Facing Layoff or Downsizing? Turn it into a Layoff Opportunity

You've just gotten the worst possible news, considering the economy:  you've been given a layoff notice. What next? Before you panic, use this layoff as an opportunity to change direction. Don't cash out that 401(k) - now's the time to be your own boss and start the business you've always dreamed of!

Many companies are downsizing and more people are facing layoff than ever before. What's worse is when your severance package isn't enough to carry you through next week, much less next month. Admit it; you've even been considering cashing in your 401(k) so you can buy a little breathing room. The business consultants at DRDA/CPA want you to know there is an alternative to giving up your retirement savings while you look for another job working for someone else.

This layoff is the perfect opportunity to open that small business you've been dreaming of—and you can use your 401(k) to finance it—without cashing it in. At www.borsaplan.com, you can learn about an exciting way to make your existing 401(k) work for you.

A BORSA loan is a Business Owner's Retirement Savings Account and it is a tool to roll over your 401(k) into the leverage for the start up costs or expansion costs or a small business. There are no distributions, taxes, or penalties to pay and you don't need to take out a loan. The professionals at DRDA/CPAs will walk you through the paperwork step by step, so there's nothing stopping you from finally starting that business.

The nationwide trend for layoffs has been rising. In fact, according to the US Department of Labor, if things don't turn around, September 2008 will mark one year since there have been fewer than 100,000 new unemployment claimants in a calendar month. Many companies are completely eliminating severance packages and people who believed their futures were secure are scrambling to find a new plan.

The job situation in California just took another hit as Gov. Arnold Schwarzenegger called for the layoff of more than 10,000 state employees and is trying to reduce nearly 200,000 more positions to minimum wage. The real irony here is that Schwarzenegger is mandating downsizing so the government can balance its budget, yet he's leaving thousands of California citizens with no way to reconcile their own budgets. While California is leading the nation in mass layoff numbers, the problem is nationwide, with Pennsylvania, New Jersey and Florida reporting the next highest layoff rates in the country.

If you've ever thought about starting your own business, there's never been a better time than now to start finding all the resources you can. Many people have no idea that they can finance their dream of owning a business with their 401(k). The BORSA plan is a great way to finance your start up without risking your retirement. To find out more about making your small business dream become a reality- and using your layoff as an opportunity to change your life- call the DRDA team of financial experts at 281-954-6040 today or visit them online at www.drdacpa.com.