ROBS
I’m thinking of starting a c Corp to use one of my 401ks from an old job to buy an established business. Medical bills have used up most of my savings and I am not getting younger. There’s about 100,000 in the 401k, I’m 53 and a black hole would not be able to consume the hate I have for my job. just wondering if a ROBS would be a good way to go if I can’t get a SBA. My credit score was in the 800’s last time I checked. Thanks
Terry Says
For those wondering, ROBS — rollover for business startup — is a way to use 40l(k) assets to start a business.
Let me just say that in the case you have described, this is a TERRIBLE idea. I have a strong feeling that you’re going to need that 40l(k) money down the road, and risking it on this new venture is just the wrong thing to do.
There’s a simple answer to your situation. FIND A NEW JOB! (Then, and only then, quit and start enjoying the work you find.)
