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.
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