Anyone got advice on the best place to do this and how to start building a portfolio?
I'm self-employed and have my own LLC, so no employer 401k match. Probably time I open a retirement account. I plan to contribute the max and stick to safe, conservative ETFs to begin with.
Leo Price
OH shit sorry buddy, no real financial advice here, just idiot NEETs
ok but seriously since you're LLC you've already looked into solo 401k right? at that point the choice really depends on your annual income imo, Roth is only ideal if your income is very low (15% bracket) or if you already have a 401k and your MAGI exceeds the traditional IRA's window for which it's deductible, up until the Roth income limits
Hudson Campbell
Ahh I have not looked into solo 401k, what are the main advantages for that?
My income is only around $65k, I'm an independent contractor but have an LLC that's just me (shell company type thing for liability/tax purposes...pretty much everyone in my profession does this).
I'm thinking a simple/traditional IRA could help me on taxes, but I'm nervous about how much I'll have to pay when I withdraw this shit down the line :/
I'm just tired of the IRS fucking my mouth every time I turn around
Kayden Nelson
Roth IRA if you're in a low income bracket. Otherwise, IRA. Put all your funds in VTSAX.
Easton Garcia
Consider a SEP-IRA
Luis Mitchell
I'm curious: Can you do a retirement fund match using the shell company to reduce taxes in some way? I assume the shell company has to pay taxes. Are those in any way higher than personal income tax (so matching would make you pay less tax I think) and/or does the shell company hold onto any money that doesn't get paid to you as personal income?
Sorry I'm not too knowledgeable myself. My ideas are probably half-baked but I'm curious myself.
Christian Diaz
I'm looking at the Individual 401k that mentioned. And it looks similar to what you're describing.
Basically I can contribute twice, once as the employee and once as the employer as a quasi "employer match" situation. Unfortunately, I can't find anything about the tax implications...whether the money that goes in is subject to taxes on the front end, or if it's tax free but you get hit when you withdraw after age 59.5
Easton Nelson
401k's can be either traditional or Roth as well, even if there's no match you should prioritize a 401k over IRA
as for which brokerage to go with, the best choices are still fidelity schwab or vanguard
pick one for convenience, service, website, etc. because their offerings at this point are nearly identical
edward jones, raymond james, and whatever other shitty franchises you see all over the place are literal scams
Justin Watson
Fuggg that Roth i401k on vangaurd sounds nice
My dad has a financial advisor with raymond james and he's been happy with them. Personally I think those places just exist to earn themselves fees, but my dad is somewhat high net worth so I think they treat him pretty well.
Ethan Sanders
oh yeah if you've got the cash to burn they'll gladly stroke your dick that's how they're still in business, boomers are stubborn and want to be "treated"
Nolan Wood
>I'm curious: Can you do a retirement fund match using the shell company to reduce taxes in some way?
Yes, this is why it was created, to allow sole proprietorships to access the same tax benefits that larger corporations receive for retirement benefits.
Dominic Myers
The major downside I'm seeing to vangaurd's i401k is you can only invest in mutual funds and not ETFs. Is there a reason for this?
I thought ETFs were vastly superior to mutual funds for passive investing?
Levi Wilson
>I thought ETFs were vastly superior to mutual funds for passive investing?
It really doesn't matter when you're working with retirement vehicles. Vanguard Admiral funds have expense ratios as low as any ETF and you shouldn't be moving money around different funds with a frequency high enough to realize the benefits of ETFs.
Jordan Powell
no, they are hardly any different to the end user ETF's are useful in taxable accounts I prefer funds in any tax advantaged accounts because you can hold fractional shares
Luis Sanders
>edward jones, raymond james, and whatever other shitty franchises you see all over the place are literal scams Can you explain why? Thanks
Brayden Young
I am about to get a 50k signing bonus for my job. Can anyone recommend any serious investments i should consider?
John Cox
Unless you're an old grandma who has no idea how to use the Internet and literally no idea what the fuck you are doing, its cheaper and more efficient to do things on your own.
Jaxson Long
But how does that make them a scam?
William Perry
kneepads
Joshua Hughes
>VTSAX how can you start an IRA with VTSAX if the minimum investment is $10,000?
Charles Gomez
Just start a roth IRA with Vanguard, buy their etf's and pick and choose what you want if you want to be conservative.
Lucas Cox
You need VTSMX, which is the investor-class total market fund from Vanguard.