Mailbag: Funding A Business Start-Up With My IRA

<p>It's time to go back into the mailbag to find out what's on your mind. Today we talk about whether funding a business from your IRA is a good plan, investing an inheritance, and how to help adult children financially.</p> <p> </p> <p><strong>Read more:</strong> <a href= "https://johnsonbrunetti.com/four-core-financial-planning-philosophies/"> https://johnsonbrunetti.com/four-core-financial-planning-philosophies/</a> </p> <p> </p> <p><strong>What we discuss in this episode: </strong></p> <p class="p1"><span class="s1"><strong>0:22</strong> – <em>Mailbag Question #1:</em> I’m thinking about starting my own business but I would have to pull money about $75,000 out of my IRA, which would require paying taxes and penalties. I’m not scared of those penalties but interested to hear your take on it.</span></p> <p class="p1"><span class="s1"><strong><a class= "spp-timestamp">3:04</a></strong> – Massive wealth is built without diversification.</span></p> <p class="p1"><span class="s1"><strong><a class= "spp-timestamp">5:03</a></strong> – <em>Mailbag Question #2: </em>My mom passed away and left me about an IRA of about $350,000 in it. What do I need to know about this account and how should I invest it?</span></p> <p class="p1"><span class="s1"><strong><a class= "spp-timestamp">6:36</a></strong> – <em>Mailbag Question #3:</em> My kids are both in their 20s and have been furloughed. They live with us so expenses are limited, but I’m wondering how to best help them financially during this time.</span></p>