You work hard for $$, why not save a little

I'll admit I don't expect a ton of responses here, more of a PSA that I can actually help with for a few of you.

I don't do pay stubs or tax returns. This is aimed at those of you who actually pay taxes already, or are planning to. I do my own books and taxes so I could give you pointers if you're considering going this route, however I'm not a cpa and can't file your taxes.

If you want out of the hobby someday you should start saving money. A great way to do that is an IRA (individual retirement account). This will also reduce your taxable income, meaning you'll pay less in taxes at the end of the year.... Put some money in your own account and pay less to Uncle Sam... No brainer!

I'm a financial advisor and can open you a retirement account or savings accounts. No cost to open, only very reasonable management fee to manage the investments. Willing to barter if that's your priority.

For some this may be a foreign concept, I'm happy to answer questions. PM

I think most people have an IRA. If you have a pointer in something that I can contribute larger than $5,500/year, please tell us.

SEP IRA. Designed for self employed people. Contribution limit is $53k/year, up to 20% of income, whichever is less. Fully deductible.

Congrats to you Samantha but I'd say you're in the minority by having one.

I don't think anyone will do this but, just in case, consider this a PSA.

Run, Forrest, Run!
Unless you have a portfolio in the 10s of millions of dollars you absolutely do not need a financial advisor, certainly not one hired over a SHMB. There is nothing magical or mysterious about opening an IRA. It's like opening a checking account. Don't be fooled by the "no cost to open" comment.

Once you open your account and you don't want to do your own investment research, just buy the cheapest (lowest expense ratio) index fund. Very easy to research over the internet these days.

You can sock away more than normal contribution in an IRA if you are 50 or over. Self-employed individuals also have several options to put away more than the minimum. This can also be easily researched over the internet; just google Simple IRA as one example.

But for everything that is holy, do not give money (fees) to a financial advisor especially if you are only investing hundred of thousands of dollar or less. The fees will eat up your returns.

"Willing to barter if that's your priority."

Really?

SEP IRA. Designed for self employed people. Contribution limit is $53k/year, up to 20% of income, whichever is less. Fully deductible.

Congrats to you Samantha but I'd say you're in the minority by having one. Originally Posted by jmm

Thanks! I will ask my CPA. She never suggested SEP IRA, but she did suggest opening a 401-K account and make a contribution for myself. But I've been too lazy so I just dumped some money into JP Morgan mutual funds instead. I know…it's after tax…but oh well. I'll look into SEP.

Deadline 4 2015 contribution to SEP is April 15, 2016