I met someone who quit his job of 13 years and cashed out his 401(k) - is this a wise choice?

Cashing in a 401(k) is never the right choice - no matter what dream you are chasing. Wealthy individuals tend to avoid such risks, prioritizing long-term financial security.

A 401(k) is intended for retirement savings and comes with tax advantages. Accessing this money early usually incurs penalties and tax costs that diminish the account's value.

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