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what would you do when your job becomes a burden?
polaris:
--- Quote from: daywane on March 22, 2010, 07:19:46 pm ---thinking about pulling 401k and just start my own business.
been doing it on the side for some time now.
each year more and more people want more wood from me. (fire wood)
getting imposable to keep up with all the over time.
my wood sells faster than others because I work 1 year in advance.
seasoned wood. Other sellers go cut a tree and sell it the same day. Mine sits a minimum of 9 months in a barn before it is sold.
also we seem to have a garbage service problem here in my county.
I helped a man in my teens start a garbage rout. in 10 years he sold it to BFI for over $100,000,000
I see the same opportunity here
--- End quote ---
well get on it then, and stop smoking too
daywane:
very very tempting.
DaOld Man:
Ive been working in factories for over 30 years now, and I know exactly where you are coming from.
I can retire from my company sometime this year, but not old enough to get SS yet, so probably couldnt make it on the small pension check I would get.
I would like to start a business too, just cant figure what to do.
RobbyMac:
I was self employed for 9 years. It was ok, but I was a one man band (freelance artist) and it got difficult during busy seasons. About 50% of my annual sales were in the 1st quarter of the year. This made for a relaxing summer and fall, but was a constant burden between cash flow and killing myself for that big payoff first quarter.
Eventually I gave it up and went to work for someone else...
Typically you start doing it on the side, until it gets too much of a demand that you cannot juggle your part time business and daytime job both. Its at that point that you are forced to make a decision on whether you keep the full time gig, or quit and do your side job full time. Having the wood cutting gives you an idea of what sort of revenue and workload you have. Bonus is, you probably don't have to worry about competing with some online retailer, or 3rd world country!
Fordman:
--- Quote from: daywane on March 22, 2010, 07:19:46 pm ---thinking about pulling 401k and just start my own business.
--- End quote ---
BAD IDEA!!!!! 10 percent penalty right off the top to the feds. Then you are taxed at a 27% tax rate or more depending on the amount in the 401K. So, if the 401K had $100,000 in it, you automatically give up $37,000 ??? That isnt a wise investment! If you dont want to keep the 401K that is offered by your present employer, transfer it to another. Its yours and you can keep it where its at for the rest of your life or if move to another company, transfer it there. Also, you should consider putting $5000 into a ROTH IRA for both you and your wife each year. It is after tax dollars and any interest or investment gains are TAX FREE!!!!
BTW, did you happen to add some zero's onto the dollar figure BFI paid for that garbage route? $100,000,000 is a ton of money for single garbage route. I dont think they could possibly make that back in a 1000 years!
Fordman
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