I need some advice.
I want to increase my monthly income level by a few hundred dollars a month. My idea is this:
1. Pay off a 401K loan of $1500.00, then borrow $10,000.00 against my 401K.
(payment would be $209.00 mo for 5 years)
2. Pay off my truck $10,000.00. (payment is $426.00 mo for 2 more years)
3. Sell truck for around $9,000.00, then buy a used vehicle for $1500- 2000. (this leaves me around $7000.00-7,500.00)
4. Pay off a bank loan of $5500.00 (payment is $172.00 mo)
5. Put remaining $2000.00 in savings account.

I would end up saving about $389.00 mo.

Is this a reasonable plan?

Thanks