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Solopreneur Money

Aug 11, 2020

Have you been furloughed, laid off, or terminated due to COVID? Are you an out of work marketing consultant? If this sounds like you, then this is the episode for you. 

If you are a want-to-preneur (someone who has always wanted to start their own business), then this is an amazing time to take the leap and create the life you have always dreamed of. 

If you are interested in learning how the CARES Act can help you get started then grab your headphones and press play now.

You will want to hear this episode if you are interested in...

  • Being your own boss [1:22]
  • Using the cares act to help you start your own business [2:19]
  • Discovering who can help you get started [5:14]

Are you a want-to-preneur?

Have you always wanted to be your own boss? Do you dream of striking out on your own and taking care of your own clients? If you have been furloughed, laid off, terminated, or had your hours reduced, then this is actually the perfect time for you to take that leap. 

If you think that you can really make a go of starting your own business, then now is the time. Discover how the government has created the perfect environment for you to get your business started while at the same time continuing to support your family. 

How the CARES Act can help you start your own business

If you want to start your own firm then the perfect time is right now. The government has just given you a gift in the form of the CARES Act. 

The CARES Act allows you to take withdrawals out of your retirement plan so that you can continue to support your family or invest in your business. According to the CARES Act you can take up to $100,000 out of your retirement account and pay it back over the course of 3 years without any taxes or penalties. 

However, you’ll need to listen in to find out why it is extremely important that you work with a competent tax professional. 

What are the qualifications for using the CARES Act?

Using the CARES Act to withdraw funds from your retirement accounts does have its limits. There are certain qualifications you must meet to be able to use the CARES Act.

To qualify you or someone in your family must have been diagnosed with COVID-19 or been furloughed, laid off, or had a reduction in hours. Additionally, if you were unable to work due to a lack of childcare you could qualify as well. 

Some of the most successful companies were born in recessions

You may be thinking I’m crazy. What kind of financial advisor suggests tapping into your retirement plan to start a business during a recession?

The truth is, you’ll have to dig deep, but if you think that you can really make a go of starting your own business, then now is the perfect time!

Actually, some of the biggest, most well-known companies were created in recessions. AirBNB, Venmo, and Uber came out of the 2008 recession. Microsoft, Burger King, HP, and Trader Joe’s are other well-known brands that were born in trying financial times.

Taking money out of your retirement plan is very serious and not something to be taken lightly. If you need help getting started, then please, feel free to email me to schedule a consultation. I’d love to help you become the successful solopreneur that you know you can be. 

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