06-24-2021, 08:24 AM
Going fulltime with my startup - advice needed?
submitted by /u/sir_cigar
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Incredibly stoked to say that I'll be going fulltime with my startup in a few months. We have funding, I have side income from another business, and enough saved up to take the plunge. I just have a few logistical questions to make sure the transition is smooth:
- 401k - Once I leave, my 401k will be tied to my current job/email, what's the ideal way to rollover my 401k? Should I set up a self-employed 401k to roll things over?
- Insurance - I'll be jumping on my partner's insurance for health/dental, but are there any things to watch out for before moving over?
- Mortgage - Since I will be leaving my current income and jumping on my side business income (which is significantly lower), are there any formal requirements to report the difference in income? What does that entail for my mortgage/credit/etc?
- Misc - Any other tips for making the process as smooth as possible?
Huge shoutout to all the helpful entrepreneurs here that have provided countless advice and tips along the way!
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