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[I] felt like a failure, but it was the only option at the time.
Consequently, I considered my 401(k) as one approach to eliminating this financial gap.
But I wish Id known how devastating thelong-term financial impactwould be.
This is a huge opportunity cost in terms offoregone potential growth, he said.
it’s crucial that you comprehend how this choice will affect your finances in the future when you retire.
Explore All Alternatives
Shayani also said you should seekalternative financial optionsthat dont risk your retirement savings.
Nidea also said his advice would be to explore every other option first.
Its a decision that should be a last resort.
And if you do tap it, make a concrete plan to rebuild your savings as quickly as possible.
Your future self will thank you.
Personal loans, business loans oralternative investment meanscould be looked into with lesser future consequences.
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