-link" href="https://bit.ly/3mB2p69" target="_blank" rel="noopener noreferrer" data-sk="tooltip_parent">Download FREE Financial Resources from the show</a><br /> <a href="https://bit.ly/3Iu8rhl" target="_blank" rel="noopener">Get our Net Worth Tool Now!</a><br /> <a class="c-link" href="https://bit.ly/3mxuhIt" target="_blank" rel="noopener noreferrer" data-sk="tooltip_parent">Sign up for our Financial Ord