SOLO 401(k) vs SEP IRA: kzitem.info/news/bejne/pW6f3Kx4pJtepaw When do you think self employed people should ease-off reinvesting back into their business and start investing into a retirement account? Curious to see what y'all think...
@cryptosig283
2 жыл бұрын
I wanna contribute. The best thing I could have done with my business (and not everyone can) is make sure to pay quarterly taxes on time every time. Before I learned how to save for my business, I had to learn to pay quarterly first. In the beginning of my business I’d get screwed every April trying to figure out how I’m gonna pay. After I took some serious pay cuts I started to learn to live more frugally and learned how to allocate money. Taking the quarterly out of every pay check before touching the money was the best financial decision I’ve ever made. While I was doing that I learned that I could take more than I needed for taxes out and split some of it I to savings. And that’s when I later learned if I don’t have the money in checkings, then I won’t spend it.
@Financial_Awareness
2 жыл бұрын
@CryptoSig - Hey man! You a Sigma Chi by chance? Just curious given your handle. Yeah, def don’t want to get late paying Uncle Sam…paying quarterly help reduce a massive bill each April. Glad you got it all squared away over time and learning through your previous struggles. Well done boss! Cheers! Thanks for watching the video and being part of the channel.
@joannawheeler8441
2 жыл бұрын
So helpful and clear. Great video great production. Watching your other vids now.
@odbarret
3 жыл бұрын
Why was this not taught to us in business school? Anyway, thank you for this educational material. So needed!
@Financial_Awareness
3 жыл бұрын
@Orane Barrett - Thank you, boss! Appreciate you taking the time to check out the video and for the good vibes. Cheers!
@TheLauraGomez
2 жыл бұрын
Great videos!! Who would you recommend to do taxes with as an LLC partnership? Thanks in advance! :)
@Financial_Awareness
2 жыл бұрын
@Laura Gomez - Hey thanks! Very kind of you to share that feedback - I appreciate it and hope you've found a few financial nuggets & takeaways. To answer your question, in my opinion, you should seek out a CPA in your area. This will allow you to have a more personal discussion and more of a "sit down meeting" where you can ask tons of questions. I do not have any affiliation with CPA's and cannot refer you to anyone specifically...start with the folks in your inner circle that you trust that you know have demonstrated some degree of financial intelligence...ask them who their accountant / CPA is and start to get referred to a CPA from those around you that you trust. That's a great start and you should be able to find someone that way. Cheers boss lady! Appreciate you.
@TheLauraGomez
2 жыл бұрын
@@Financial_Awareness Thank you so much, truly appreciate it! Happy Holidays :)
@unorthodoxsavings9552
3 жыл бұрын
Sending this video to my barber since he has a unpredictable income !
@Financial_Awareness
3 жыл бұрын
@Unorthodox Savings - Thanks, Joe! Hope your barber is able to generate some more revenue with more and more people getting the vaccine. Side note, I've been my own barber for the better part of 12 years now...LOL. Appreciate you, boss man!
@yumicrisostomo3094
10 ай бұрын
Thank you, awesome
@traderinthetrees1785
2 жыл бұрын
Your Channel is the best of its kind that I’ve found so far! Thanks for the educational content!
@Financial_Awareness
2 жыл бұрын
@TraderintheTrees - My goodness…so so soooo kind of you. Thank you! 👊🏻👊🏻
@nberger6984
2 жыл бұрын
You said the solo 401k should fund from your business account…. I assume that’s for the employer contribution only. The 19500 employee contribution should come from my personal no?
@Financial_Awareness
2 жыл бұрын
@N Berger - I just called Vanguard and asked them for clarity on this. Nice guy on the phone...he said they only allow ONE bank account to fund the plan for Individual / Solo 401k's...and the only other main requirement is an EIN for the business. Based on all that I would suggest using the main business checking account to fund the Solo 401k...but that is my preference. According to the guy at Vanguard he said they don't care where the money comes from - just that you can only have one account funding the plan. Perhaps call a CPA to confirm their preference / best practice. Hey, thanks for checking out this video and the channel...hope there might be a few more vids of interest to you. Cheers!
@nberger6984
2 жыл бұрын
@@Financial_Awareness perfect thanks so much!!!
@peterkarantonis3495
3 жыл бұрын
Very informative. Always look forward to your videos regarding the self employed.
@Financial_Awareness
3 жыл бұрын
@Peter Karantonis - Thank you very much...I appreciate you. Yeah, as the channel grows I try to keep an eye on which videos receive the most views and the YT analytics allows me to see which videos convert a viewer to subscriber....the 'self employed' topics seem to resonate with most of my subscriber base so far. Hence, I try to focus on those topics a little more while still keeping the channel focused on Financial Planning/Investing. I've got several ideas lined up for future videos, but please feel welcome to comment or make any suggestions on what you think people would like to watch/learn about. Hope you're doing well! Cheers, boss!
@tank1238
3 жыл бұрын
Very informative! Appreciate the content so i had to subscribe. Keep it up.
@Financial_Awareness
3 жыл бұрын
@Uncle_Earl-007 - Hey thank you! Glad you’re finding some value in the videos. Cheers, boss!
@lindseygaiser9879
2 жыл бұрын
Very informative. I appreciate your channel!
@Financial_Awareness
2 жыл бұрын
@Lindsey Gaiser - VERY MUCH appreciate you as well! Thank you for sharing the positive vibes! Cheers!
@joannawheeler8441
2 жыл бұрын
I want to watch each video you suggest thru out this video but its hard to go back and find each part where they are mentioned and the thumbnail is shown. If they were in the description, the links to each video, in the order they are mentioned, I could watch each one much easier and quicker!
@Financial_Awareness
2 жыл бұрын
Ugh! I’m sorry about that! I have many of the videos organized by topic…so if you scroll through the home page you can see how I have them divided up…hope that helps! Thanks for checking out the videos and channel!
@TheJoepeanut
3 жыл бұрын
Glad I found your channel thank you
@Financial_Awareness
3 жыл бұрын
@Joe Bro - Thanks, Joe! Make yourself right at home and let me know if you've got questions...will help if I can. Appreciate you taking the time to check out the videos and channel. Cheers, boss!
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