'Panicked' dad-to-be wants to use 401(k) to pay off car. Ramsey shuts him down. How to separate finances from emotions

If you’ve ever thought of pulling money out of your 401(k) to cover immediate expenses or debt, you might want to think twice. Preston, a 29-year-old from Austin, Texas, called into The Ramsey Show for advice on his $8,000 car loan. He’s about to be a dad, and was wondering if it would be “unwise” to pull money out of his 401(k) to pay off the loan before the baby’s arrival (1). Must Read “One hundred percent,” co-host John Delony said in a clip posted Jan. 17. “Terrible idea. Don’t do this.” “Absolut ...