When Ivy Simon, a 39-year-old from Chapel Hill, N.C., wanted to buy her first house in 2006, she borrowed $50,000 from her 401(k) for a down payment.
She paid back her loan easily, within two years. “I’m glad I did it, and I would do it again,” says Simon, who is now the owner of Palette and Parlor, a home design and decor business in Chapel Hill, NC. “I’d rather owe myself the money than a bank or someone else.”
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