What is a Roth IRA? How can I make money online? What is the difference between mutual funds and ETFs? This video was a question-and-answer live stream event where anybody could ask any question about money they have been wondering about.

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Today’s questions on the live stream video:
1) What kind of retirement account should I use if I am self-employed?
2) What is a retirement account and how do I save money in taxes with this?
3) What is the difference between a Traditional IRA and SEP IRA?
4) Is a credit card or debit card better?
5) What are the pros and cons of both credit cards and debit cards?

#personalfinance #money101 #SEPIRA #TraditionalIRA #creditcards #debitcards #money101academy #question…(read more)

LEARN MORE ABOUT: IRA Accounts

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CONVERTING IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

As a self-employed individual, investing in your retirement should be at the forefront of your mind. After all, unlike traditional employees, you don’t have the luxury of a company-sponsored 401(k) plan. Instead, you have to create your own retirement plan.

One option available to you is a SEP IRA (Simplified Employee Pension Individual retirement account). This account allows you to contribute up to 25% of your annual compensation, with a maximum contribution of $58,000 per year. The contributions you make to a SEP IRA are tax-deductible, and your investments grow tax-free until you start making withdrawals.

Alternatively, you may choose to invest in a traditional IRA. With a traditional IRA, you can contribute up to $6,000 per year (or $7,000 per year if you’re over the age of 50). Your contributions are tax-deductible, and your investments grow tax-free until you start making withdrawals.

So, which account is right for you? It depends on your individual circumstances. If you’re looking to save more for retirement, a SEP IRA is likely your best bet. However, if you’re just starting out or are on a tight budget, a traditional IRA may be a more practical option. Ultimately, the decision comes down to how much you’re able to contribute to your retirement plan each year.

In addition to retirement savings, it’s important to also consider your credit and debit card choices. As a self-employed individual, you’re likely making a lot of purchases for your business. These purchases can quickly add up, and it’s important to make sure you’re earning rewards for them.

Many credit card companies offer rewards programs that allow you to earn cash back, miles, or points for each dollar you spend. Some cards even offer bonus rewards for certain types of purchases (such as office supplies or travel expenses). It’s worth doing a little bit of research to find the card that offers the best rewards for your business expenses.

On the other hand, debit cards are a great option if you want to avoid the risk of accumulating credit card debt. With a debit card, you’re spending money that’s already in your account, which can help you stay within your budget. Plus, many debit cards also come with rewards programs that allow you to earn cash back or points for your purchases.

In conclusion, as a self-employed individual, it’s important to think carefully about your retirement savings plan and your credit and debit card choices. With a little bit of research and planning, you can make sure you’re setting yourself up for financial success in the long term.