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moana posted:Financial Goals for 2015: I know this is the wrong thread but I'm assuming you're 100% self-employed? Are you contributing to and maxing out a SEP-IRA (20% of your gross up to $52k) as well as contributing to a Solo-401k? Or is there a 20% of gross income limit of the IRA+401k combined and you've just spread it between the two?
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Dec 14, 2014 16:40
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moana posted:Yep to the first as of this year, no to the second. Both me and my husband are self-employed, and we both have solo 401ks - you can contribute both as an employer and employee to a solo 401k, so $17,500 + 20% of net income with a cap of $52k. I'm trying really really hard to save up since we're thinking of having a kid in the next year or two, and I'd like to be able to take a couple years off without worrying about retirement savings. With the amount we're making now, the solo 401k was the best option, also we can take loans from it if we need to. YMMV but if you are saving a high percentage of your income I think a solo 401k makes the most sense: Honestly, I'm always confused about it but I've gone to a handful of different CPAs over the past couple years and they all told me to go with the SEP-IRA and max out 20% of gross. My wife and I make too much to contribute to Roth-IRAs (why in gently caress's name is this a rule?). I own my own consulting business and she works, but we file jointly. My Financial goals for 2015: 1) Find an accountant that I trust and who knows their poo poo. 2) Get the emergency fund up to $20k. 3) Begin building a taxable investment portfolio. 4) Never visit a casino again and keep the gambling reserved to the stock market.
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Dec 14, 2014 20:36
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moana posted:This past year I had $250k income and $40k expenses not including the mortgage. So I'm hoping by the time I have to get another job, my mortgage is gone and my work doesn't have to be well-paying to cover my expenses. It's a gold rush now though over at Amazon, so I'm making hay while the sun shines. Hope that helps, please feel free to PM me with more questions if you'd like to try your hand at it! Not to derail but I just want to say how awesomely refreshing it is to see posts like this. I love to hear about people who are killing it by thinking outside the box. I'm assuming you're generous with your advice because it is a lot harder than it sounds...I mean, any time I flashback to the horrors of writing 10-page papers in college and my balls retreat to my stomach. I can't imagine writing a novel.
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Jan 12, 2015 18:04
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