Starting a Business Retirement Plan
episode
DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing
15 min
1 speaker
4 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 Allie, and thanks for listening to the show. Give us a five-star review where you listen and share this episode with someone who might need to hear it. Now, enjoy the show. Welcome back, ladies and gentlemen, to another edition of DIY Money.
DIY Money.
I sat in the bad chair today. This mic, every time we're here, is just horrible.
The mic is fine.
People just like to complain.
So Allie and Quint like to complain, and it is what it is. Yeah, it's fine.
You want to come out in these shoes? We're going to put you in this chair after.
How do Allie and Logan introduce the topic of starting a business retirement plan?
I feel like I'm just going to hold the mic up. Ain't no thing.
What's going on in your world, A. Howard?
I'm just getting fired up for Banjo's first party.
Oh, my gosh.
Yeah, first party.
Our dog's first birthday party. I know we have talked about this on the episodes before. You're an entertainer, so you throw down. You do all the things. So our dog's name is Banjo. I think I've already said this, but we have a Western-themed party.
Howdy, city slickers. No fighting, no cussing, no gunslinging.
It's actually pretty cool. You know when you go to a sports game and they have the little boxes where you put nachos in?
Yeah.
So we got those boxes and we have nachos and I did pulled pork and mac and cheese and all the things. So it should be pretty good.
I'm excited. I can't wait.
I enjoy the entertaining part of it. Hannah, my wife, truly enjoys celebrating banjos. She is so fired up about celebrating the dog's first birthday.
It is a high priority on my Saturday. I will be party hopping that day from my uncle and aunt's 50th wedding anniversary.
Oh my.
Incredible. Then I'm going straight to Banjo's party. Have to make an appearance. Of course. Then I'll be throwing my own party that evening.
And of all of those, the one-year-old puppy birthday is by far the most important.
That's the highlight. Sorry, Caroline.
Okay. Let's get to our housekeeping odds and ends. Let's take a quick break for our sponsors. All right. Send those questions. Send your questions into podcast at diymoney.org. That's podcast at diymoney.org. If we use your question on the show, you'll get a $25 Amazon gift card. So make sure you send those in. Check us out on the socials.
Minute or less.
Minute or less.
Yes. Very good. People come on.
It has to be an audio question. So make sure you record it and put it on an audio question and send it in to us. And if we use it on the show, like I said, you'll get a $25 Amazon gift card. Follow us on the socials, DIY Money Podcast on all the socials out there. And follow the DIY Money Daily where you can get daily market news of what's going on in the world, what's happening. And you can subscribe directly on our website, DIYMoney.org. Okay, let's get to our question today. Who's our question today from?
From Nina.
Nina, what do you got? DIY!
Hi, DIY Money. I love your podcast and I've learned so much over the years. My name is Nina. I'm 33 and I live in Seattle. I would love to know more about SEP IRAs and if you think it would be a good choice for me and my business. I've been self-employed for three years running my own jewelry repair shop. It's going really well and I'm about to hire my first full-time employee. I also bought a house three years ago and my interest rate is 6%. I'm on track to make about 120K this year. My Roth is maxed out, my emergency fund is good, and I don't have any debt except the mortgage. I'm about to have a lot of extra margin. Should I open a SEP IRA or pay more to my mortgage or invest more in my business to buy tools and training?
Or what should I do with my extra money? Thanks, you're the best.
Nina's crushing it. Yeah, that's fantastic. Holy cow. First, let's start with our legal caveats. You laughed. You knew I was going to do this. Nina, we cannot give you personal financial advice. I can give you some rules of thumb, and we'll talk a little bit about what it means to be self-employed. But I would say this is a great pain moment. You've got extra margin. Your business is on the ground. It's starting to make a lot of income. you likely need to reach out to a tax advisor or a financial advisor to just get some more details on your situation.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:02–0:35
2
How do Allie and Logan introduce the topic of starting a business retirement plan?
0:35–9:26
3
What business and personal details does Nina share about her situation?
9:26–14:06
4
Why do the hosts recommend consulting a tax or financial advisor for self-employed retirement planning?
14:06–15:12