Looking to Use my 401k to Start a Business where I am day trading

QUESTION:

I found out about your company doing a google search. I am looking to use my 401k to start a business where I am day trading and investing the money into other business ventures.  The stock day trading would only be for myself and I wouldn’t have anyone’s money that I would be managing or trading.

I wanted to give you a little about my background.  Right now I am currently receiving long term disability benefits that I had through my previous employer.  I have been on disability since 5/16/2017.  I have a permanent disability that will not allow me to go back and perform the duties of my previous position.  There also haven’t been any other positions that have opened for me to do.  After 1 year on disability the company will be terminating my employment officially.  Since that is about a month from now I wanted to get  information about starting a company where I can day trade and invest in other businesses.

My retirement account is currently made up of part 401k, part Roth, and part pension from the company.  Not sure what all I will have access to.

 ANSWER:

While I certainly appreciate your inquiry, unfortunately you can’t set up and fund a business via our 401k Business Financing plan to day trade or invest in other businesses.  I wish you the best of luck.

About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>

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