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The self-employed 401(k) plan was designed for self-employed people who have no employees, other than their spouses, working for them.

The 401(k) is promoted as one of the most powerful tools you have to save for retirement. These instruments are offered through employers and can be contributory or noncontributory. In addition to enabling you to save for retirement, they offrer one of the best tax shelters that our federal government has ever managed to create.

Key Features of the Self-Employed 401(k) plan are: Read the rest of this entry

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As I mentioned in an earlier post, a Simplified Employee Pension Plan, is a retirement plan specifically designed for small-business owners and self-employed individuals. These plans work even if you are the only employee, as the rules are the same.

 Don’t Forget To Check Out “Maximizing The Bank Of You Concept”

Key features include: Read the rest of this entry

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If you are trying to figure out what retirement plans are available through your employer, keep in mind that Employer retirement plans and the tax laws that back them are very complex. Do not hesitate to seek outside help if you need help determining the best plan for you.

Most plans fall into one of two categories: defined benefit or defined contribution.

Defined Benefit Plan

There are two key features of a defined benefit plan. One, the employer commits to the benefit, and two, the employer takes on the responsibility of managing the plan. Now, the benefit is based on what’s in the plan when you retire. So, company may define a plan that requires it to deposit a Read the rest of this entry

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War On Wealth Series – Taxes

In my previous post “Why You Should Start A Personal Business”, I made the statement that obtaining Financial Independence and becoming Wealthy is simply the process of continually increasing the gap between the amount of money that comes in and the amount that goes out. The greater the gap the faster your wealth pot grows and multiplies. The goal is to learn how to optimize what you currently have by learning how to keep less of your money from going out. The next step is to learn how to bring more money into the pot. Starting your own personal business is such an efficient weapon against ‘The war on Wealth” that in my opinion absolutely every one should have one. I also want to reiterate the fact that it is not necessary to plunk down $100,000 to start a printing shop. You can get started for as little as a few hundred dollars and a lot of sweat equity in any number of things that are available to you. The only thing that I would suggest is to find something that you love or can get passionate about. However for our purposes neither one of those is necessary. I just believe if I am going to spend my time doing anything, I am going to be passionate about and love everything about my life. I am also not concentrating on the earning of income in this post as I am going to assume that whatever you choose it is with the intent of making money. What I am going to dive right into is how you can keep more of the money that comes into your pot just by having a “personal Business”. Read the rest of this entry

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