Unemployment insurance will drop off pretty quick. The threshold is really low (depending on state). For example, in Texas you pay a rate of 6% on $7k of wages, but you also get tax credits for reasons too long to explain here, but it ends up being 0.6% rate on the $7k. So after $7k of wages, you won’t see the UI anymore.
Hi Leila! Great video. I was just wondering would you consider a non-corporate part time job to help relax any pressure on having to earn a certain amount through the business? Maybe even go back to doggy wash!? 😂❤
Hey Leila, I am self employed as well and really like your budget template would you be willing to update the old to look like this so i could use it as well. Or do you sell this particular one?
Great video again Leila! I normally watch your videos on my TV but watching today from my phone 😊. You’re such an inspiration. Love watching you navigate this newness as a full time entrepreneur. Hoping you exceed your $3500 rev goal this month!🎉🎉🎉
For unemployment tax you only pay on the first 8000.00 you make per year. I work in unemployment tax for the state of AL. So that is why it is decreasing! Thank you 🙏🏽 for your content!
Hey Leila, what are you using your Brokerage Account for overall? I am growing mine to be a resource for the years between leaving the working world and when I will turn 67 or 70.
I just like the idea of having some money invested outside of retirement accounts so I can access those funds more easily before 59 1/2 if I wanted to! I guess it's kind of like an extra emergency fund for me!
Hey Leila, I have a question, when you put payroll and distribution in your disposable income for the month, can you use both to pay the bills or only the distribution part? I guess so but just to clarify, would it mean you pay some things from your business account and some from your personal?
I can use both! Maybe payroll isn't the right word to use for that section, payroll above my personal spending are my actual paychecks for me as an employee, so I should just call it paychecks or something different. Hopefully that makes sense! I can spend directly on personal things from my business checking account but I never do that. It's only for business expenses, payroll, and distributions
I overspent massively in June, with crystals being the main culprit. I love the soothing atmosphere they create, but enough is enough. I will be strong in July. Thank you for making me feel a bit better about this as I was feeling a bit low earlier! Have a great month and I look forward to hearing from you with the skincare that you have been trialling to help with redness x
Ooh crystals!! Glad what I said made you feel better. We can do better these next couple months! So far no major changes in my skin, I'm just accepting what is 😂
1) No HSA account? 2) So can we max out the Roth even before year's end? 3) Can we max out the SEP too to make use of the money in the investment account?
1. I don't have an HSA. My plan through my previous employer didn't qualify and neither does my plan now. 2. Yes! You can max out your Roth IRA on the 1st of the year if you want to! As long as you have enough earned income for the year you are investing for. 3. For a SEP IRA you have to be careful because you can contribute up to 25% of your total compensation or a max of $69K for 2024, whichever is less. So you could end up contributing too much if you tried to do the full $69K. For the rest of 2024 I'll only be investing a couple hundred to my SEP each month. Hope that helps!
I am 1 paycheck way from having a 200k invested/saved! My goal is to have 250k by April next year on my 30th bday.
What are you investing into?
Unemployment insurance will drop off pretty quick. The threshold is really low (depending on state). For example, in Texas you pay a rate of 6% on $7k of wages, but you also get tax credits for reasons too long to explain here, but it ends up being 0.6% rate on the $7k. So after $7k of wages, you won’t see the UI anymore.
Ooh interesting! That makes sense. Looks like for GA it's $9,500 and I recently hit that for actual payroll. Thank you!
Love your videos ! I’m a new sub and I’ve been binge watching them 🤩
Thank you so much for being here! ❤️
Leila has lot of great content. Enjoy the binge-watching and welcome to this community!!!🎉
Hi Leila! Great video. I was just wondering would you consider a non-corporate part time job to help relax any pressure on having to earn a certain amount through the business? Maybe even go back to doggy wash!? 😂❤
I absolutely would if I felt that was necessary! Right now though I don't feel any pressure to do that!
@@PersonalFinancewithLeila sounds great, rooting for you!
Hey Leila, I am self employed as well and really like your budget template would you be willing to update the old to look like this so i could use it as well. Or do you sell this particular one?
Just added it as a new tab!
Happy Birthday🎂🌻
Thanks again Jennifer!!
Great video again Leila! I normally watch your videos on my TV but watching today from my phone 😊. You’re such an inspiration. Love watching you navigate this newness as a full time entrepreneur. Hoping you exceed your $3500 rev goal this month!🎉🎉🎉
Aw thank you so much!! ❤️❤️❤️
For unemployment tax you only pay on the first 8000.00 you make per year. I work in unemployment tax for the state of AL. So that is why it is decreasing! Thank you 🙏🏽 for your content!
Thanks Tracy!! That makes sense!
Good video beautiful Leila!
Best month ever...🎉 My birthday month as well. Lol
Yay!! 🎂
Hey Leila, what are you using your Brokerage Account for overall? I am growing mine to be a resource for the years between leaving the working world and when I will turn 67 or 70.
I just like the idea of having some money invested outside of retirement accounts so I can access those funds more easily before 59 1/2 if I wanted to! I guess it's kind of like an extra emergency fund for me!
Hey Leila, I have a question, when you put payroll and distribution in your disposable income for the month, can you use both to pay the bills or only the distribution part? I guess so but just to clarify, would it mean you pay some things from your business account and some from your personal?
I can use both! Maybe payroll isn't the right word to use for that section, payroll above my personal spending are my actual paychecks for me as an employee, so I should just call it paychecks or something different. Hopefully that makes sense!
I can spend directly on personal things from my business checking account but I never do that. It's only for business expenses, payroll, and distributions
I overspent massively in June, with crystals being the main culprit. I love the soothing atmosphere they create, but enough is enough. I will be strong in July. Thank you for making me feel a bit better about this as I was feeling a bit low earlier! Have a great month and I look forward to hearing from you with the skincare that you have been trialling to help with redness x
Ooh crystals!! Glad what I said made you feel better. We can do better these next couple months!
So far no major changes in my skin, I'm just accepting what is 😂
😊❤😊🇺🇸🎆
1) No HSA account? 2) So can we max out the Roth even before year's end? 3) Can we max out the SEP too to make use of the money in the investment account?
1. I don't have an HSA. My plan through my previous employer didn't qualify and neither does my plan now.
2. Yes! You can max out your Roth IRA on the 1st of the year if you want to! As long as you have enough earned income for the year you are investing for.
3. For a SEP IRA you have to be careful because you can contribute up to 25% of your total compensation or a max of $69K for 2024, whichever is less. So you could end up contributing too much if you tried to do the full $69K. For the rest of 2024 I'll only be investing a couple hundred to my SEP each month.
Hope that helps!