{ "media_type": "text", "post_content": "Creating a company and going the self funded route. Is it silly for me to cut tax advantage account contributions (e.g., 401k) to gain cash on hand? - even if I lose firm contributions.", "post_id": "60ff32fea9dd13002fc34ad0", "reply_count": 11, "vote_count": 2, "bowl_id": "5b0ec788cf11a800139f9490", "bowl_name": "Startup and Entrepreneurship" }

Creating a company and going the self funded route. Is it silly for me to cut tax advantage account contributions (e.g., 401k) to gain cash on hand? - even if I lose firm contributions.

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This may be an unpopular opinion but I think it’s worth the risk. You’re essentially giving up the match which is finite to try and get infinite levels of return. Bet on yourself.

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Agreed. If you’re not all in, why are you doing it? Obviously, you need money to live on, but I’d do this. Do you want the money now or when you’re 60?

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I did this, but still contributed the minimum 401k to take advantage of the match. This will be the first year I contribute the max amount of $$ to my 401k

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Right—I wouldn’t give up the match, if there is one. That is free money, but no firm I ever worked at had a match.

Can you own a company while at a big 4

It’s a B2c application

Thanks everyone. Already made the switch a few weeks ago just wanted to confirm

I never understood the point of 401s. Who wants to wait until they’re 60 to have a sizeable chunk of money anyway. If you’re frugal, prudent about saving and smart about your investments, you can get infinitely higher returns than most 401K options. I’d personally say go for it.

Hear, hear! I personally don’t have a 401k. None of the three law firms I worked at matched, so I also do not see the point.

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