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Resist the urge to go with the crowd by adhering to smart investing techniques. One such technique is dollar-cost averaging, a simple system of investing at regular intervals no matter what the market is doing.
While it doesn’t guarantee success, it does eliminate the likelihood that you're always buying at the top.
Late fees, banking fees, credit-card fees -- the amounts might seem insignificant when taken individually. But if you’re regularly paying penalties and fees, these charges can quickly eat a hole in your budget.
Avoid being nickeled and dimed! Read the fine print so you understand fee rules, and stay organized so you avoid breaching those rules.
Taking out a loan against your 401K is usually a less expensive option than a straight withdrawal where you may have to pay income taxes and a 10% penalty, however there pitfalls that you must take into account.
Most plans will give you only five years to repay the loan. If you borrow a large amount the payment could be substantial.
If you fail to make the payments or leave your company you may be required to pay back the outstanding balance within 60 days or be forced to take it as a hardship withdrawal that will incur taxes and penalties.
Make sure you understand all of the consequences of borrowing against your 401K.