Is taking a loan from your New York State Deferred Compensation Plan a good idea? Tom Mullooly of Mullooly Asset Management goes over the pro's and the con's involved with taking a loan from your NYSDCP.

1. Mullooly Asset Management Podcast
October 17, 2012
Mullooly Asset Management October 2012

2. NYSDCP Hot Button Issue
People taking loans from their deferred compensation
accounts
Better than borrowing from a credit card
Pros and cons exist for borrowing from your deferred
compensation account
Mullooly Asset Management October 2012

3. Pros to Borrowing from Your
Deferred Comp Account
No credit check
You are borrowing your own money
Paying a rate less than most banks would charge
You pay yourself back the money
There is no prepay penalty
Mullooly Asset Management October 2012

4. Cons to Borrowing from Your
Deferred Comp Account
The statements are confusing!
First time home buyers: 15 years
Every other loan: 5 years
Payments NOT from payroll
One loan at a time
Mullooly Asset Management October 2012

5. None of the securities mentioned in this podcast are
considered investment advice.
If you’re relying on a podcast for investment advice, I
want to tell you, you’re making a huge mistake.
We strongly urge our listeners to consult with their
investment advisor before they make a decision to buy
or sell any investment.
Mullooly Asset Management October 2012

6. Mullooly Asset Management, LLC
Email: support (at) mullooly (dot) net
Phone: 877-223-7300 toll-free
732-223-9000 local
732-223-9600 fax
Website: http://www.mullooly.net
Mullooly Asset Management October 2012