4 Money Rules To Break

We all are concerned about money these days. Where do I invest, how can I save more, will I ever recover? Financial Expert, Joe Murray of First Financial Group, a regular contributor on Fox29 news told me today he has 4 rules we can break in 2011.
First-your 401K. The old way of thinking Joe tells me is to avoid taking loans at all cost.
Now Joe says in the current economic environment it may be the most affordable place to get money. “If you borrow from your 401K and pay prime plus 1 which is about 4.50%
when you go to pay it back, you are paying yourself back, the only negative you are out of the market for a bit.” says Joe. Second-your IRA. Joe says “it used to be recommended you convert it to a Roth, pay no taxes in the future, but interest rates are low now and with taxes where they are keep it where it is.” Third-Mortgages-Joe says “It used to be you looked for the lowest interest rate and put 20% down and pay off the loan quickly, now only put 10% down because the price of homes may still go down in an unstable market, so hold onto that extra money and invest it.” Fourth-it’s o-k to start charging on credit cards again.
Thanks Joe–I always look forward to Money Tips.