Sometimes life throws you a curveball, and you find yourself in a financial jam that requires some quick cash. Taking a loan from your 401(k) plan sounds like an easy solution. After all, you’ll be borrowing from your own retirement account and paying yourself back with interest. Sounds reasonable enough, right? Not always.
On October 10, 2018, I told my wife, Ginger, that we needed to leave - this is not going to be a small hurricane. So we left and went to stay with family in Birmingham. When we came back a few days later, I realized my family was one of the lucky ones. We had a house that was still standing, no major damage, running water, and electricity. The people who live 10 to 20 miles to the east of us