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Preparing for the future, now.

Discussion in 'Business Management' started by 100kinvesting, Oct 22, 2018.

  1. 100kinvesting

    100kinvesting Affiliate affiliate

    Many of you are looking to start your own business, maybe just as an independent contractor. There are also those of you that are successful with your ventures. Now, what are you doing, to prepare for the future?

    Since you're "self employed," you probably don't have a 401k, or similar? If you are the only one who is employed, full-time, by your business (or you and your spouse), have you looked into a SoloK/Solo401k? (Wikipedia Entry). Unlike a Self-Directed IRA, there are more freedoms and options. For example, in the SoloK, "you" can make contributions as both the employer, and employee, essentially doubling the contributions you can make, compared to what you can do with the SDIRA.

    Generally, when a job offers you such a retirement plan, it's through a 3rd party company (ie, Van Guard), and they have products they sell you (mutual/index funds), and then charge you fees to manage these for you.

    What can you invest your self-directed accounts into? Unlike traditional 401ks, IRAs, etc, the options are almost limitless. Essentially, there's only limits of what you can't: Most collectibles (stamps, art, wine), S-Corp Stock (which is actually something on the S-Corp side), life insurance policies (and the like), and "prohibited transactions"...this is defined as you can't use the money, yourself, or with parents, spouses, siblings, kids, or other close relatives...but if you set up a multi-member LLC, and the IRA (or the IRA's LLC) is a member, then that can get around that, but be sure you have a good CPA+Lawyer make sure everything is compliant. Almost everything else is allowed. Cows. Cryptocurrency. Real Estate. Starting/expanding a small business. The list is almost endless.

    Note: this information applies to US personnel. I don't know specifics for other countries, but I would think there are, like Self-invested personal pension in the United Kingdom. I also don't know, but would guess that a foreign entity could open one in the US, just like they could open a bank, but you would need to consult the appropriate advisors, and decide if you want to invest in your country, or others.

    I hope this information proves helpful to members of the Community.
    Faelmaran likes this.
  2. Voluum
  3. Aliza johnz

    Aliza johnz Affiliate affiliate

    You are always preparing for the future even if you do not think of the future. You are always preparing for the future even if your mind is focused upon the past. This is because your life builds upon itself. What you experience today is based upon what you accomplished or did not accomplish yesterday. And what you will experience tomorrow will be partially built on what you can accomplish today. Your life is built upon the foundation of the past, and you are building the foundation for the future at this moment. This is true within your life and within all life.
  4. Aveathlei

    Aveathlei Affiliate affiliate

    I don’t believe in money which are somewhere out there. I believe money should work all the time and it is kind of stupid just rely on your retirement plan. I’m sure that the best option is to invest the money and leave on profit which is made almost without efforts.
  5. Graybeard

    Graybeard Well-Known Member affiliate

    One day you get old --it's nice to have your money earning some passive income in your retirement accounts. Not having to struggle to exist financially is a true comfort.

    That said, I will work on something until I am unable -- it keeps the mind sharp; and you have a reason to get up in the morning and do something productive. Besides that -- making money is good for you!
  6. Daceyank

    Daceyank Affiliate affiliate

    I believe in the future, and thae fact that there is hope for a better tomorrow. However, I don't believe in the notion of letting my money lie idle somewhere out there in the name of preparing for the future. After all, why suffer today for tomorrow that I don't even know if I'll live to enjoy?
  7. Faelmaran

    Faelmaran Affiliate affiliate

    I believe in the future, and that how you prepare now influence your performance in the future. This can be in terms of savings and investments, career development and personal growth and even much more. For an affiliate, you can prepare for the future by getting all the information you can and building your networks
  8. Graybeard

    Graybeard Well-Known Member affiliate

    Make money and learn to make more money with the money you made already.

    Become a religion and save all the souls in the world (how to really make money :D).

    Knowledge is power, Information is power and Money is often the food of fools ;)
    Faelmaran likes this.
  9. ksoftseo

    ksoftseo Affiliate affiliate

    Thank you for sharing this great information
  10. charles786

    charles786 Affiliate affiliate

    such an obliged information avail for the future planning in business-relevant of stunning in coming days.