Business Ideas for Solo401k

[Larry Im]

I am currently working as a corporate drone and intend on doing so as long as the value is right. Only day, I would like to convert an IRA into a solo401k. I am curious to know what businesses others have started while in similar situations. Asides from searching 'business ideas' on Google, but I'd be interested in learning about actual experience and feedback from BP members. Thanks!

[Pat K.]

Hi Larry,

Please don't put yourself down by calling yourself a corporate drone.. and then feel the need to justify to us why you are. (as long as value is right) It doesn't sound good.

The fact is... you have a job, like many people, so you can pay your bills and have a life. 

I am a little confused with your statement that you would like to "one day convert an IRA" Is this a personal IRA or some type of company retirement retirement plan?? If this is a personal IRA, as soon as you open any type of business and become self employed, you can convert it to a solo 401K.

You could open a Tupperware or Mary Kay Cosmetics business and then convert your IRA, so long as you work the new venture as a real business, trying to make money! If you think you will open some type of business and not work hard to make it profitable (just use it as some cover to convert your IRA to a solo 401K) think again! If you get caught by the IRS doing this, you will not be happy!!!

As Justin says, you could be a consultant or sub contractor within the industry you currently work, you could do this on a part time basis and this would be your self employment business to convert your IRA to a solo 401K. You probably should search Google for business ideas, as we can not really give you any ideas, as we do not know your areas of expertise or likes!

As far as your questions about converting IRA/401k's, I would highly suggest you pick up the phone and call Dmitriy and Justin. Why not call the experts??? They would be most helpful for your situation and will give you valuable information. Seriously, IRA/401k's are not an area you want to go it alone without expert help!!! You are dealing with tax law and the IRS!!!

Best of luck to you!