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.
In a sense, you have been planning for your retirement ever since you started working. Maybe you’ve been contributing to a 401(k) plan, or maybe you’ve been socking away money in an IRA, but without a doubt, you’ve been looking forward to your golden years. And I want you to enjoy those years without worrying about having to take out a reverse mortgage on your house.
Similar to a company’s financial statements, a personal financial statement can help you assess your financial health and assist you in budget planning. It can also give you an idea of the kinds of information that banks and other lenders use to determine your ability to repay loans. Curious to know where you stand? Here, we show you how to get a handle on your finances by creating a personal