The Clark Howard Podcast 05.19.25 The True Costs Of 401(k) Loans / Checked Bags - Lost & Found
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May 19, 2025 This discussion dives into the hidden costs of borrowing from a 401(k) and the importance of maintaining strong saving habits. It also highlights smart travel tips for checking bags, including the benefits of using technology like AirTags to track luggage. Additionally, listeners learn about the advantages of eSIM technology for staying connected while traveling, along with crucial banking insights to safeguard their finances. Lastly, a heartfelt story showcases the resilience of a restaurant chain rejuvenated by a community effort against corporate challenges.
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Avoid 401(k) Loan Pitfalls
- Avoid borrowing from your 401(k) to prevent losing potential market gains.
- Never use 401(k) loans for lifestyle purchases like cars, boats, or vacations.
Start Child's Roth IRA Early
- Employ your child in your family business to legally start a custodial Roth IRA.
- Document the work and pay a real paycheck to comply with labor laws.
Health Insurance for Adult Child
- Compare TRICARE young adult and Obamacare exchange options for adult child health coverage.
- Choose plans that cover counseling and mental health for continuity of care.