David Adefeso Tells Fans Whether It's A Good Idea To Borrow Money From Your 401(k)

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David Adefeso drops another financial piece of advice. check out his recent video here.

‘Should You Dip Into Your Retirement Savings? Should you take money from your longterm investment, in order to finance a short term cash need? In this clip learn about the potential penalties, taxes, and interest that may come along with dipping into your retirement fund prematurely,’ he wrote.

He continued and said: ‘Don’t forget!! New episodes of #WealthDemystified air live EVERY Sunday at 2p PT This Sunday, we’re discussing ways to finance your business so make sure you click the link in my bio to get caught up on all the financial lessons, and feel free to send any questions you may have to [email protected] Follow @david.adefeso,’ he wrote.

 

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Someone said: ‘What kind of retirement fund should freelancers and up and coming artists have?’ and another follower posted this: ‘Great advice👏👏. Too many people spend money now that they should be investing in their future so they can one day be financially secure. Pulling money out of your 401k is like eating tomorrow’s meal today. If you do, you’ll be full today, but hungry tomorrow.’

Another commenter posted: ‘I once pulled money out of my 401k retirement fund to remodel my bathroom, which was a mistake because I lost out on all the stock market gains I would’ve made in my 401k. I should instead have saved money separately to do the bathroom. Lesson learned. Luckily I have enough time left to replenish my 401k fund.’

Someone else said: ‘That s a great one @david.adefeso . I did it once to build an emergency house for one of my parent in trouble.’

David has been giving financial advice to his fans and followers for quite a while.