Should You Tap Your 401(k) to Start Your Business?
Thousands of Americans are using retirement savings to start new businesses. Some thrive, others founder. Is the gamble worth it?
Five Years Later
What happens to Entrepreneurs who use their retirement funds to start businesses? To find out, we caught up with four Entrepreneurs who had used their nest eggs to launch franchises in the mid-2000s. Here's what they did and how it turned out. --J.B.
Entrepreneur: William Mitchell, Charlotte, N.C.
In 2005:
Took $200,000 out of his 401(k) plan to help pay for his Primrose School at Eastfield Village, which provides day care and after-school programs for 170 children.
Continue reading this article - and everything on Entrepreneur!
We make some of our best content available to Entrepreneur subscribers only. Become a subscriber for just $5 to get an ad-free experience, exclusive access to premium content like this, and unlock special discounts.
Entrepreneur Editors' Picks
-
Crypto Doesn't Have to Be Serious. Just Ask This Comedian Who Organized a Conference About Failure in the Industry.
-
Want to Succeed? Turn Your Fixed Mindset Into a Growth Mindset.
-
Google's CEO Is Asking Employees 3 Simple Questions to Boost Productivity
-
'Greatest Storyteller Wins.' Katy Perry on the Surprising Link Between Pop Stardom and Entrepreneurship.
-
How to Unleash Your Creativity and Transform Your Marketing Strategy
-
The 5 Personalities You Meet in a Coworking Space
-
'Man's Best Friend' — and Investment: The Thriving Industry of Pet-Related Franchising
