Is Buying A Franchise Still A Viable Path To Wealth?
A franchise has long been a viable path to wealth. However, the model is under stress from inflation and government regulation.
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SEP IRA vs. Solo 401k for the Self Employed Professional
I’ve recently written about two options for the self-employed professional to save a significant amount for retirement in a tax advantaged way. The SEP IRA, and the Solo 401(k). In this article I’ll summarize the key differences and advantages of one over the other. While both of these plans will help you achieve your goal
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Three Paths To Build Significant Wealth During Your Lifetime
Many people dream of having wealth during their lifetime. For some there is a desire to retire early and re-claim their time. For others wealth is seen as a way to help their family thrive through education, or to be able to contribute to charitable causes. While there are many paths to wealth, I will
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Solo 401k for the Self Employed Professional
Self-employed professionals can save for retirement using tax-advantaged accounts like the Solo 401k, offering both employee and employer contributions tailored to individual goals. The Solo 401k permits pre-tax, Roth, and after-tax contributions and a higher potential savings rate compared to SEP IRAs, with caps at $66,000 for 2023 and $69,000 for 2024. Complexities in administration versus a SEP IRA are offset by the benefit of increased contributions and Roth options. Consulting a tax advisor is advised for compliance and maximizing benefits.
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SEP IRA: Big Tax Savings for the Self Employed Professional
As a self employed professional you are responsible for establishing your own retirement plan. Fortunately there are several options that can result in significant tax savings and help you eventually exit your business with a solid retirement plan. Some retirement plan options for self employed professionals include a SEP IRA, Individual 401k, Defined Contribution Plan,
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Max Out Your 401k with the New $23,000 limit
The IRS has raised the 401k contribution limits for the 2024 year to $23,000.
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The Pros and Cons of Renting Versus Buying a Home
The pros and cons of buying versus renting a home considering the recent increase in mortgage rates.
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10 Ideas To Earn Part Time Income In Retirement
Ten potential ways to earn part time income during retirement.
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Roth IRA Strategies After SECURE Act 2.0
On December 23, while most of us were beginning to celebrate the holidays the president signed a massive $1.7 Trillion Omnibus bill to fund the government. Tucked away in this 4,000 page bill were significant changes that will impact retirement savers known as Secure Act 2.0. While there were many changes in the new law
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Early Retirement: Thoughts On The First Six Months
About six months ago I transitioned from a 22 year career as a financial advisor to a state of early retirement. Since the beginning of my career it was a long term goal of mine to be in a financial position to have the option to retire early. While I will likely not stay retired
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