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Funding Your Small Business
Manage episode 407253282 series 3561782
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Funding a new business can be achieved in a number of creative ways. Knowing your tolerance for risk and your ability to gain back what you lose can influence where you find your funds.
In this episode, Ben and Andrew hash through different funding sources and share how sometimes risk pays off.
In this episode, you’ll also hear:
- Pros and cons of tapping into retirement funds
- Understanding what you can afford to lose
- Roth IRAs, 529 Plan, and other sources of funding
Must-listen moments:
[00:13:37] We set the money aside in retirement and in anticipation of being able to take care of your future self. We need to make sure that we're still taking care of your future self. I'd be hesitant about completely draining your 401k to fund a business venture.
[00:15:55] When it comes to risk of any sort, whether it's to protect it with insurance or to take it through an investment, the question here is how much can you permit? What's your risk tolerance in having your whole life disrupted if this doesn't play out or go to plan?
[00:26:56] If you have any equity in the home and you're looking to tap the home equity line of credit, or tap that equity through a home equity line of credit, a HeLOCK, I think that can make a heck of a lot of sense—that equity in the home isn't doing anything for you.
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