With regards to spending money on big solution products, we frequently borrow. In this specific article we give attention to two loan sources: borrowing from your own 401(k) your your retirement plan, and borrowing against a policy loan to your life insurance policy. Which is way better: 401(k) loans or life insurance policies loans? You’ll find conflicting advice. Some professionals state 401(k) loans ought to be very first option. Other people, like Forbes factor Colleen Oakley, state 401(k) loans must certanly be your final option. The Championship Match: 401(k) Plan Loans vs. Life Insurance Policies Policy Loans The former editor of Financial Planning magazine, and a 401(k) loan proponent to settle this once and for all, I’m going to climb into the ring with Rich White. (more…)