In so far as shortly I'll be able to take a $10k 0% interest loan from my 401k with whatever payments I decide for however long I decide The virtual money is burning a real hole in my bank account.

Enough that I've been trying to find a 2010 600rr Leyla. So far, none closer than Chattanooga Tennessee thankfully. It's kinda killing me though. If I could find a brand new 2010 Leyla within 12 hours drive, I'd SERIOUSLY consider taking the loan and buying her (road trip + u-Haul motorcycle trailer rental). Then deciding whether to sell Ororo or keep her for a track bike.

Decisions, decisions...

 

good luck finding one. wish I can take a loan like that

 

I've been trying to talk myself out of buying a Nissan GTR

 

I feel your pain. Been looking at mustangs and sti's....

 

Well Yuen just got the Edge (even though she's only driven it once). I can't be out-done can I?

Seriously tho, I can take a loan like that without affecting the 401k withdraw amount. If the financial situation in the US didn't suck so bad it'd be way back on the back burner. And I'd take that for a down payment on a house (a loan only uses 1/2 my 401k value and doesn't affect the ability to withdraw the full amount).

But the banks want damn near perfect credit and 25% down nowadays for a mortgage loan. 10k would only get a mortgage on a house in a warzone here in Philly. So I'm trying to find a reason NOT to get something I'd like

 

wow, I would like to have that problem!... I'm here wondering if that $2 energy drink I'm about to buy is going to over-draw me... being a broke college kid sucks

 

I figure someone needs to be the boring, old party pooper, so here goes:

1) you repay the loan with after-tax dollars, so it costs a lot more than the original contributions.

2) you forego any capital gains/interest/dividend reinvstment that money would have earned if you had left it in your 401K.

3) It kind of locks you into your current employer. If you leave, voluntarily or involuntarily, the entire loan balance is due in something like 60 days.

On balance it may not be worse than other borrowing options, but there are some negatives to consider. But that Leyla is sweet.

 

trailers are for boats.

a true worrier would road trip w a friend and ride it back, unless your chicken bock cluck cluck cluck...

(wheres the run and hide icon when you need it)