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What is an Active-Duty Entrepreneur?
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An active-duty entrepreneur is a military service member or spouse who deliberately plans and carries out the steps required to conceptualize, develop, and (perhaps) launch a small business while still on active duty. They understand that utilizing their unique military ecosystem (which provides job security, a dependable salary, health-care, and a predictable career timetable) provides them a built-in advantage over other aspiring entrepreneurs. In fact, the military ecosystem might be the ideal place to begin small business development. Think of the untapped well of entrepreneurial potential energy the Department of Defense has to offer! If only a small percent of the overall military population mobilized this new approach, it would be a game-changer by spurring small business development, innovation, and job creation resulting in an overall positive affect on the sluggish US economy.
An active-duty entrepreneur understands that creating a business is an exceptionally difficult task but one that can be overcome if they use the military ecosystem to their advantage. With a predictable career timeline, service members (separating or retiring) have a definitive timeline to begin their planning. With a timeline established, they can leverage their bimonthly salary to gradually budget for and invest money in their small business in a deliberate and pragmatic fashion.
An active-duty entrepreneur understands that carrying out these steps represents a best opportunity to enjoy successful small business ownership and a more stable transition from the military at a very low risk to themselves and their families. With the luxury of time, a stable job, and consistent money, the service member can endure the tumultuous early phases of business conception and start up while learning to be a savvier private sector operator. As they grow more mature together over time, so does the chance that the small business seeds they plant will create a viable small business that could provide a steady income before separation or retirement thereby negating the typical apprehension associated with transition.
About the Author: Jason Anderson is a 19 year USAF Lietenant Colonel who is also a small business owner and author of the book, "Active Duty Entrepreneur." You can follow Jason on Facebook (https://www.facebook.com/activedutyentrepreneur) and Twitter (https://twitter.com/ADEntrepreneur1). To read more from Jason and to order his book, follow this link: http://activedutyentrepreneur.com/
[These aren't real questions that avid readers have sent in, yearning for my sage advice. I'm just paraphrasing some discussions I've had about money with family, friends, and co-workers]
I just changed jobs. Should I leave my 401(k) with my old employer, or roll it over to my new employer's 401(k) plan?
You shouldn't do either. You should rollover your old 401(k) into an IRA with low-cost mutual funds, like Vanguard. There are 2 main problems with 401(k) accounts in general: