Retirement

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hardworkingstiff

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Wilmington, NC
As an entrepreneur, I am responsible for my own retirement. I'm curious as to what everyone else is doing. Most of the other contractors I know have mostly invested in property. They have rental houses, business property, and their business. I on the other hand have opened SEP IRA, ROTH IRA, and have a rollover IRA, and my business (which basically stops when I do).

For those that are really young, I know you don't think about this stuff, but it's time to get moving on it.


So, what is everyone doing?
 
Re: Retirement

hardworkingstiff said:
As an entrepreneur, I am responsible for my own retirement. I'm curious as to what everyone else is doing. Most of the other contractors I know have mostly invested in property. They have rental houses, business property, and their business. I on the other hand have opened SEP IRA, ROTH IRA, and have a rollover IRA, and my business (which basically stops when I do).

For those that are really young, I know you don't think about this stuff, but it's time to get moving on it.


So, what is everyone doing?
Click to expand...

Rental property, business property, business (3), 401k, ROTH IRA, stocks & bonds.

Later I may invest in a ski mask if the price of gas keeps going up! :lol:
 
I have a 401(k) for the self-employed. The one catch is that I can't have any employees under this plan. It's called something like a "self-trusteed 401(k)." I can find exact info if anyone wants to PM me.

My financial advisor sat down with me and discussed my goals, and he invested my money accordingly. My portfolio is doing well, and I let my financial guy worry about the details.
 
sit down and talk to your accountant. mine put me onto mutual funds that just went crazy for years -- of course it hit a snag a few years ago, but i was so fare ahead it didn't hurt me. i also invested in property that returned twelve times it's original cost. i fired this guy one day -- we had a misunderstanding about defered taxes. he took it personel and began to cry -- i appologized and took him back. he has really done me right on my retirement. i stopped working 1 1/2 years ago and only cost me about 6k a year. i shouldn't even need my mutual fund money. for a long time these funds were returning up to 37 per cent. now all i have to do is convince him i'm really retired -- still wants me to do his work!!!
 
I am definitely not looking for social security to help out. I have rental property, a couple of IRA's, invested a little in gold, which by the way has shot up lately. At the end of the fiscal year, after Uncle Sam gets his cut, I try to take what's left over and put it away for that rainy day. I only have three employees and they think its fine to do that. Me, myself, and I. 8)
 
Raylucia.com has an awesome book on saving & planning for retirement. He also has an am radio show. He gives good conservative advice, for bizness too!



Hope is Not a plan.

People don't plan to fail... people fail to plan.

Formal education will make you a living; self-education will make you a fortune-Jim Rohn

If you wait to do everything until you?re sure it?s right, you?ll probably never do much of anything-Win Borden

Poverty is a great motivator? Carmella Soprano

You can get more with a gun & kind words than kind words alone? AL Capone

The only place where success comes before work is the dictionary- Vidal Sassoon

It ain?t Bragging if you can back it up....Kid rock
 
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