Life Franchise Anyone?

**MahiMike** · 04-30-2009, 10:44 AM

This one's mainly a spinoff of the IT discussion and for the older guys but really, anyone looking to do something different.

fyi: Anyone in IT looking for more info from folks in the industry should check out the DICE.com discussion boards.

Scenario: I'm 49 in couple months and stuck in a little town 2 1/2 hrs from my family in the city. The company is VERY prosperous even in these times so security is not an issue. The company here would love to hire me on permanent but the roots back in the hometown run deep.

A franchise that I've kept my eyes on for 3 yrs is now available in my area. Sweet! But the catch is, I'll have to cash in my 401K and take a big paycut to run it. 5 yr outlook to have it paid in full. The work hours are great. 20 or so per week on my schedule.

What would you do? Retire and die in the small town or risk the entire nest egg?

Fansy the Famous Bard · 04-30-2009, 11:08 AM

Your 401k isn't worthless?

**MahiMike** · 04-30-2009, 11:10 AM

Quote:

Originally Posted by Zeke

Your 401k isn't worthless?

I was luckier than most there. I lost about 10% but it's still substantial. Currently all in cash pending this decision.

Goldmember · 04-30-2009, 11:11 AM

I wouldn't take money out of your 401K. How about taking out a loan against it or a small business loan?

EyePod · 04-30-2009, 12:01 PM

Quote:

Originally Posted by MahiMike

This one's mainly a spinoff of the IT discussion and for the older guys but really, anyone looking to do something different.

fyi: Anyone in IT looking for more info from folks in the industry should check out the DICE.com discussion boards.

Scenario: I'm 49 in couple months and stuck in a little town 2 1/2 hrs from my family in the city. The company is VERY prosperous even in these times so security is not an issue. The company here would love to hire me on permanent but the roots back in the hometown run deep.

A franchise that I've kept my eyes on for 3 yrs is now available in my area. Sweet! But the catch is, I'll have to cash in my 401K and take a big paycut to run it. 5 yr outlook to have it paid in full. The work hours are great. 20 or so per week on my schedule.

What would you do? Retire and die in the small town or risk the entire nest egg?

Don't retire and start a franchise (unless you plan on doing tons of work). It's most likely more work thank you're thinking it is. What type of franchise is it?

04-30-2009, 10:44 AM
MahiMike He's Mahomie! Join Date: Aug 2001 Location: Jax, FL Casino cash: $10023443	Franchise Anyone? This one's mainly a spinoff of the IT discussion and for the older guys but really, anyone looking to do something different. fyi: Anyone in IT looking for more info from folks in the industry should check out the DICE.com discussion boards. Scenario: I'm 49 in couple months and stuck in a little town 2 1/2 hrs from my family in the city. The company is VERY prosperous even in these times so security is not an issue. The company here would love to hire me on permanent but the roots back in the hometown run deep. A franchise that I've kept my eyes on for 3 yrs is now available in my area. Sweet! But the catch is, I'll have to cash in my 401K and take a big paycut to run it. 5 yr outlook to have it paid in full. The work hours are great. 20 or so per week on my schedule. What would you do? Retire and die in the small town or risk the entire nest egg?
Posts: 17,387

04-30-2009, 11:08 AM	#2
Fansy the Famous Bard I'm with the Banned Join Date: Feb 2009 Casino cash: $-1153560	Your 401k isn't worthless?
Posts: 6,468

04-30-2009, 11:11 AM	#4
Goldmember You GOTTA get it done! Join Date: Sep 2004 Location: Northern California Casino cash: $9856738	I wouldn't take money out of your 401K. How about taking out a loan against it or a small business loan?
Posts: 2,044