BFC General/Daily discussion thread. Don't eat out today.

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > BFC General/Daily discussion thread. Don't eat out today.

GhostofJohnMuir: Aug 14, 2014; anime is not good

BaseballPCHiker posted:

Is there a hierarchy of what retirement accounts you should focus on first?

For example this year we maxed out our IRAs, my wife and I did just a regular non-roth IRA. Then we each contribute up to the max match in our 401ks.

Based on the company match and our contributions we would only be about 2/3 of the way towards maxing our 401ks. Would we be better off maxing out the 401k and leaving the IRAs less funded next year? Our savings goal for 6 months in an emergency fund is almost finished so we may be able to contribute more to retirement next year.

as others have said, after you put enough into your 401k to secure your full company match, the main question is the quality of the funds in your company's 401k plan and the expense ratios and administrative fees. very often an ira opened at fidelity, vanguard, or charles schaub will be cheaper and have many more funds to choose from compared to a 401k, but not always

one minor factor that's much less important, but still kind of worth knowing is that the money in 401ks is very difficult for any potential creditors to seize, while iras have less robust protections which require you to declare bankruptcy. it's a very niche benefit, but if a theoretical 401k and ira were identical in terms of funds and fees, the 401k would be better to hold in case anyone successfully sues you

# ¿ Aug 12, 2022 06:45

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# ¿ May 10, 2024 09:38

GhostofJohnMuir: Aug 14, 2014; anime is not good

buglord posted:

I feel very dumb asking what a brokerage account is.

Is it like Vanguard? I have a Roth IRA through them and I have some fund that is named corresponding to my retirement year in 35 years.

technically your Roth IRA is a brokerage account, but typically the term is short hand for a non-tax advantaged account, which vanguard does offer

# ¿ Jun 1, 2023 22:47

GhostofJohnMuir: Aug 14, 2014; anime is not good

Kaiser Schnitzel posted:

This is the book you want:
https://www.amazon.com/Write-Business-Plan-Mike-McKeever/dp/1413323197

.....
Having a business partner can be great or really bad. Don't get in business with someone unless you are prepared to potentially have your relationship with them destroyed forever. Starting a business is a huge financial decision and you need to make sure you have a good support network and that everyone in your family (ESPECIALLY your spouse, if you have one) is fully on board. Much like renovating a house, starting a business has destroyed many, many marriages.

these are all great questions. market research to determine what your customer base looks like and whether or not you can actually draw enough people through the door at a net positive rate is the single most important thing

i'd also ask how your home repair skills are, and what the costs are going to be when guests inevitably flush a towel down the toilet, destroy some furniture, carve their initials in the cabin exterior. shrinkage and excess wear and tear turn up everywhere in this space, in ways that would really surprise anyone who doesn't have experience running a motel or shortterm rental. a lot of first time business owners focus on really well researching the initial startup costs, but the ongoing expenses that they didn't account for can be major killers

# ¿ Nov 18, 2023 20:53

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > BFC General/Daily discussion thread. Don't eat out today.