Should I Do a 401(k) or Simple IRA?

Ramsey Everyday Millionaires

Ramsey Network

Business, Careers, Investing

4.8 • 3.6K Ratings

🗓️ 11 December 2024

⏱️ 6 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

💵 Sign up for EveryDollar today - Create a free Budget! Listen to how ordinary people built extraordinary wealth - and how you can, too. You’ll learn how millionaires live on less than they make, avoid debt, invest, and are disciplined and responsible! Next Steps: 💰Need Help with your investments? Click here to connect with a SmartVestor Pro. 🏠To learn more about how to plan for Retirement, click here 🏦To learn more about Investing, click here 🎓Create a college savings plan for your child’s future. Click here to connect with a SmartVestor Pro. Listen to more from Ramsey Network 🎙️ The Ramsey Show 🧠 The Dr. John Delony Show 🍸 Smart Money Happy Hour 💡 The Rachel Cruze Show 💰 George Kamel 💼 The Ken Coleman Show 📈 EntreLeadership 💸 The Ramsey Show Highlights Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

Transcript

Click on a timestamp to play from that location

0:00.0	This episode is sponsored by SmartVester.
0:06.9	Connect with an investing pro for free at ramsysolutions.com slash invest.
0:14.7	You're listening to Ramsey Everyday Millionaires, where we talk investing, retirement, building wealth, and outrageous generosity.
0:22.6	Greenville, South Carolina is where we go next. Stephanie is joining us there. Stephanie, how can we help
0:27.1	today? Hi, thank you for having me, Ken and Jade. You bet. What's happening? I am reaching out to ask a
0:35.2	question about I own a business, and I'm trying to implement a 401k or a
0:40.7	simple IRA plan and I'm wanting to know the best things to look at what to look for what are
0:46.7	the pros and cons um just some direction with this okay um what kind of business is it and you know is it just you or do you have employees? Tell me more.
0:57.2	I do. I have a team of seven that includes my husband and I. The business was started in 2016. It's for pest and wildlife control.
1:05.1	We are mainly, as far as income is concerned, wildlife is about 80% of our income. And pest is about 20%. We added that on
1:13.7	about two years ago. But yes, 17 members total. Okay. If I were you, there's a couple of different
1:20.6	routes you could go. And I don't want to lead you astray. I think that it all depends on how much, like, what the
1:28.2	max contributions are, how much the business is going to match that versus the, what the employer
1:35.2	puts in, or what the employee puts in, I'm sorry. And so for that reason, I'd probably
1:39.9	work with a, I'd work with your bookkeeper or I'd work with a, somebody who's going to be able
1:45.7	to give you better tax information than I would. I could tell you kind of on a basis if you're
1:49.9	kind of more of a solopreneur, what you might do. But with this, I'd want to, I'd want somebody to
1:55.1	really look at the numbers and tell me what's going to work best for me tax-wise and investment-wise for me and my employees.
2:01.9	Yeah, I think, Stephanie, neither one of us are great experts on this.
2:05.0	But I think we can tell you what to do beyond what Jade said.
2:09.5	And I think, again, a tax pro, somebody who works with businesses, so you can get tax
2:15.3	pro information at Ramsey Solutions.com in your area.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Ramsey Network, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Ramsey Network and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.