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Asked 5/31/2007
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Do I invest $25,000 or use it to pay my 401K loans back? 401k loans are at 10% and payments are $539/mo.? |
Answer 1/1 - Submitted 5/31/2007
Pay your 401K back, and use the money you are saving from the payments and start investing that. Your rate of return will be higher with more in your 401K account than the rate you are paying overall, and you can still put money into an investment account each month. Figure $500 a month is $6000 a year and you can get ahead much faster this way.
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