#06 | Should You Dip Into Your 401k for a Home? (one option may work)

Suits & Scrubs: Not Your Father's Financial Advisor

Looking to buy a home but considering tapping into your 401(k) for the down payment?
Join us as we explore the critical decision of using your retirement savings for homeownership. In this informative video, financial expert Zach serves as your mentor, guiding you through the benefits, challenges, and implications of using your 401(k) for a down payment. From understanding the basics of a 401(k) to navigating the potential impacts on your retirement savings, we cover it all. Discover signs that indicate you might be considering this option, learn about alternative strategies to minimize the impact on your retirement, and gain insights into the role of investments in achieving both homeownership and a comfortable retirement. Don't make a decision without watching this comprehensive discussion. Subscribe now and embark on your journey to secure financial stability and homeownership.
Our Mission: Suits & Scrubs fosters a vibrant community of doctors, crunchy moms, wealth & wellness seekers. We share inspiring stories, actionable strategies, and authentic conversations, empowering individuals to thrive. We bridge the gap between medicine and finance, providing practical tools and insights to build holistic well-being and financial freedom.
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Timestamps
0:00 Introduction
7:36 60 Day Challenge IVF
14:05 What is 401K
17:00 Segment 1: Bumfuzzle Battle
22:59 History of 401K
27:15 Segment 2: Under the Microscope
32:45 Withdrawing from 401K
38:00 Assumptions
40:43: Option 1: Withdrawal
46:08 Option 2: Loan
46:33 Option 3: Opportunity Cost
55:56 Final Thoughts
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