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5 Retirement Planning Errors

retirement Sep 25, 2020

 

Are you saving for retirement? Part of being successful in funding the retirement you desire is avoiding common retirement planning mistakes. By participating in the plans that are available to you, diversifying, and leaving the money alone, you can largely guarantee a financially pleasing retirement.

 

For your best retirement plan results, avoid these common errors:

 

  1. Failing to participate in your available plans. There aren't many companies offering pensions anymore. You may have a 401(k), 457 or 403(b). Companies make it easy for you to enroll, and these programs are incredibly worthwhile. Interest-deferred accounts are tough to beat. Enroll today, if you haven't already. It really adds up over time.

 

  • If your company matches a percentage of your contribution, so much the better. It's like a raise you didn't have to earn. Free money is free money.

 

 

  1. Lack of diversification and playing hedge fund manager. Avoid the temptation to play hedge...
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4 Tips to Boost Your Retirement Savings

retirement Sep 11, 2020

You’re probably well aware that it's important to save for your retirement. For most of us, the days of 100% employer-funded pensions are long gone, and Social Security is only designed to offset a portion of your pre-retirement income.

 

Most financial advisors recommend that workers save enough to cover 75 to 85 percent of their annual pre-retirement income. With stagnant incomes and the rising cost of expenses such as healthcare, food, and housing, it's challenging for most of us to save for retirement!

 

Luckily, you can boost your retirement savings, regardless of your age, or how strained your existing budget might be.

 

Use these steps to increase your retirement savings and secure your financial future:

 

  1. Save now. If you aren't already contributing to a 401(k) or other employer defined retirement plan, start now.

 

  • If traditional contributions of 10% of your income are too much to handle, start small. Try saving just 1 to 2 percent of your...
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Using Your IRA to Invest in Real Estate

retirement Aug 28, 2020

 

Using your IRA to purchase real estate has been allowed since 1974, though not many people knew about this until recently. Regardless of when you became aware of this option, there are a few rules to be aware of before you get started.

With your IRA, you have the ability to invest in nearly any type of real estate: malls, warehouses, boat slips, and cemetery plots, as well as the more typical houses and apartment buildings. The common exceptions are your personal residence and personal vacation homes.

 

Important IRS Rules

 

When investing in real estate through your IRA, be sure to note these IRS rules:

 

  1. The self-dealing rule. The big rule (that's also a little vague) is the "self-dealing rule," which basically states that you cannot receive immediate personal benefit from the transaction. For example, you can buy a cabin in the woods and rent it out for income. However, you can't use it as a vacation property for yourself.

 

  1. The sweat equity rule....
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How to Save for Retirement When Your Income is Inconsistent

retirement Aug 14, 2020

 

It’s much easier to plan your budget, savings, and retirement when your income is consistent. If you’re paid on commission or own your own business, it can be significantly more challenging to save regularly for your retirement. Strategies that work for most might not apply when you’re working for yourself.

 

Try these strategies to build your retirement savings even if your income changes from day to day:

 

  1. Start slowly if you like, but get started. Many business owners falsely think that it’s a waste of time to save small amounts of money. Even if you can only save $10 each month, it’s a start. Attempt to add to that amount each month.

 

  • Getting into the habit of saving money is the most important first step.

 

  1. Create your own version of direct deposit. One great thing about working for a large company is direct deposit because it’s easy to send part of your paycheck off to a savings or brokerage account before...
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The Advantages of a Roth IRA

ira iras retirement taxes Mar 13, 2020

Have you been hearing about Roth IRAs and would like to know a little more? Are you curious about whether you're investing your money wisely? Maybe you're just tired of investing with the knowledge that you'll pay taxes through the nose when you finally retire someday.

 

Roth IRAs may be your best bet, if you fall under a certain income bracket. These requirements can change year-to-year, and may also be affected by your age group, so check with your financial advisor about the latest laws.

 

Consider these benefits:

 

  • Roth IRAs have some significant advantages over most other investment and retirement instruments.

 

  • They offer 100% tax-free profits, tax-free withdrawals and reduced estate taxes, just to name a few.

 

Roth IRA vs. Traditional IRA

 

Roth IRAs are different from Traditional IRAs in that the contributions you put in the IRA are not tax-deductible. But... Roth IRAs do not require you to start taking money out at a certain age, and all...

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Episode 062 - Why Now is the Best Time to Think About Retirement

 

SHOW NOTES & LESSONS

 

 

WHAT BOOKS, PRODUCTS, SERVICES, OR LINKS WERE MENTIONED...

Please use our Affiliate Links whenever possible and help support the show.  Thank you!

 

Recommended Article or Blog Post Related to This Week's Podcast:

The 2020 Wealth Building Summit - three full days of premier self-directed IRA education! At the Summit, you’ll hear from investors around the country who are using their self-directed IRAs to build wealth, secure their financial futures, and create a legacy for future generations. Three full days of education, networking, and inspiration!

 

https://www.eventbrite.com/e/2020-wealth-building-summit-cleveland-oh-registration-68835768637

 

https://www.daveramsey.com/blog/teach-your-kids-how-to-save-for-retirement

 

 

 

Recommended Podcast Episode that is paired with this one like a Fine Wine:

Get This Episode's Show Notes in a pdf form...

PICTURE OF PDF

Go To Our Download...

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Episode 058 - You're Doing It Wrong: The Biggest Mistake You May Be Making

 

SHOW NOTES & LESSONS

 

it can't be personal (ie. emotional) if it's business...

 

Do yourself and your business a favor and stop renting out your

personal space as soon as you possibly are financially able to.

 

Always pay yourself and even your kids for jobs that you perform. This is an expense for your business, which lowers the income, which lowers your business' tax burden. As long as your kids make under a certain amount, $12,200 in most cases, they do not have to pay taxes on it.

 

Get your mindset away from your old thinking. Employees and Self-Employed people think incorrectly about money - which usually is one of the main reasons they're stuck on the E and S side of the Quadrant!

 

THINK AND ACT like a business owner. Pay yourself! Hire the right professionals to get the job done! Don't step over dollars to save cents!

 

Stop Thinking Like an Employee

and

Start Thinking Like a Business Owner!

 

...

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Episode 015 - Using Your Self-Directed IRA to Invest in Your STR Business

ira retirement Nov 23, 2018
 

Read more about IRA's at The Prosperity Process and find out more about opening your own Self-Directed IRA at Equity Trust.

Here are the books Michelle referenced in today's podcast.  Note, these are Affiliate Links.

[00:00] Over the last two centuries nearly 90 percent of the world's millionaires have created their wealth through real estate. Here to tell you how you can ride this wave, with less risk and less capital, while creating greater income, is your host, Best selling author and speaker, Michelle Russell

[00:21] Hi this is Michelle, the master of money mindset, and I'm here with the short term rental revenue podcast and in today's episode we're going to talk about using your self directed IRA to invest in your short term rental revenue business. This is one of my favorite subjects. I have a website called the Prosperity Process and actually it's the parent company to the short term rental revenue. And when you go to the prosperity process dot com you'll be...

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