What's up? What's up, Nick? Oh, Lopper here. Welcome to the side hustle show because it's not what you make

It's what you keep that counts today

We're talking about how to use your side hustle income to help fund your retirement taking advantage of different taxes strategies and programs to potentially save

Thousands and thousands of dollars to help me talk through this is Matt Ruttenberg a friend of mine from the Thinconic community

You can find him at 401k.expert ready. Oh, let's do it

This is one of my favorite topics is tax optimization game and I'm admittedly kind of a rookie at it

But it's always fun to see some more flowing through to your bottom line

And this is one of the biggest advantages that was explained to me early on

Oh, if you have this LLC set up, which is probably most common for most side hustlers outside of a

Superpire to ship then you can have this s-corp tax election and you pay yourself a salary and then you could have this

You know very generous profit sharing plan in my case where you can defer even more than beyond the traditional

You know 401k limits, which I what is it 20 grand this year or something like that?

2500. Yep. Yep. Okay. So let's speak a little bit about that. I guess it's is it the

self-employed 401k is that kind of where most people will be playing in this space? There's a lot of

Options in the self-employed retirement plan space, you know, whether it's a

simple as an IRA or all the way up to a defined benefit pension plan

But really it's not the entity type that we're working with that is the key driver whether or not you have or you can open up these

Solo 401ks or set by arrays

It's the income and how is the income earned so as long as you have self-employed income the entity doesn't really matter whether it's

a sole prop or LLC or if we're following an s-corp. See it doesn't matter

It's just basically as long as you are you have self-employed income. So let's get you'll see all right

And we're very good. So what would be the next

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