"We save over half of our income each month and most of that savings is going towards what will hopefully be our first home purchase this summer. Last spring, we were surprised with having to pay in the IRS in both state and federal taxes like a few thousand dollars," David says. "Can I open a solo 401k or a SEP IRA for myself based on that side hustle income in order to reduce our overall taxable income for 2018?" he asks. 'That is a great way of not only deferring taxes by virtue of being able to put some of your income into a tax deferred retirement account,' Dave adds.
#197: Should Bret invest in a Traditional IRA or a Roth IRA?
If Amanda gets married, how will her child support be affected? What about her student loan forgiveness?
Joe is investing in bonds, which average a rate of return that’s equal to the interest rate on his mortgage. Should he switch to all-equities and redirect his bond investments into mortgage payoff, instead?
Taunia has a car loan, a 401k loan, a home improvement loan, a primary mortgage, and a second mortgage. She also has an emergency fund that only covers two months of expenses, and she’s trying to save for college for her two children. What should she prioritize?
Mickey has a six-month emergency fund. Should he leave it in a savings account or invest in bond ladders?
David made $10,000 from a side hustle last year. Can he open a Solo 401k or SEP-IRA for his side hustle business? If so, which one should he choose?
Should Andy invest in a Target Retirement Date fund, or should he split his money between a U.S. index fund and an international index fund?
Former financial planner Joe Saul-Sehy and I answer these seven questions in today’s episode.
For more information, visit the show notes at https://affordanything.com/episode197
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