Using your IRA funds to realize your dream of business ownership

Using your IRA funds to realize your dream of business ownership

Owning your own business makes a lot of sense these days. To be in control of your own financial future and realizing that the rewards you get in life are directly proportional to your own efforts is very liberating.

Business ownership is not for the faint hearted, however there are some simple steps you can take that will make this decision easier and relatively risk free. The key is to get into a business you have the skills for and preferably a business that already has the systems in place to make running the business an easier task.

Franchises are often a great way to go. They already have the "bugs" worked out and provided it is a good franchise, it will be relatively easy to get your new business up and going. The only problem with a traditional franchise business can be the ongoing fee's and advertising levy's that can really eat into your cash-flow each month. My suggestion is to take a look at owning a distribution business.

Obtaining a distribution business or distribution license for a product often provides you with all the same benefits as a franchise without the huge purchase price and ongoing levy's and fee's. Distribution businesses usually have great operating systems and strategies in place that are easy to follow and generate real results.

So how do you purchase your new business with little or no liquid cash? Well here is an industry secret that could have you well on your way to being an entrepreneur in your own right.... You can use the funds in your IRA before retirement age to buy a business without incurring penalties.

Thanks to the government's 1974 ERISA laws, you can self-direct your investments including using your retirement funds to buy a business or distribution business. Funding your new enterprise with retirement money is often a great choice for people who want to gain control of their future by going into business for themselves.

Here is even more great news!

Using retirement funds to finance your entrepreneurial efforts could mean much higher returns in your retirement account as well.The profits from your business not expended on deposit loan repayments can be put back into the account. This way, your retirement nest egg grows as well as the success of your business. Profits funneled into your retirement account is tax deferred, just as earnings from stock investments-traditional market. Over time, you could save thousands in tax dollars. Restructuring your IRA (or other retirement accounts such as 401 s (k)) to be able to buy a business or a distribution business is best left to professionals experienced in such matters.

All of this means your dream of business ownership could be a lot closer than you think. We investigated several companies that fit the bill and found one company that ticked all the boxes. They have developed a fantastic business opportunity and has released it as a distribution license costing less than $15,000. With projected on track earnings for the owner upwards of $200K per year! Now that's not bad. It is extremely affordable. You can use your IRA funds to purchase and they have a great system already in place.

In my book this ticks all the boxes. Remember business ownership does have its risks. No one can guarantee the success of any business as your own skills and efforts will account for 90% of the business success.

Overall, using funds from your IRA to purchase a business makes good sense. It means you can reach your income goals faster and without having to rely on working 9-5 every day at a "job".

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