An article by Suze Orman states that more Americans are becoming entrepreneurs and self employed persons. The most interest part is that most of these self employed Americans are turning out to be baby boomers, who are forced out of the corporate world or decide they don't want to do the 9 - 5 anymore but want to be more independent. This is excellent, if you worked for a traditional company for a long time and retired and you can still do something on the side.
Suze advocates planning ahead and having the money for your business already. This means not tapping into your 401K, home equity or any other cash flow source. I personally think, her advice is a little too one-way sometimes. I understand not tapping into your 401K because of the money you would loose in taxes but there is no reason no to tape into some of your home equity. You don't have to get a 100% equitiy loan but you can get $20,000 to $50,000 to get you started, if its a dream that you've had for a long time. Anyway, most people are almost done with paying off their mortgage by the time they are 50 or 60.
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