So i was just curious to what some of your investment / savings strategies are for your business earnings? I have been looking into all the various types and it is a bit overwhelming. Basically looking for the best tax saving strategy where you can buy/sell withing the IRA and grow income tax free.
So far the best ways that I have come across are:
1. investing within a Roth IRA
2. SEP IRA
3. Self Directed IRA
Id like to see if anyone has any first hand experience with these and get the +/- of each.
I keep my money in a shoebox under my bed. No shit, I don’t trust banks. #paranoidgameproper
But seriously, hire a professional if you have a little money and want to put it away. Let someone who does that for a living handle it. You wouldn’t ask the guy at the burger king drivethrough to handle your campaigns. It’s essentially the same difference.
you are also asking questions that only a licensed professional can answer. it would be like asking a Dr. on the street corner with a sign for advice. Do you really trust the quality? Now, that does not mean they are saints. The news tells you about all the crooks, BUT outside the drama most older financial professionals have the experience and calm to give good advice or tell you they dont know. Remember its an advice and transaction for profit game. So, finds the one who makes the most money is not as important as finding the one that is honest and provable.
If you want some sort of Tax Shelter NOW, go for the SEP IRA. You can deduct a maximum of $49,500 depending on your income. If you want to save for retirement and pay the taxes now and not later (which will be higher taxes for sure) then go for the ROTH IRA.
The Article Published IN 08-01-2011 06:31 PM