retirement plans

Small Business Bootcamp

I am often asked about the best retirement plan options for entrepreneurs and sole proprietors.

There's a lot of choices out there, and it's not always so easy to determine which plan makes the most sense, that's why on this episode we're glad to welcome back Michael Goodman for a little small business bootcamp!

As the president of Wealthstream Advisors in New York City, Michael knows firsthand what it's like to run a small business.

We'll touch on a variety of topics, including which retirement plan is the best choice for your situation.

Among the options discussed:

  • Individual Retirement Account (IRA): You can choose a traditional IRA, where you pay taxes in the future or a Roth, where you pay taxes today.

  • Simplified Employee Pension (SEP-IRA): This is a good option for those who have up to 25 employees and want to offer a retirement benefit that is easy to operate.

  • Savings Incentive Match Plan for Employees (SIMPLE IRA Plan): SIMPLE plans were aimed at slightly larger small business owners (usually up to 100 employees), who wanted to provide employees a way to save for retirement.

  • Solo 401(k) plan: Alternatively referred to as an “individual 401(k)” or “uni-401(k),” this plan is geared to small business owners who have no employees (other than a spouse) and have the capacity to sock away a lot of dough.

This special episode is part of the Small Business Podference presented by Dell Technologies.

To find more participating podcasts, search for Dell Technologies Small Business Podference on the Audacy App, Spotify or Apple podcasts at the end of this episode.

Have a money question? Email me here.

Please leave us a rating or review in Apple Podcasts.

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

When to Sell Real Estate

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Is there ever a perfect time to sell real estate? Is there such a thing as trying to time the market? That's the conversation on the latest bonus call with Gretchen from North Carolina.

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Should I Do a Roth Conversion

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This week we're chatting with Laurie from Salt Lake City who wants to know if it makes sense to start converting some of her traditional IRA into a Roth.

Have a money question? Email us here.

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Roth IRA Conversion and Year-End Money Tips

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We kicked things off this week with Mike from Minneapolis. With a lot saved in tax deferred accounts, Mike is wondering if it makes sense to start converting some of the money into a Roth IRA? Sounds like a great idea, but there's a caveat.

Next up was Monica from Brooklyn, NY. She's only in her 30s, but Monica is absolutely killing it. Probably one of the top ten calls of 2018. Enjoy!

December is upon us, which means I basically have your attention for about another week or so.

After that, let’s face it, we’re all checking out for the rest of 2018.

So while I have you, and as the year comes to an end, it's a perfect time to review some year-end financial planning tips.

For such an occasion there's no better duo than Michael Goodman and Brenna McLoughlin from Wealthstream Advisors. And in the interest of full disclosure, not only is Michael a dear friend of mine, he's also my advisor.

We discussed a variety of financial planning topics to ponder before you shut down for the holidays, including:

Selling assets in your portfolio now versus waiting until next year: Losses offset gains that you have taken previously in the year; if you have more losses than gains, you can deduct up to $3,000 of losses against ordinary income.

Take Required Minimum Distributions: Generally, once you turn 70 1/2, you must begin withdrawing a specific amount of money from your retirement assets (there are some exceptions). The penalty for not taking your RMD is steep at 50 percent on the shortfall!

Consider a Qualified Charitable Distribution (QCD): One way to sidestep the taxation on your RMD is to make a Qualified Charitable Distribution, which allows you to gift directly from your IRA to a charity without having to include the distribution in your taxable income.

Making last minute 529 plan contributions: Money saved in these programs grows tax-free and withdrawals used to pay for college sidestep taxes, too. You can invest up to $15,000 in 2018 without incurring a federal gift tax and many states offer state tax deductions for the contributions.

Considering how tax changes could affect you: With all the changes to the tax code, there’s plenty of items to keep in mind before filing your 2018 returns.

So before you completely shut it down and wrap up your 2018 finances, you’ll want to listen to this episode to make sure there’s nothing you’re forgetting.

Have a money question? Email me here.

Connect with me at these places for all my content:

https://twitter.com/jillonmoney

https://www.facebook.com/JillonMoney

https://www.instagram.com/jillonmoney/

https://www.linkedin.com/in/jillonmoney/ 

http://www.stitcher.com/podcast/jill-... 

https://apple.co/2pmVi50

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Mastering the Market Cycle with Howard Marks

It’s always a treat when we have a real Wall Street legend in the studio, and that’s the case on the latest episode as we chat with Howard Marks, author of Mastering the Market Cycle: Getting the Odds on Your Side.

As co-chairman and co-founder of Oaktree Capital Management, Howard Marks oversees a leading investment firm responsible for over $120 billion in assets.

We all know markets rise and fall, but when should you pull out, and when should you stay in? The answer is never black or white, but is best reached through a keen understanding of the reasons behind the rhythm of cycles.

Confidence about where we are in a cycle comes when you learn the patterns of ups and downs that influence not just economics, markets and companies, but also human psychology and the investing behaviors that result.

If you study past cycles, understand their origins and remain alert for the next one, you will become keenly attuned to the investment environment as it changes.

By following Marks’s insights, which are drawn from his memorable memos to clients, you might find yourself recognizing these recurring patterns to help with your own financial gain and psychological benefit.

Have a money question? Email us here.

We love feedback so please subscribe and leave us a rating or review in Apple Podcasts!

Connect with me at these places for all my content:

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CFP® Pro Tip of the Week - December 7, 2018: Required Minimum Distributions (RMDs)

Have a money question? Go to jillonmoney.com for all the contact info. Connect with me at these places for all my content: http://www.jillonmoney.com/ https://twitter.com/jillonmoney https://www.facebook.com/JillonMoney https://www.instagram.com/jillonmoney/ https://www.linkedin.com/in/jillonmoney/ http://www.stitcher.com/podcast/jill-on-money https://itunes.apple.com/us/podcast/better-off-jill-schlesinger/id431167790?mt=2

Have a money question? Email me here.

Real Estate Proceeds and Blitzscaling with Reid Hoffman and Chris Yeh

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We’re starting things off this week with a great call from Cathy in New York City. Cathy recently sold a piece of property that netted her more than a million dollars. Now Cathy is wondering what she should do to hold onto the money and not lose it all to taxes.

This year we’ve had some pretty impressive CEOs and entrepreneurs on the show. It continues today with Reid Hoffman. If you don’t know the name, you definitely know some of the products he was behind. How about PayPal or LinkedIn?

Today we’re joined by Hoffman and Chris Yeh, co-authors of the new book, Blitzscaling: The Lightning-Fast Path to Building Massively Valuable Companies.

What entrepreneur or founder doesn’t aspire to build the next Amazon, Facebook, or Airbnb?  Yet those who actually manage to do so are exceedingly rare. So what separates the startups that get disrupted and disappear from the ones that grow to become global giants?

The secret is blitzscaling: a set of techniques for scaling up at a dizzying pace that blows competitors out of the water. The objective of blitzscaling is not to go from zero to one, but from one to one billion, as quickly as possible.

When growing at a breakneck pace, getting to the next level can require very different strategies from those that got you to where you are today.

In a book inspired by their popular class at Stanford Business School, Hoffman and Yeh reveal how to navigate the necessary shifts and weather the unique challenges that arise at each stage of a company’s life cycle, such as:

  • How to design business models for igniting and sustaining relentless growth

  • Strategies for hiring and managing

  • How the role of the founder and company culture must evolve as the business matures

Have a money question? Email me here.

Connect with me at these places for all my content:

https://twitter.com/jillonmoney

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http://www.stitcher.com/podcast/jill-... 

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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Year-End Financial Planning Tips

December is upon us, which means I basically have your attention for about two more weeks max.

After that, let’s face it, we’re all checking out for the rest of 2018.

plan 2.jpg

So while I have you, and as the year comes to an end, it's a perfect time to review some year-end financial planning tips.

For such an occasion there's no better duo than Michael Goodman and Brenna McLoughlin from Wealthstream Advisors. And in the interest of full disclosure, not only is Michael a dear friend of mine, he's also my advisor.

We discussed a variety of financial planning topics to ponder before you shut down for the holidays, including:

  • Selling assets in your portfolio now versus waiting until next year: Losses offset gains that you have taken previously in the year; if you have more losses than gains, you can deduct up to $3,000 of losses against ordinary income.

  • Take Required Minimum Distributions: Generally, once you turn 70 1/2, you must begin withdrawing a specific amount of money from your retirement assets (there are some exceptions). The penalty for not taking your RMD is steep at 50 percent on the shortfall!

  • Consider a Qualified Charitable Distribution (QCD): One way to sidestep the taxation on your RMD is to make a Qualified Charitable Distribution, which allows you to gift directly from your IRA to a charity without having to include the distribution in your taxable income.

  • Making last minute 529 plan contributions: Money saved in these programs grows tax-free and withdrawals used to pay for college sidestep taxes, too. You can invest up to $15,000 in 2018 without incurring a federal gift tax and many states offer state tax deductions for the contributions.

  • Considering how tax changes could affect you: With all the changes to the tax code, there’s plenty of items to keep in mind before filing your 2018 returns. 

So before you completely shut it down and wrap up your 2018 finances, you’ll want to listen to this episode to make sure there’s nothing you’re forgetting.

Have a money question? Email us here.

We love feedback so please subscribe and leave us a rating or review in Apple Podcasts!

Connect with me at these places for all my content:

https://twitter.com/jillonmoney

https://www.facebook.com/JillonMoney

https://www.instagram.com/jillonmoney/

https://www.linkedin.com/in/jillonmoney/ 

http://www.stitcher.com/podcast/jill-... 

https://apple.co/2pmVi50

My Old Retirement Plan

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You started a new job but still have a 401(k) with the old employer. What should you do with it? Roll it into the new plan? Leave it where it is? Roll it into a rollover IRA? That's what we're discussing on the latest bonus call with Molly.

Have a money question? Email us here.

We love feedback so please subscribe and leave us a rating or review in Apple Podcasts!

Connect with me at these places for all my content:

https://twitter.com/jillonmoney

https://www.facebook.com/JillonMoney

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https://www.linkedin.com/in/jillonmoney/ 

http://www.stitcher.com/podcast/jill-... 

https://apple.co/2pmVi50

CFP® Pro Tip of the Week - November 30, 2018: Having the Money Talk

Have a money question? Go to jillonmoney.com for all the contact info. Connect with me at these places for all my content: http://www.jillonmoney.com/ https://twitter.com/jillonmoney https://www.facebook.com/JillonMoney https://www.instagram.com/jillonmoney/ https://www.linkedin.com/in/jillonmoney/ http://www.stitcher.com/podcast/jill-on-money https://itunes.apple.com/us/podcast/better-off-jill-schlesinger/id431167790?mt=2

Have a money question? Email me here.