Funding new business using 401K

NEVER touch your retirement. NEVER

 

^^^^^^ THIS.

 

But rates are high and they’re sure to make more money trucking than in a 401k

 

What if there was an owner operator opportunity hauling CBD oil that guaranteed a return better than a Roth IRA?

 

Are YOU that guy?!?!?

 

Early withdrawal will put you into a higher income tax bracket if it is a significant amount, say, over $200k or so. PLUS the IRS will tack on a 10% early withdrawal penalty to that again. So you could be looking at nearly half the money going straight to the IRS for an early withdrawal.

Some things to consider....

Do you think the 401k money reinvested in your business (80% of new businesses fail....) will earn more than just leaving it alone?

If you wait til 59.5 years old the withdrawal will be taxed at a reduced rate and you'll be able to withdraw more of the principal for yourself.

 

No such beast exists. If the op has trucking experience it may be a gamble worth taking. That is if he does blow his retirement and he can still scrape by.

Of course I would suggest anyone to never do it.

 

Tucker was interested in CBD oil the other day, so I was simply offering up a scenario for the retirement to pay yyyuuuuugggeee dividends. Remember, to make a million in trucking.....start with two million and run an Elog

 

Do it!!
I’m staying away from the CBD oil.
I did learn a little in that thread,