financial advice

Hi! Just trying to figure out the best options for saving or investing my cash. Wondering what other providers to with theirs or the smartest thing to do with mine. Any advice is much appreciated.

Ok--depends on if you are filing taxes (yes it is possible and advisable for the long) and what your investment objectives are. If for retirement look into Roth IRA with a competent broker--same if you want to grow your $$$ outside of retirement. Look up "dollar cost averaging" on internet to understand the time value of money and how providers legally pay taxes and contribute to Social Security. Turns out IRS does not really care (and has limited congessional authority to report alleged illicit income)--they do care about honest reporting and collecting taxes. Provider colleagues can surely give you their hints too. Kudos for wanting to be smart with your $$$.

Put as much as you can spare every month, minimum of 10% of gross income into an IRA. Pick a fund that is conservative with proven returns. You don't want high risk investments in a retirement fund. This has to be declared income. Make sure to go into any retirement plan with the knowledge that you are saving long term and won't touch it. You will be a lot of $ behind any decent return if you pay all the fees and tax penalties associated with taking the money out early. Go to your bank or lawyer and get one set up with low fees and/or commissions and manage any investments yourself. You don't have to take any financial courses or even understand finance if you are conservative and safe. As long it is reported income and you don't touch it, get started and learn as you go.

Gina on p411 suggested companiontax.com start there.

Walk into a local investment brokerage and open an account. Once s basic account is open, you can start acquiring pretty much any mutual fund, or stock, that you wish. You can also start up an IRA's (Regular or Roth) attached to your primary account.
Edward Jones
Charles Schwab
Morgan Stanley
Fidelity
Pick one close to save driving all over town.
But yes, taxable income is a key issue.
Sara's mention is a tax preparation outfit that is discrete.

Ok--depends on if you are filing taxes (yes it is possible and advisable for the long) and what your investment objectives are. If for retirement look into Roth IRA with a competent broker--same if you want to grow your $$$ outside of retirement. Look up "dollar cost averaging" on internet to understand the time value of money and how providers legally pay taxes and contribute to Social Security. Turns out IRS does not really care (and has limited congessional authority to report alleged illicit income)--they do care about honest reporting and collecting taxes. Provider colleagues can surely give you their hints too. Kudos for wanting to be smart with your $$$. Originally Posted by Roboz

This is correct. It doesn't matter what you do just pay your taxes!

Put as much as you can spare every month, minimum of 10% of gross income into an IRA. Pick a fund that is conservative with proven returns. You don't want high risk investments in a retirement fund. This has to be declared income. Make sure to go into any retirement plan with the knowledge that you are saving long term and won't touch it. You will be a lot of $ behind any decent return if you pay all the fees and tax penalties associated with taking the money out early. Go to your bank or lawyer and get one set up with low fees and/or commissions and manage any investments yourself. You don't have to take any financial courses or even understand finance if you are conservative and safe. As long it is reported income and you don't touch it, get started and learn as you go. Originally Posted by Mizzou82

The IRA investment is deducted from the income. So if you put $2,000 or $10,000 into an IRA you pay no tax on it, but you pay taxes when you take it out after retirement. For a Roth IRA, you pay taxes when you put it in, but you earn income which is not taxable when you take it out.

Better yet, set up a corporation with you as an employee who pays taxes and social security. But the business also has to pay for the social security. If you register as self employed you have to pay double social security, so it turns out to be the same thing.

Look up the requirements on drawing social security, and you will find how long you pay in so that you can draw out. It really is a good deal, if you plan on living past retirement.

JR

Great advice from everyone!

My only suggestion is have goals.
Retirement and then what?
How about save enough to buy a business where you know for sure living is a likely outcome.
Any small business to your enjoyment, time constraints, and abilities?
Remember anything is possible when you have the Tools!

Great start lady...good luck to you.

I SPEND IT!!

No,seriously...I use a lil portion to help my grown kids...and I spend ALOT of money on my grandson {he is my world!}

I try to keep some saved back after bills are paid for a "rainy day fund"......but I always seem to have enough to go shopping {lol}

I've been investing for 20 years and my setup works for me!
Spend 2 minutes and buy this fund or spend 50 hours doing a ton of research
Whats the offer?

MY goal is to die broke...and I'm right on track coinciding with my hobby goals!

MY goal is to die broke...and I'm right on track coinciding with my hobby goals! Originally Posted by BigDeal

AND do not forget ... HAPPY!!

To invest in an ira, you have to have earned income. Even though it is deductible, you'll still have to pay self-employment tax. And if you live in kcmo, they want their 1%. I've been putting funds in a vanguard target retirement fund. The closer you get to your retirement age, the less risky the investments are.

if you're going to invest undeclared income. You'll want to make the deposits small enough to not attract unwanted attention. If your declared income is low enough, or you have a dependent, you might get your s/e tax back thru the earned income credit. As others have suggested, it would be better in the long run to file and pay as you go. Also I believe the irs is prohibited from sharing information. Unless maybe the fbi. But if they are looking at you, you've got bigger problems.

AND do not forget ... HAPPY!!
Originally Posted by DallasRain

And yes happy! Thanks DR!!

Thanks so much everyone for the great advice! !