freelancer taxes
- Started
- Last post
- 29 Responses
- ********0
i do SEP and rothIRA!!!
i started the SEP withmy broker a few month ago after TK told me about it.
basicly a ROTH IRA is a non taxable ira that doubles every 7 years.
so if you put the max $4K in the time you retire that 4k becomes like 60k...now image how many of these IRAs you can do bytthe time you retire anddouble all the sums every 7 years in their correct increments and realize you are a millionare by that time..
- barbtastic0
holy crap.
you are right, i do need help investing!
- tkmeister0
let's say you are 30 and making 100k, and you max out your SEP and rothIRA for the next 20yrs, then it's very likely that you'll have at least 1 million saved by age 50, that's after taking the inflation rate. it's very likely that your income will increase so does your saving, so you'll probably get there faster than you think.
and imagine gaining 10% interest on that 1mil every year, that's 100k every year doing nothing.
well, i made it all simple, but you get some idea.
- ********0
...and TK lays down the 12th commandment!!!
:)
- barbtastic0
tk... you rawk. i may be emailing you!
- ********0
yes tk is definitely email worthly of financial questions.
- barbtastic0
i will pay you to do it for me. i'm a girl, i hate counting my piles of cash.
- tkmeister0
girrrl,
i am not a financial advisor!!
there are some who are really good at this shit on nt.and i started a thread called "financial guide to designers" a while ago. there's some really good articles.
- barbtastic0
i'm jk... i have a dood that does that, but thanks for the info so i can harass him tomorrow.