How I Manage My Money | Income, Savings, Retirement for self employed
Вставка
- Опубліковано 18 вер 2024
- I'm Aja Dang and in this video, I'll share my tips on income, savings, and retirement planning for freelancers and independent contractors. Head to get.found.app/... and use code AJA to get a $50 bonus when you spend $500 on your Found card within the first 30 days of account creation. Terms Apply*
Being self-employed gives us so much flexibility, but we have to work a little harder for our money. Here are a few ways to manage money as a self-employed individual.
TIME CODES:
0:00 intro
1:13: how to build a budget
How to Budget: • How To Make A Budget |...
3:18: how to save for an emergency fund
4:37: how to save for taxes
6:40: Found
8:05: how to save for retirement
How To Invest in a Roth IRA: • How To Open A Roth/Bac...
VIDEO MENTIONS:
FOUND: get.found.app/...
How to Budget: • How To Make A Budget |...
How To Invest in a Roth IRA: • How To Open A Roth/Bac...
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#howtomanagemoney #howtomakemoney #moneymanagement
It's easy to get caught up in just saving, but investing can really help your money grow over time. Even with a modest salary, there are smart ways to make it work for you.
Exactly. You don't need a huge salary to start investing. It's all about making the right choices. I started with small amounts, and it's amazing how much it can add up if you stay consistent.
I've been putting aside a bit each month into a diversified portfolio. Even if it's just a few hundred dirhams, over time, it starts to build up. Plus, there are plenty of low-cost options out there, like index funds, that make it easier to get started.
That's good advice. I've also been thinking about how to invest smarter. The cost of living in the UAE is high, so it's crucial to make sure our money is working for us. But I'll admit, sometimes it's hard to know where to begin, especially with so many options.
That's where I'm stuck too. I know I should be investing, but I don't want to make the wrong move and end up losing money. It feels risky, especially when you're not earning a lot.
That's a valid concern. I felt the same way when I first started. What really helped me was talking to someone who understands the market here in the UAE.
How do people manage, manage in retirement since 401ks are nothing to write home about? My 800k turned to 250k in no time. I'm 54, will I work till God calls me?I
I worked until 62, I was at the top of my income game, liked my work, and we could both go on Medicare. I ALMOST fell into the “only one more year” trap.
How did you apportion saving, investments and expenditure?
Finances: 35% in 5.25% secure, 40% stocks, 5% cash, 10% gold/silver, 5% Series I Savings Bonds, 5% “play” stocks (TSLA, HD, CCL). Key: NO debt. I don’t need my RMDs, thus, take as QCDs. This is a unique portfolio as apportioned by my fa.
Who is this FA? And roughly how much do you pay for this service?
Monica Mary Strigle' is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
My tax guy usually says to save 30% for taxes to be safe. Sometimes that can be a lot, so at least 25%. I also try to write off as much as I can.
exactly! Write-offs are great and help A LOT but saving 30% for taxes always makes me feel prepared.
thank you so much for covering this!! a lot of personal finance advice out there is for people who work a traditional 9-5 and this is such an underserved area, which is wild because there are SO many more creators and freelancers out there now! ❤
you're welcome! Glad you're finding value in the content
Your videos always make my day.❤❤❤ You are so awesome.
@@jimvt1959 thanks for watching!
Thank you for the detailed tips and tricks Aja😊🎉
you're welcome!
Aja your videos are an instant click for me ❤
thanks for watching :)
Thanks for sharing, Aja. Besides having separate accounts for my daily living expenses and emergency, I also have another account called the 'big purchase account' where the monies in it are used for any PLANNED one-time big expenses like annual insurance premium, home reno, vacations, etc.
YES! Love that. Make sure the money is in a HYSA!
Install solar energy to save electric bills and take care of your health to save medical bills and endurance expenses...
Can you please do a down payment video and where you put your downpayme t and why
@@taniasmiley8973 I’m pretty sure I did but I put mine in a conservatively invested brokerage account. If you’re planning to buy a house in the next couple of years, I’d put it in a HYSA tho
I save 10% of my 1099 income every week only because i also work several W2's i use my write offs as well so i owe very little or get a refund
@@TMKJG24 that’s amazing!
Would love more information on how to invest and make your money grow. Investment opportunities
Invest at different times to lower cost average in companies you believe and know are good enough...
I love Target Date Funds. They're easy, you don't have to worry about it for decades and it manages itself.
@@AjaDang thank you
Something to add is not to buy all your stocks all in one time for your cost average to be lowered and get better opportunities...
Give to charity as this gives a more positive energy to thrive and swell ...
Would you recommend registering as an LLC for a self employed person?
it's hard to say. My CPA and I decided to stay as a Sole Proprietor for a number of reasons (mainly not having any assets someone can sue me for) but since we bought our Houston house, I'm sure that will change.
if you are making 6 figures income how are you eligible for Roth IRA?
My digit should displayed on your notification bar🔔
Diversify investments in bonds ,stocks ،( growth companies , dividend paying and those resilient to recessions)،real estates ,Gold,😊
Diversify geographically for more safety and precautions...
First comment!
Thanks Natalie!