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I’m Earning Extra from my Side Hustle. But Does This Cramp My Chances at Investing?
Mar 7, 2024
56:27
Snipd AI
Explore how individuals tackle financial dilemmas like balancing side hustles with retirement contributions and navigating tax implications. From maximizing contributions to 401k plans to handling student loan repayments and business deductions, this episode provides valuable insights on building financial discipline and investment strategies for a secure future.
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Quick takeaways
- Starting late shouldn't deter financial growth; effective solo 401(k) contributions show latecomers can still succeed.
- Maximizing retirement contributions offers significant tax benefits but requires understanding risks and benefits of age-restricted accounts.
Deep dives
Starting Retirement Savings Late
Individuals often delay managing their finances, believing they have too little to invest. However, starting late can lead to misplaced investments, hindering financial growth. The podcast highlights a listener who turned around their finances by starting late but effectively growing their portfolio through solo 401(k) contributions. The power of compounding and strategic investment decisions were crucial in their success.
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AI-powered
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Listen to all your favourite podcasts with AI-powered features
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode