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Building Blocks of Financial Planning: Saving and Your Retirement Plan (Part II)

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Saving for retirement is one of the most important things you can do for yourself. In the last presentation we talked about taking loans from your 401k account. This is not wise financial planning and should be avoided. In this presentation an alternative to borrowing from your 401k account is discussed.

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Building Blocks of Financial Planning: Saving and Your Retirement Plan (Part II)

  1. 1. Mullooly Asset Management Podcast January 23, 2013Mullooly Asset Management January 2013
  2. 2. Just Suppose… You are maxing out your contributions at work Want to borrow from your retirement to pay down debt Mullooly Asset Management January 2013
  3. 3. You Could… Stop contributing to your account - One year = $17,000 - Two years = $34,000 Mullooly Asset Management January 2013
  4. 4. Not Contributing Risky and DEFINTELY NOT conventional financial planning advice Need to be disciplined to re-start contributions! Mullooly Asset Management January 2013
  5. 5. Saving For College vs. Saving For Retirement REMEMBER: You can always borrow money for college You CANNOT borrow money for retirement! Mullooly Asset Management January 2013
  6. 6. Pre-Paid Tuition is Sketchy 529 Plans and Custodial accounts are good ways to sock money away Keep in mind: 529 Plans and Custodial accounts both have pros/cons you need to know! Mullooly Asset Management January 2013
  7. 7. None of the securities mentioned in this (or any)podcast or video represent past specificrecommendations of Mullooly Asset Management.This video is NOT a recommendation to buy or sell anyof the securities mentioned here.If you’re relying on a podcast for investment advice, youare likely making a huge mistake.We strongly urge our listeners to consult with theirinvestment advisor before they make a decision to buy orsell any investment. Mullooly Asset Management January 2013
  8. 8. Mullooly Asset Management, LLC support (at) mullooly (dot) net 732-223-9000 www.mullooly.net Mullooly Asset Management January 2013

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