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What It's About
Today's caller hopes to put extra income towards a retirement account.
Notes from Chris
Episode 1456
Happy Boxing Day! This is a day in which you are entitled to punch any member of your family who has frustrated you this holiday season, without any consequences. Or alternatively: “Boxing Day was traditionally a day off for servants and the day when they received a 'Christmas Box' from the master. The servants would also go home on Boxing Day to give 'Christmas Boxes' to their families.” Towards the end of the year, a lot of people look at their finances and do some cleaning up. You might want to make some charitable donations, you might need to rebalance your 401(k) or other investments, and you might think about a contribution toward your retirement fund. For everyone who’s like “What’s a retirement fund?”—well, you might start thinking about it. Research shows that even if you have a low income or are struggling, it’s still helpful to save for the future. Anyway, today’s listener is wondering about using side hustle income specifically for her retirement fund. Is there anything specific that might be good to know?"I'm trying to save for retirement, and according to the online retirement calculators I've seen, I'm a little behind. I know that your goal with Side Hustle School is to help every listener earn at least $500/month, and my idea is to put *all* my side gig profit into a retirement fund that invests in low-fee mutual funds. Is there any downside to this, either in terms of taxes, cash flow, or just motivation?"Listen to today's episode to learn more...
SEE ALSO:
- Accountant Starts Net-Zero Personal Finance Hustle: An accountant finds a way to bridge the gap between financial advisers and tax professionals by transferring some of the skills from his day job to his own self-employed income.
- Indian Personal Finance Blogger Rings Up $4,000/Month: Writing about money-saving hacks and passive income for readers in India yields big money for a software company employee.
- Trio of Friends Generate Wealth With Financial Advice: When three friends invest in an effort to escape the rat race, they bank a good return by offering their strategies as online financial advisers.
