Simple IRA v. Roth IRA v. 403(b)
episode
DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing
16 min
3 speakers
2 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
What is the main topic discussed in this episode?
Hey, this is Daniel. Thanks for listening to DIY Money. If you haven't already, be sure to give us a five-star review on iTunes so your friends know that they can learn from the show. Now, enjoy the show.
Welcome back, ladies and gentlemen. You're listening to another edition of DIY Money.
DIY Money. A. Howard on the YouTube video. I hate this, Quinn. Why?
Why do we sign up for video?
Why?
Because, I don't know. I'm like, what do I do with my hands?
You just talk. You can be Italian. This can be your opportunity to be Italian.
That's what Logan did last week. Not to call him out. He was like, what's up?
The people listening to audio right now. You need to adjust your mic a little bit, though, so we can see your whole face. No down. Just a little bit. There you go. There you go. I'm not sure what to do with my hands. Be good. Just hold them down by your side. Yeah, great.
Good. And you got the tissues ready? Handy?
Well, listen, I love the new weather, 70 degrees, except when it's 30. I mean, it's like 30 degrees in the morning. It's like 50.
What are you talking about?
Well, this morning it was. Yesterday it was like 35, whatever. We have these 40-degree swings, and it's like my allergies, sinuses are absolutely killing me. Like never before, never have I had it this worse. I get allergy shots. I also bit myself in the backside because – This winter, I stopped taking allergy shots. I was going to try to hack it. I was like, the minute the weather turns, I'll start going back. And I planned it. I didn't plan it correctly. So I like went, I'm like far too gone. Like my last allergy shot was like in December. So I showed up for an allergy shot. They're like, hey, we haven't seen you in three months. What's your name again? I was like, well, so what? Like just, I'm the same guy.
They're like, no, you got to come in for an appointment. You got to blah, blah, blah. So that bit me in the backside. Man, I hate when that happens.
When they give you the shots, is it always the same thing? Or do they change it based on what's in the area?
No, the mixture is the same based on what I'm allergic to and this area. But the dosage is different and then the concentration is different. Which I think is a racket, candidly. I think it's a total racket. I think it's like... Don't get me started on this. Don't get me started on this. I kind of want to get you started. No, do not get me started on this. But anyways, I've taken allergy shots for probably 35 years. I probably have taken them, well, even longer. Since I was probably 8 to 10 years old, I started taking allergy shots. Moved to Kentucky. Oh, my gosh. Only time in my life for two years I lived in Florida, no allergy shots. It was glorious. Glorious. So I'm just dying today of allergies. So I apologize.
My sound. I apologize to those of you watching on YouTube.
If you start crying.
If I start crying, I'm going to blow my nose. It's the allergies for sure. All right. Let's do some odds and ends. First of all, podcast questions. Send in the questions. We need them. Podcast at DIYMoney.org. That's podcast at DIYMoney.org.
We've got to get some juniors too.
We've got to get some juniors. If you've got a junior, send it in.
Come on.
I got giggly the last podcast we did because of Logan's smoking meat. And I just thought, I don't know why, I just thought that was hysterical. What's Snoop Dogg's favorite part about the grill? The sizzle. So I thought I'd just say, bring it up again. He was like, I'm just loving my smoking my meat.
Logan's just rolling his eyes. Okay. It's only weird because you made it weird. I know. I stand behind that.
All right, let's go. We got a question from Katie today.
Katie, what do you got?
D-I-Y.
Hey, DIY Money Team. Thanks for all you do. My name is Katie from Bonnie Lake, Washington. And my question today is about a simple IRA versus a Roth IRA. I'm the pastor of a small church with a few employees and I want to set them up with a retirement account option. I know that a simple IRA has lower startup costs and matches required. from me as their employer which is good because we don't have a huge budget to begin with but other than that can you tell me the pros and cons of a simple IRA versus a Roth and is the simple IRA also contributed to with after-tax dollars like the Roth is also since we're all church employees I know that some retirement accounts have certain benefits that pastors can take advantage of so if you have the time to speak to that too that would be great thank you guys so much love what you do
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