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Main Street Business

#528 All Things Solo 401k

Main Street Business

Mark J Kohler and Mat Sorensen

Management, Tax Tips, Entrepreneurship, Accounting, Business, Business Structure, Estate Planning, Tax Reform, Legal Compliance, Tax Prep, Tax Strategies, Financial Reporting, Irs Updates

4.8584 Ratings

🗓️ 17 September 2024

⏱️ 53 minutes

🧾️ Download transcript

Summary

In this latest episode of the Main Street Business Podcast, hosts Mark J. Kohler and Mat Sorensen explore the Solo 401(k), detailing how self-employed professionals and small business owners can benefit from its substantial contribution caps and diverse investment opportunities, such as real estate and cryptocurrencies. Here are some of the highlights: Mark and Mat breakdown how a solo 401(k) is key to building retirement wealth.Mark and Mat unpack the optimal order of investing: Company matc...

Transcript

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0:00.0

Welcome to the Main Street Business Podcast with your distinguished hosts, Mark J. Kohler and Matt Sorensen.

0:05.5

Both are best-selling authors and have over 25 years of industry experience with 10,000 client consultations,

0:12.3

making them the leading tax and legal experts in the nation.

0:16.1

Together, they'll unpack the most complex tax, legal, and financial strategies,

0:20.6

crucial for saving more,

0:22.1

stressing less, and building generational wealth. Today, they're your personal advisors.

0:28.1

Ready to break it down for you and make the tax and legal game easier than ever. Here is Mark and Matt.

0:34.5

The amount of money you could put in that solo this year could be a huge game changer. And then you're like, ooh, take the money and run. The estimate's over 50 million Americans with a side gig, side hustle, trying to make ends meet, you can have a 401k for that. If you are self-employed with self-employment income, and I know there's so many people listening, they're like, I've never had an IRA. I've never had a 401 kick. This is for you.

0:54.4

The side door is a great way to create more write-offs in the rental portfolio.

0:59.7

If you have a portfolio of rental properties, you're still in the party.

1:03.6

The common characteristics can trait of people that have large accounts is they don't wait for the deadline.

1:08.2

They put it in as quickly as they have it because they want their money to compound faster.

1:20.0

Welcome, everyone, to the Main Street Business Podcast.

1:22.1

This is Matt Sorensen, joined by the incredible Mark J. Kohler,

1:26.0

the man, the myth, the legend.

1:27.4

And by the way, I want to just say how good you look today.

1:29.6

Thank you.

1:30.1

Your hair is like perfectly commandicered. You know, when I go with the Matthew McConaughey look, there's always a hair that's somewhere, you know, because I just, it's a messy look. It's tricky. Yeah, you just get 80% right if you're doing the McConaughey look. But here's the trick.

1:42.7

Lighting.

1:43.4

Lighting.

1:43.9

I came in here and I'm like,

1:45.3

we got to work on the lighting.

...

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