Investing General Discussion

Foler

The_Black_Log Foler

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Sanrith Descartes said:
Ok, Im gonna go out on a limb and assume this isnt a larp and spend a minute typing this.

When you say paycheck, is it from a company or family? If you are working the family business, you can opt to instead of being a w-2 employee and instead form your own company and let them pay you as a 1099 NEC. You then get to expense off various aspects of your business. Additionally, it will allow you to enroll in a SEP. You can then stack the tax savings for maxing out IRA contributions with SEP contributions. This will also save the family business money since they wont be paying payroll taxes on your salary. Its a win/win.

If you work for a company and get a w-2, please make sure you are maxing out the annual 401k contribution as your first priority saving vehicle. If you get a w-2 from a company and also get a w-2 from the family business this is the best of all possible scenarios. Max out 401k from the company and then have the family pay you as a 1099 and you then max IRA and SEP.
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From the company I work for. Yes I’m maxing out my 401k. No I’m not involved in any family business.
 
Sanrith Descartes

Sanrith Descartes

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Foler said:
From the company I work for. Yes I’m maxing out my 401k. No I’m not involved in any family business.
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Then as a simple w-2 employee without any type of side business maxing 401k is #1. Max Roth contribution #2 (since there is no tax benefit for a traditional IRA due to the 401k). #3 is throw the rest of your spare cash into a brokerage account invested in the S&P.

Caveat: If you are on a high deductible health plan and thus have access to an HSA then insert this as #1A which is to max out the HSA contribution.
 
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Mist

Mist

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www.cnbc.com

U.S. GDP grew at a 5.2% rate in the third quarter, even stronger than first indicated

The acceleration topped the initial 4.9% reading and was better than the 5% Dow Jones forecast.
www.cnbc.com www.cnbc.com

www.cnbc.com

Americans are 'doom spending' — here's why that's a problem

As financial fears mount, some Americans are "doom spending," or spending money despite their economic and geopolitical concerns, as a way to cope with stress.
www.cnbc.com www.cnbc.com

The media literally can't just admit that the economy is actually pretty good (aside from housing.) It's insane. MUST PROMOTE FEAR.
 
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Foler

The_Black_Log Foler

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Sanrith Descartes said:
Then as a simple w-2 employee without any type of side business maxing 401k is #1. Max Roth contribution #2 (since there is no tax benefit for a traditional IRA due to the 401k). #3 is throw the rest of your spare cash into a brokerage account invested in the S&P.

Caveat: If you are on a high deductible health plan and thus have access to an HSA then insert this as #1A which is to max out the HSA contribution.
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I don’t have a Roth IRA. I’ve always just thrown it into my own investments (via advisor). It sounds like I should look into this. thanks
 
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Sanrith Descartes

Sanrith Descartes

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Foler said:
I don’t have a Roth IRA. I’ve always just thrown it into my own investments (via advisor). It sounds like I should look into this. thanks
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"depending on your actual income" The Roth is a must have. All proceeds put in grow and come out in retirement tax free. if you adjusted AGI is >$153,000 as single then you cannot contribute. This may be why your advisor has not mentioned it to you.

1701285600908.png
 
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Mist

Mist

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Sanrith Descartes said:
"depending on your actual income" The Roth is a must have. All proceeds put in grow and come out in retirement tax free. if you adjusted AGI is >$153,000 as single then you cannot contribute. This may be why your advisor has not mentioned it to you.

View attachment 502342
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*Remember that AGI is after your 401k and other contributions, so if you're contributing the max to 401k, HSA, etc. then you can still qualify
 
Foler

The_Black_Log Foler

Stock Pals Senior Vice President
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Sanrith Descartes said:
"depending on your actual income" The Roth is a must have. All proceeds put in grow and come out in retirement tax free. if you adjusted AGI is >$153,000 as single then you cannot contribute. This may be why your advisor has not mentioned it to you.

View attachment 502342
Click to expand...
Well I guess that’s why I don’t have one. Thanks.
 
swayze22

swayze22

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Mist said:
www.cnbc.com

U.S. GDP grew at a 5.2% rate in the third quarter, even stronger than first indicated

The acceleration topped the initial 4.9% reading and was better than the 5% Dow Jones forecast.
www.cnbc.com www.cnbc.com

www.cnbc.com

Americans are 'doom spending' — here's why that's a problem

As financial fears mount, some Americans are "doom spending," or spending money despite their economic and geopolitical concerns, as a way to cope with stress.
www.cnbc.com www.cnbc.com

The media literally can't just admit that the economy is actually pretty good (aside from housing.) It's insane. MUST PROMOTE FEAR.
Click to expand...
you truly are a perplexing individual

yeah like there is no inflation if you take out food energy housing...
 
T

Tide27

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Holding through earnings is straight up gambling. There are times that stocks double beat and the stock plummets, there are times they double miss and stock shoots through the roof...and every variation in between.
 
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Foler

The_Black_Log Foler

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I am now the holder of FXAIX. First stonk I’ve bought myself. This follows now keeping all my emergency funds in SPAXX instead of cash thanks to earlier advice in thread. A special thank you to Blazin Blazin and Sanrith Descartes Sanrith Descartes . I will make sure to check in every 1.5 years to give you guys all the exciting news and happenings in my index fund!
 
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Sanrith Descartes

Sanrith Descartes

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Tide27 said:
Holding through earnings is straight up gambling. There are times that stocks double beat and the stock plummets, there are times they double miss and stock shoots through the roof...and every variation in between.
Click to expand...
CRM ripping faces. Its not just about earnings and revenue beats. These days its really about the forward guidance. A double beat but guiding lower is a solid 10% down day.

edit: trimmed my position by 25% and took the profits on that lot.
 
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