Entrepreneurs Turning To 401(k)s For Startup Funds

In the face of a lagging economy and credit crunch, many business experts and financial firms have encouraged business owners to dip into their retirement savings.

Yet, this might not be the best solution:

“A small business is risky, and when you combine it with your retirement funds to launch the business, you are multiplying your risk,” says Gerri Detweiler, a personal financial adviser at Credit.com. “It’s easy to get caught up in the immediate needs of your business, but the last thing you want is to have your business fail and have nothing for retirement.”

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