Core Insights - A 30-year-old woman from St. Louis, Missouri, aspires to open a wedding venue in her local wine country, considering using her 401(k) savings to fund the venture [1][2] - Financially, she earns approximately $115,000 annually but has significant liabilities, including a $450,000 home, $24,000 car loan, and $15,000 in student debt [2][3] - Personal finance expert Dave Ramsey advises against withdrawing from her 401(k) due to penalties and taxes, equating it to borrowing at a 40% interest rate [2][3] Financial Strategy - Ramsey emphasizes the importance of paying off personal debt before starting a business, as carrying debt increases the risk of failure in new ventures [3] - A suggested alternative is to partner with a local winery to share financial risk while gradually building the business [4] - He recommends starting the business part-time to generate income before leaving her full-time job, advising a cautious approach to entrepreneurship [5] Business Launch Considerations - The average cost to launch a small business is estimated at $40,000 for the first year, with some businesses requiring even more investment [5] - It is crucial to plan carefully and consider personal financial stability, as managing personal debt alongside business expenses can be challenging [6]

The idea of working just 20 hours a week is definitely appealing, but it’s hard to imagine earning enough to make ends meet or cover the cost of living. After all, the federal minimum wage is still only $7.25 an hour, with the average annual income across all occupations at $67,920. Trending Now: I Paid Off $40,000 in 7 Months Doing These 5 Things For You: 7 Luxury SUVs That Will Become Affordable in 2025 So what if you were to cut down your hours by, say, half? Could you really make a living wage? Bernad ...