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Does it make sense for me to take a loan from my 401k and invest it on my own?

Short Answer: NO.

Longer Answer: You would immediately lose the interest on the loan. If you opened a taxable account you would pay taxes on your gains. Do you really think you could do so much better that you could make up for both the cost of the interest on the loan and the cost of the taxes on the gains?

If you want to invest on your own you have other choices:
1. Divert some of the future 401K contributions into a Roth IRA and invest on your own in that account.
2. Divert some of the future 401K contributions into a taxable account and invest on your own in that account.
3. Contribute to a Roth IRA over-and-above your contributions to the 401K.
4. Invest money in a taxable account over-and-above your contributions to the 401K.

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