Nov 12, 2021
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.
What we discuss in this episode:
0:22 – Mailbag Question #1: 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.
3:04 – Massive wealth is built without diversification.
5:03 – Mailbag Question #2: 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?
6:36 – Mailbag Question #3: 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.