Self Employed people, how are you Investing for retirement?(if your not, u should be) - GoFuckYourself.com - Adult Webmaster Forum

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#1

Self Employed people, how are you Investing for retirement?(if your not, u should be)

02-11-2005, 01:57 PM

I would imagine most of the people here who have been self employed (entrepreneur) most of their lives probably do not have a 401K, so, how are you investing your money for retirement?

Yes, I know retirement is many years away for most of us, but the best time to start is now. So whats your plan?
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#2

02-11-2005, 01:57 PM

pension plan under a Nevada C-corp rolled into a life insurance trust annuity

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#3

02-11-2005, 02:05 PM

I pay my retirement insurance about $2500 at this year

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#4

02-11-2005, 02:37 PM

Well mutual funds and IRA's are always good
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#5

02-11-2005, 02:39 PM

Investing would severely cut into my beer, cig and stripper funds. Can you put food stamps into investment accounts?
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#6

02-11-2005, 02:40 PM

bah, that's what you have kids for
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#7

02-11-2005, 02:42 PM

Not interested in retirement shit.

Be lucky if i'm still alive by that time, so not point putting money which could be put to good use just now on it...

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#8

02-11-2005, 02:54 PM

i've been thinking bout an IRA, but i really don't know shit about it. any good links to info about retirement planning?

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#9

02-11-2005, 02:59 PM

Originally posted by TheMob

bah, that's what you have kids for

That's the way us mexicans do it, nothing like familia

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#10

02-11-2005, 03:14 PM

Move to Puerto Rico and live on $1000 a month like a king and bank the rest.
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#11

02-11-2005, 03:17 PM

Mutual Funds, Safer Long Term Stocks, IRAs and of course my home.

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02-11-2005, 03:51 PM

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#13

02-11-2005, 03:54 PM

RRSP's and GIC's but its not nearly enough.

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#14

02-11-2005, 04:48 PM

I have a money market account, stocks, an IRA account and property investments.

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#15

02-11-2005, 04:50 PM

im too young to worry about that shit now

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#16

02-11-2005, 05:13 PM

I figure when the time comes I will knock off a bank or two and live in Cambodia until I die of some awful sex related illness.
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02-11-2005, 06:47 PM

Bush will look after me!
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#18

02-11-2005, 07:01 PM

Commercial real estate. I buy one piece a year. Reading on Warren Buffet right now. Maybe I need some berkshire hathaway stock.
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02-11-2005, 07:36 PM

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#20

02-11-2005, 07:38 PM

I'm hoping to marry Bill Gates... if that doesn't pan out, then my mothers life insurance policies, savings bonds, and stocks will work out nicely ;) lmao

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#21

02-11-2005, 07:46 PM

Most self employed people should be looking at SEP-IRAs, instead of traditional IRAs because you can sock away much more per year. It's really a huge difference between the $4,000 traditional limit and 25% SEP limit (up to $42K).

Remember, an IRA (whether it be regular, Roth, SEP, etc.) is just an account "wrapper." What you buy inside of it also matters greatly. You can buy mutual funds, stocks, bonds, CDs, etc (but not most derivatives)... all depending on what your custodian offers. That's why many people prefer to open their IRAs with a brokerage company (like Schwab, e*Trade or TD Waterhouse) and not bank or insurance company -- where you are often limited to proprietary inhouse products and with ridiculous fees (hidden or not).

For those who are inexperienced, visit a solid no-load mutual fund company (Vanguard.com, or Troweprice.com) and have them hook you up.

My

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#22

02-11-2005, 08:20 PM

RRSP'S for the first time this year, thankfully i'll be able to save maximum taxes by catching up on back payments.

Created a corp to handle investment properties, should be a steady growth in that as well

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#23

02-11-2005, 10:14 PM

too young to think about it, maybe in the next few years i'll look into it more.
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#24

02-11-2005, 11:32 PM

RRSPs, some non-RRSP market based investments, going to pull $40k of those out and build myself a house by summer.

Owning your own home is probably one of the best investments you can make. Build equity, stop throwing your money into someone else's pocket.

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#25

02-11-2005, 11:41 PM

Originally posted by Scott McD

Not interested in retirement shit.

Be lucky if i'm still alive by that time, so not point putting money which could be put to good use just now on it...

LOL and if you were lucky enough to be alive at 50 - 60+ years old you'll wish you were dead because your wrinkled old ass will be getting up every day going to work at walmart greeting people as they come in the store, and you will be kicking your arthritic ass wishing you would have started planning for your retirement when you were younger instead of blowing it all then with the " here and now, fuck tomorrow" attitude.

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#26

02-11-2005, 11:43 PM

Originally posted by bdld

too young to think about it, maybe in the next few years i'll look into it more.

Never too young to think about it. The sooner you start the sooner you retire... plain and simple.

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#27

02-11-2005, 11:49 PM

I collect aluminum cans

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#28

02-12-2005, 12:37 AM

Originally posted by xclusive

I collect aluminum cans

me too, I drink lots so it should work out
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#29

02-12-2005, 12:59 AM

still reinvesting in my business. Your own business is one of the very few investments you can have (almost) full control. I never undestood people that worked their ass to collect some money and they blew them to companies foreigners manage; very often with horrible outcomes.
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#30

02-12-2005, 01:02 AM

forgot to tell that i have a retirement plan too, but i never put much faith on it.
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#31

02-12-2005, 02:38 AM

primarily SEP-IRAs and life insurance investment vehicles...
and for everyone who says "i'll worry about that when i get older"...
i got into my late 40s, realized i didn't have much of anything to rely on in retirement, and went into a semi-panic before settling down to do some real planning. luckily, in this business you can make up for lost time pretty quickly - most people in most businesses don't have that luxury.
if you're in your 20s or 30s and can put away some money now - it will build up for 30-40 years and you'll be living pretty

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#32

02-12-2005, 03:21 AM

Originally posted by paxton

Most self employed people should be looking at SEP-IRAs, instead of traditional IRAs because you can sock away much more per year. It's really a huge difference between the $4,000 traditional limit and 25% SEP limit (up to $42K).

Remember, an IRA (whether it be regular, Roth, SEP, etc.) is just an account "wrapper." What you buy inside of it also matters greatly. You can buy mutual funds, stocks, bonds, CDs, etc (but not most derivatives)... all depending on what your custodian offers. That's why many people prefer to open their IRAs with a brokerage company (like Schwab, e*Trade or TD Waterhouse) and not bank or insurance company -- where you are often limited to proprietary inhouse products and with ridiculous fees (hidden or not).

For those who are inexperienced, visit a solid no-load mutual fund company (Vanguard.com, or Troweprice.com) and have them hook you up.

My

good advice
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#33

02-12-2005, 03:28 AM

I don't have a great plan yet. But I plan to pay off mortgage and save and invest everything else. Once you don't have monthly expenses like mortgage/rent you've taken care of most of your financial problems.

Also, when I have kids I'm going to give them the 'I didn't have the opportunities you have when I was your age' speech so they'll become doctors, lawyers, and dentists to take care of me
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#34

02-12-2005, 04:01 AM

I purchased 2 homes last year, and I look to double that this year. That on top of my drip funds is my plan.
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#35

02-12-2005, 05:49 AM

Originally posted by shermsshack

I purchased 2 homes last year, and I look to double that this year. That on top of my drip funds is my plan.

Wow Sherm!
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#36

02-12-2005, 05:51 AM

I don't plan on retiring before I die so I think I have things covered
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#37

02-12-2005, 05:55 AM

I have a SEP, that's pretty much it for now. I know I have to be more proactive re retirement planning.

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#38

02-12-2005, 05:56 AM

If you plan on making money in life you dont need a retirement plan , all you need is real estate that you rent out
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#39

02-12-2005, 06:09 AM

Originally posted by Fake Nick

If you plan on making money in life you dont need a retirement plan , all you need is real estate that you rent out

One thing many people forget is that when you're older sometimes 1) you don't want to work any longer 2) you cannot work any longer due to health reasons.

Even as a young man, imagine falling and breaking your hand. It would make working on the computer so much harder and therefore affect your ability to work and earn money.
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#40

02-12-2005, 06:55 AM

Originally posted by Mike33

One thing many people forget is that when you're older sometimes 1) you don't want to work any longer 2) you cannot work any longer due to health reasons.

Even as a young man, imagine falling and breaking your hand. It would make working on the computer so much harder and therefore affect your ability to work and earn money.

not if you take out a dissability policy. I have one, doesn't cost that much because of the type of business we are in, sitting at a PC is not a high risk injury job. I pay a couple hundred a month and if i ever get in a car accident, or whatever and i am left with perminate injuries i collect over 100K a year for a long long time. BEst part is it doesn't mater if you income decreases in the future you lock it in. So i can make 20K next year working at McDonalds and have a fryer accident and can't work no more and they still pay me my 100K+ a year as long as i kept making my payments...

your biggest asset it you! do you protect that?
You likely spend more on car insurance a month to protect a 30K car for replacement value, so why not spend less then that to protect your income, for life ? Makes no sense how someone could not have this... a car accident, amoung other things, can happen at any time.

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#41

02-12-2005, 07:07 AM

Originally posted by will76

not if you take out a dissability policy. I have one, doesn't cost that much because of the type of business we are in, sitting at a PC is not a high risk injury job. I pay a couple hundred a month and if i ever get in a car accident, or whatever and i am left with perminate injuries i collect over 100K a year for a long long time. BEst part is it doesn't mater if you income decreases in the future you lock it in. So i can make 20K next year working at McDonalds and have a fryer accident and can't work no more and they still pay me my 100K+ a year as long as i kept making my payments...

your biggest asset it you! do you protect that?
You likely spend more on car insurance a month to protect a 30K car for replacement value, so why not spend less then that to protect your income, for life ? Makes no sense how someone could not have this... a car accident, amoung other things, can happen at any time.

Nice info and great approach
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#42

02-12-2005, 07:16 AM

Great thread.

I'm personaly working in a retirement strategy to apply starting the end of 2005
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#43

02-12-2005, 07:17 AM

Originally posted by Mike33

Nice info and great approach

Thanks... I hate insurance, but disability is something that I highly recommend, aslo a high cash value life insurance/annuity is good for retirement plan and also protects your family (if you have any dependents or a spouse that relies on your income).

If you are making any kind of money you need to seriously get with someone and start setting these things up. Even if you are only making a few bucks, start putting $100 a month away, anything... it ads up. So you go out to dinner one or two times less this month.. big deal.

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02-12-2005, 07:20 AM

Interresting reading, well some of the posts anyway

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#45

09-15-2005, 12:50 PM

Bumping an old thread, but what is the interest rate on a SEP IRA? I read this
https://flagship5.vanguard.com/VGApp...ntent.jsp?bc=1

but I don't really understand, it doesn't say the interest rate? Also, can I still open a SEP if I'm not incorporated or never "officially" filed for sole proprietorship? I just work under my regular ssn.... But I need to invest now...
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#46

09-15-2005, 12:53 PM

Investing in afilliate refferals...

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#47

09-15-2005, 01:01 PM

Originally posted by MetaformX

I would imagine most of the people here who have been self employed (entrepreneur) most of their lives probably do not have a 401K, so, how are you investing your money for retirement?

Yes, I know retirement is many years away for most of us, but the best time to start is now. So whats your plan?

i put 100 bucks away each month( i know its not much) and have some money in gic's. been doing that since i started.

you don't know you're wearing a leash if you sit by the peg all day..
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#48

09-15-2005, 01:04 PM

Simple Retirment Fund and a maxed out IRA is what I'm starting up in a few months. Just gotta get everything lined up with my financial advisor/accountant. 4k into a IRA and around 11k or so into the simple.
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#49

09-15-2005, 01:09 PM

Some of the people in this thread who have the "i'm too young to care" attitude could really use a session with a certified financial planner.
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#50

09-15-2005, 01:09 PM

Originally posted by V_RocKs

Move to Puerto Rico and live on $1000 a month like a king and bank the rest.

In P.R. youll live like a bum with $1,000 a month!!

What currency do you think they use down there? puertorican dollars or pesetas? hahah

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