You may not need to pay for financial advice if you can commit the time and resources to fully understanding your Personal Finance picture for the long-term, have access to and knowledge of inexpensive investment options, have a passion for Personal Finance and feel confident in balancing the return and risk in your portfolio without emotion.
Step one is to take action. My hope is that you move your personal finances up the To Do list. Act with a sense of urgency – at least to know where things stand today. Let me encourage you to save NOW for retirement. You need to know your savings rate and have a plan. All the Personal Services we offer are geared toward this.
Did you know you can save up to $66,000 before taxes in a 401K this year? While today’s writing focuses on the Solo 401K as an effective Asset Management tool for Real Estate agents, if you are or might become self-employed this post is for you!
Do you have a backup plan if your Target Retirement funds fall short? After all, these funds aren’t specific to you. They don’t know your goals and dreams. Are you willing to save more money, work more years, or sacrifice other goals?
For college planning use a 529 at a reputable broker unless the tax benefits you get from your state are meaningful. Keep your costs low, your investment plan simple and your contributions regular.
The Solo 401K is the ideal Retirement Plan for those Independent Contractors looking to maximize long-term Retirement Savings potential, reduce their tax burden to the fullest extent and have flexibility – assuming these are of utmost importance.
