Episode 39: How to Start Thinking About Investing and Saving for Retirement as a Business Owner

Amanda Schneider is a financial advisor who launched her career working in commercial insurance before moving into the investments arena. Today, she is Series 7 and Series 66 licensed and holds three different insurance licenses. Amanda is here to show female entrepreneurs that financial planning, while it sounds intimidating, is nothing more than goal setting—something we all can relate to.

Tara and Kara invited her on to educate us on investing as an entrepreneur, and we are so excited to pick her brain about all things finances. Amanda shares ideas on how to set a budget, start saving, and make goals around financial planning.

Discussed in this Episode:

  • Why the first step in financial planning shouldn’t be saving for retirement
  • Why you should find legal representation and a financial advisor at the same time
  • Why the stock market isn’t the only place you can invest
  • Different investment options beside the stock market
  • The difference between a 401K and a regular IRA and roth IRA
  • Why having cash on hand is the first step toward planning for your future
  • The difference between pre-tax and after-tax dollars
  • What Amanda does for her personal investment accounts
  • How to educate yourself on different options for investments
  • Why finding a financial advisor you trust is so important
  • How to conquer debt and understand what your debt really looks like
  • Whether this is such thing as “good debt” and “bad debt”
  • Amanda’s A-Cup moment: Passing her Series 7 and Series 66
  • Her first job ever: Picking strawberries
  • Her nightly routine: Falling asleep at 8:30!
  • What wakes her up in the middle of the night: Tough client conversations
  • A bad business habit she would love to break: Being on her phone and freaking herself out for conversations
  • Her guilty pleasures: Law and Order
  • What being a woman means to her: If your head is on straight, your hair will be fine
Any opinions are those of the speakers and not necessarily of RJFS or Raymond James. The information contained in this podcast does not purport to be a complete description of the securities, markets, or developments referred to in this material. Investments mentioned may not be suitable for all investors. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Investing involves risk and investors may incur a profit or loss. Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment Advisory services offered through Raymond James Financial Services Advisors, Inc.
Raymond James I 105 E. Main St. West Union, IA 52175  563-422-6250

401 (k) plans are long-term retirement’s savings vehicles. Withdrawal of pre-tax contributions and/or earnings will be subject ordinary income tax and, if taken prior to age 59 ½, may be subject to a 10% federal tax penalty.

Roth 401 (k) plans are long-term retirement savings vehicles. Contributions to a Roth 401 (k) are never tax deductible, but if certain conditions are met, distributions will be completely income tax free. Unlike Roth IRA’s, Roth 401(k) participants are subject to required minimum distributions at age 70.5.

 Contributions to a traditional IRA may be tax-deductible depending on the taxpayer’s income, tax-filing status, and other factors. Withdrawal of pre-tax contributions and/or earning will be subject to ordinary income tax and, if taken prior to age 59 1/2, may be subject to a 10% tax penalty.

Roth IRA owners must be 591/2 or older and have held the IRA for five years before tax-free withdrawals are permitted. Like Traditional IRAs, contribution limits apply to Roth IRAs. In addition, with a Roth IRA, your allowable contribution may be reduced or eliminated if your annual income exceeds certain limits. Contributions to Roth IRA are never tax deductible, but it certain conditions are met, distributions will be completely income tax free. Unless certain criteria are met, Roth IRA owners must be 591/2 or older and have held the IRA for five years before tax-free withdrawals are permitted.

Additionally, each converted amount may be subject to its own five-year holding period. Converting a traditional IRA into a Roth IRA has tax implications. Investors should consult a tax advisor before deciding to do a conversion. IRA tax deductibility and contribution eligibility may be restricted if your income exceeds certain limits, please consult with a financial professional for more information.

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