How to Use a Solo 401 (k) to Fund Your Business
Daniel Blue is the President of Quest Education, a company that helps entrepreneurs obtain capital for their companies, pay off high-interest debt and use self-directed retirement accounts to invest in alternative assets With over 10 years of educating small business owners, Daniel has a knack for helping individuals get creative with their finances that leads to life changing results.
During the show we discuss:
● What a “solo” 401k is
● Loan feature on a 401k and how it can help you
● How to make a 401k a solo one
● How to take money out of a 401k without paying tax penalties
● Process of using a 401k to fund a business
● Benefits of using a 401k to fund your business
● Kinds of rates can you get on this type of financing
● Is personal credit a factor in qualification
● Is revenue a factor in qualification
● How much money must be in the 401k to qualify
● Is it a good idea to tap into a 401k to launch a new business
● What percent of the 401k can you borrow against
● How to ensure you can keep the money out of the 401k without tax penalty
● What’s the interest rate is
● How to use this financing to pay off high-interest debt
● What do business owners use the funds for typically
● Why Wallstreet doesn’t educate on this
Show resources: