Ask HTM - Cash with an Online Bank, Revenue Credits on a Target Date Fund, & Paying Taxes on Hobby Income #616
How to Money
iHeartPodcasts
4.6 • 3.2K Ratings
🗓️ 9 January 2023
⏱️ 58 minutes
🧾️ Download transcript
Summary
We’re kicking off the week by answering listener questions! And if you have a question that you’d like for us to answer on the show, we’d love for you to submit your own via HowToMoney.com/ask , send us your voice memo. Regardless of how random or bizarre you might think it is, we want to hear it!
1 - I want to switch to an online bank but how do you go about depositing and withdrawing cash?
2 - Should I own my first investment property as an individual or as a business operating as an LLC?
3 - How important is the revenue credit that I receive from my target date fund in my 401k?
4 - Are I bonds still a good place to park money for my one-year-old?
5 - Do I have to pay taxes on income generated by a hobby?
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- Join a thriving community of fellow money in the HTM Facebook group.
- Find the best credit card for you with our new credit card tool!
- Massively reduce your cell phone bill each month by switching to a discount provider like Mint Mobile.
- Don’t be cheap and forego getting a life insurance policy. Compare rates with Policygenius.
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Transcript
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| 0:00.0 | Hey there, I'm David Novak. I ran Taco Bell KFC in Pizza and like you, I'm always learning |
| 0:06.2 | so that I can be the best leader I can be. That's why I started How Leaders League. The |
| 0:11.0 | first leader-deleter podcast was CEOs from Adobe, Pepsi and the Home Depot so you can learn |
| 0:17.2 | how they get it done. In fact, I just did an episode with Gail Troberman, the president |
| 0:22.4 | and CMO of I Heart. Listen to our entire conversation on How Leaders |
| 0:26.6 | League with David Novak, available on the I Heart Radio app or wherever you listen to podcasts. |
| 0:32.1 | Welcome to How To Money. I'm Joel and I am Matt and today we're answering your listener questions. |
| 0:40.9 | That's right buddy, this is our listener questions episode and for new listeners here who may have |
| 1:05.0 | discovered us recently the way it works is every other Monday we take listener questions, |
| 1:09.6 | we answer five of those and on the alternating Mondays we like to have bring somebody else |
| 1:14.3 | here on the show. We have interviews with experts who with the money pros, that's what we used |
| 1:20.6 | to call those episodes. We wouldn't even interview with them. It was kind of like a combination of |
| 1:26.6 | listener questions with an interview but we found that there is a better way of going about that |
| 1:30.2 | and that's actually having a conversation with our money expert. So we've had some really good |
| 1:33.8 | I thought I loved our episode with Katie Milkman, our next interview episode actually is going to be |
| 1:38.3 | all about budgeting with our friend Jesse Meacham who runs Wine Apps. That's going to be really fun. |
| 1:43.4 | You can look forward to that one a week from today. Exactly. We're just trying to get folks |
| 1:48.1 | glued in a little bit as to our format and their love here. HGM calendar works, right? But yeah, |
| 1:53.3 | we've got five great listener questions to get to today. A listener is asking about basically |
| 1:57.9 | how to make withdrawals when you have an online bank. Another listener he's wondering if he should |
| 2:03.2 | switch back to target date funds because he found out that by going with an S&P 500 fund that is |
| 2:09.0 | costing him more money. That's very rare. We'll reveal why. Exactly. Yeah. And then we've got some |
... |
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