SAVING YOUR MONEY MEANS PAYING LESS TAXES

Saving your money for retirement. 401k, IRA, Roth 401k, Roth IRA, SEP IRA, and solo 401k

I'll save you a lot of time and tell you the best to go with.

It's solo 401k. A solo 401k allows you to contribute both as the employer and employee at 25% of taxable income. Which is a lot more than standard accounts. Unlike the SEP IRA.

The solo 401k also allows you to borrow money from your account without triggering any taxes or penalties as long you pay back the loan.

Having a solo 401k also allows you to do a backdoor roth account. Which is a lot to explain and having your money manager explaining it would do a better job then a blog post.

Solo 401k can have some fees so you want to go with a company thats offering no fees. Fidelity is who i recommend.

You can sign up for an account here.

A solo 401k will allow you to invest over $60,000 a year thats deductible from your taxable income if you do it right. Since its a solo 401k you can take out a loan against your investment when you need money.

Saving money is very important. One of the biggest mistakes content creators make is not saving money.

Buying stupid shit you don't need will destroy you business and destroy you happiness.

Set yourself a fixed monthly income and stick to it. The more money you save the less stress you will have. I recommend the 60/20/20 method.

For your monthly income.

60% to your bills/needs/debts

20% to your savings. You could split this up into a savings account, stocks, solo 401k.

20% for things you want.

If you net $100,000 a year the break down would be.

$60,000 for thinks you have to spend money on

$20,000 for savings

$20,000 worth of things you want. Thats over $1,600 a month to spend on things you want. While paying all your bills and saying over $1,600 a month.

If you want to run a successful online content creators business you need to start thinking like an entrepreneur.

Entrepreneur look at things differently. They see things as opportunities to make money.

Most people see things as a quick dopamine hit when they buy them. That's why most people stay poor.

Break the cycle of short term gratification.

The entrepreneur sees the long game profits.