No offense, but your accountant sounds like a nitwit.
401k loans are terrible for several reasons:
1) If you lose your job, you have to pay the loan back pretty much immediately, meaning you might have to liquidate investments when you don't want to to pay back the loan.
2) The great "deal" of paying yourself interest is really a shell game. You are not making any additional money, you taking money out of your cash flow to put into your 401k which could be done simply by increasing contributions or putting the 6% into a different investment. Plus you are paying back the loan with after tax dollars. So you took money that was tax sheltered and are paying back with dollars that will be taxed. That doesn't sound like a great deal to me!
The accountant probably bought the BMWs with a 401k loan!
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