your videos are great!!!! question. What if you are 64 and never had a retirement account, 401, ira, Roth, etc. AND you got got $1M. and are self employed. What retirement account makes the most sense.? Keep up the great work!!
Okay but now we need a guide to actually setting one of these up with one of the providers... including how to choose what to invest in, how to monitor, etc..
Thanks for the video. Wondering if I qualify for one of these I have a side hustle that I established as an LLC and am the sole proprietor. But I am also employed at an engineering firm that has a 401K with a match. Am I still eligible for this and, if so, does my 401K at work affect my contribution limits in the SD 401K? Also, If I eventually become a contractor (be it contracted by the company I work at now or as an Uber Driver even) under my own LLC does that allow me to qualify? (be it contracted by the company I work at now or as an Uber Driver even)
To answer your first question - you can contribute to both 401k (from your employer at an engineering firm as well as your own LLC) BUT the total contribution can not exceed more then the allowed limit (which is $23,000 for 2024)
Wow!
Is this better than a SEP IRA?
your videos are great!!!! question. What if you are 64 and never had a retirement account, 401, ira, Roth, etc. AND you got got $1M. and are self employed. What retirement account makes the most sense.? Keep up the great work!!
Okay but now we need a guide to actually setting one of these up with one of the providers... including how to choose what to invest in, how to monitor, etc..
Thank you 🙏🏽
Thanks for the video. Wondering if I qualify for one of these I have a side hustle that I established as an LLC and am the sole proprietor. But I am also employed at an engineering firm that has a 401K with a match.
Am I still eligible for this and, if so, does my 401K at work affect my contribution limits in the SD 401K?
Also, If I eventually become a contractor (be it contracted by the company I work at now or as an Uber Driver even) under my own LLC does that allow me to qualify? (be it contracted by the company I work at now or as an Uber Driver even)
To answer your first question - you can contribute to both 401k (from your employer at an engineering firm as well as your own LLC) BUT the total contribution can not exceed more then the allowed limit (which is $23,000 for 2024)
Hey Karlton your setting up an LLC link is not working. Thanks
Karlton the GOAT
Excellent video. Thanks Karlton !!
Thanks good know great way to offset your gross income and save rather then give it to Uncle Sam… Pay Yourself First 🔥🔥🔥🔥🔥
Excellent information!
With a Solo 401k in particular, you are allowed to be your own trustee.
Awesome video. I love that you arent gate keeping. Im a CPA and you shed light on a lot of topics. Thank you boss 🔥
I've literally never ever heard anyone call an IRA an "eye-ruh" like that....
I’ve heard financial advisors refer to it that way.