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Achieving Financial Independence: Strategic Retirement Contributions, Business Entities & Money Beliefs
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On today’s show, I’ve brought our financial expert, Jill Romig back to talk about several critical financial topics, from the influence of limiting beliefs on money attitudes to smart retirement planning strategies.
Jill shares the nuances of various business entities, highlighting the benefits and challenges of sole proprietorships, LLCs, and S Corporations. She also stresses the importance of separating personal and business finances, managing retirement contributions wisely, and the value of consulting financial experts like CPAs and CFOs.
With practical insights on optimizing retirement savings, leveraging business credit cards, and using virtual assistants to enable you to focus on money-making activities, this episode is packed with essential advice for business owners and individuals alike. Tune in to learn how to guard your thoughts, focus on opportunities, and develop a robust financial strategy. Let's get started!
Timestamps
00:00 Choose business entity based on profit, taxes.
06:01 S corporations avoid double taxation; C corporations don't.
14:11 Optimize 401K custodian changes to year-end.
18:35 CFO and CPA support essential, avoid billable queries.
20:58 Consider credit cards for better business benefits.
26:08 Contribute raises to 401k, especially with employer match.
31:32 Delay Social Security benefits; maximize yearly increase.
36:17 Contribution limits depend on earnings, setup, state laws.
38:20 Outsource minor tasks; focus on high-earning activities.
Key Takeaways
Overcoming Limiting Beliefs About Money: – Tips on reshaping your financial mindset by creating positive associations with money. Get inspired by the "money tree" exercise designed to instill abundance thinking in her kids!
The Importance of Strategic Retirement Planning – Understand why maximizing employer contributions to 401k plans and considering Roth vs. traditional IRAs are essential for your future. Learn about the 2023 contribution limits and the advantages of delaying Social Security benefits.
Leveraging Business Entities & Professional Insight – From sole proprietorships to S corporations, learn how different business structures can impact your tax liabilities and profits. Plus, discover how a CFO or CPA can steer you clear of costly mistakes, ensuring the financial health of your business.
Connect with Jill: www.jillromig.com
Social Media: @jill_romig_cpa
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Production House: GEM MEDIA GROUP
Copyright of Kim Kelley Thompson 2024.
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