My boss wants me to become a partner in his business. But his financial advice worries me.?

My boss owns his business and wants me to become his partner. I enjoy the work I do and see opportunity to make money with him, but his "financial advice" seems awful. Does this make him a bad person to partner with? His suggestions for me to save money: (1) Drop my private health insurance, (2) Reduce auto insurance from full coverage to liability, and (3) cash in my IRA to pay off my debt - a 43% tax penalty rather than the 5% tax deductible interest home equity loan that I took out to consolidate. These seem, to me, to be some of the worst financial decisions one could make. To me, they are risky and represent "living for today". I feel that doing these things would be financially irresponsible and gambling with my future. He doesn't pay taxes (cash business), doesn't use banks, cashes customer checks at a check cash place that doesn't report, registers his home and vehicles in his wife's name out of state, and pays me under the table. Am I crazy for even considering his offer?