Pre-tax options for second job???
2023 Sep 9, 12:15pm 2,112 views 40 comments
Anyone know of a way to put all of my second income into a pretax vehicle?…my employer doesn’t offer a 401k.
« First « Previous Comments 38 - 40 of 40 Search these comments
38
AD
@
2023 Dec 10, 12:35pm
AD
@
2023 Dec 10, 12:35pm
WookieMan says
That is why Dave Ramsey caters to the ~$40,000 to $70,000 annual household income demographic. He does encourage saving in a Traditional IRA with growth stock mutual funds. Ramsey helps people to eventually reach higher levels of income.
I see that bronze plans from the Health Care exchange (or Obamacare) are only eligible for health savings accounts.
.
.
Now is it possible for most? Likely no, you'd need $200k of income and the median is still sub $70k for a family.
That is why Dave Ramsey caters to the ~$40,000 to $70,000 annual household income demographic. He does encourage saving in a Traditional IRA with growth stock mutual funds. Ramsey helps people to eventually reach higher levels of income.
I see that bronze plans from the Health Care exchange (or Obamacare) are only eligible for health savings accounts.
.
.
39
WookieMan
@
2023 Dec 10, 5:45pm
WookieMan
@
2023 Dec 10, 5:45pm
ad says
NEVER touch any other account until you max these 3 out. Just don't. Anyone that tells you otherwise is frankly an idiot. Play with stocks and funds AFTER you've done this. If you can't do this, you have no business investing in anything that can be taken from you. Just go to the fucking casino at that point. Your odds are better off making more and keeping it going to the casino and betting black on a roulette table.
HSA, get your employer to set one up. It's a slight bit of leg work to make it happen on their end and yours. I also am not sure I'd want to be employed by someone that doesn't offer a HSA. Fuck them. It's just effort for maybe 5 hours a year and plugging the numbers into your accounting software. It's trivial. Reality is they don't even understand what it is and the benefits of what it is. I'm about to drop $2k to pay for an MRI. That $2k could have been invested for a decade, tax free and withdrawn tax free. Can borrow against it. Protected from creditors. Everyone WILL have medical expenses. Might as well make tax free income in the meantime off your money.
He does encourage saving in a Traditional IRA with growth stock mutual funds.
NEVER touch any other account until you max these 3 out. Just don't. Anyone that tells you otherwise is frankly an idiot. Play with stocks and funds AFTER you've done this. If you can't do this, you have no business investing in anything that can be taken from you. Just go to the fucking casino at that point. Your odds are better off making more and keeping it going to the casino and betting black on a roulette table.
HSA, get your employer to set one up. It's a slight bit of leg work to make it happen on their end and yours. I also am not sure I'd want to be employed by someone that doesn't offer a HSA. Fuck them. It's just effort for maybe 5 hours a year and plugging the numbers into your accounting software. It's trivial. Reality is they don't even understand what it is and the benefits of what it is. I'm about to drop $2k to pay for an MRI. That $2k could have been invested for a decade, tax free and withdrawn tax free. Can borrow against it. Protected from creditors. Everyone WILL have medical expenses. Might as well make tax free income in the meantime off your money.
40
WookieMan
@
2023 Dec 10, 5:50pm
WookieMan
@
2023 Dec 10, 5:50pm
Sorry I'm aggressive on this topic. 99% of people don't know about this. They get sucked into "investments" by con artists. This fund or that. This stock or that. I'll take my approach and if I want to be reckless with debt I don't owe anyone a fucking dime and I keep my money. I can park the Lambo in the garage. I can book a $40k trip to SE Asia and not pay a dime. Buy a boat. List is endless. You see these people do this and you have to understand they're not paying for it.
This is what rich people do. They just don't tell you about it.
This is what rich people do. They just don't tell you about it.
« First « Previous Comments 38 - 40 of 40 Search these comments
patrick.net
An Antidote to Corporate Media
1,365,186 comments by 15,735 users - clambo, ForcedTQ, Patrick online now