wednesday

No, I haven’t finished anything. Not my Big Bang, not the church newsletter for April, not even my lunch.

I did, however, complete a transaction for a loan on my 401k. This means I can’t leave this job for another year so that I can pay it back, but I will actually be able to pay it back sooner once my car is paid off in August. However, this loan is allowing me to pay off both of my TWO remaining credit cards!!!

Now, I’ve heard from lots of different sources that borrowing against your 401K is BAD, and it SHOULD NEVER BE DONE!!!! I’ve also heard from other sources that, as long as you keep your job for the length of the payback period (or come up with the cash to pay it back sooner), and if it helps to pay off loans or credit cards with substantially higher interest rates than the 401K loan, then it’s a conservatively good idea.

I could go on with more details about how this is a good idea for me, but I’m not going to. I don’t need to be convinced, and since my mom doesn’t read this blog (she doesn’t know it exists!), she doesn’t need to be convinced either. From everything I’ve read about possible reasons for the 401K loan, I’m doing a fiscally smart thing for me. I’m not blowing it on a month-long trip to Italy, which is what I would really, REALLY love to do. But my momma raised a smarter girl than that. It’s just taken 36 years to really, really sink in. *sigh*

gp

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