MONTHLY Savings

I consider it savings too. Agreement. Unbelievable.

 

If you pay it off every month you don't have to pay interest. It's still NOT savings though. That's just dumb. I pay everything with my credit card now since I get points for every purchase. I haven't paid a penny in interest or in "member" fees since I got the card 5 years ago either. I love my Bass Pro shop card. :notworthy

 

Up til a couple months ago, nothing. Now, I put 10% or more of each invoice into a simple savings account. Once it's acquired what I think is acceptable money $5-10k, I'm going to be moving it into my SEP-IRA account. I'll keep doing this each time it builds up.

What's the best investment for that sort of account? Money Market? Stocks? I don't want to be too risky, but I'm 30 years from retirement so I can stand to lose a bit here and there if something tanks.

 

No.

 

Is Jelnicky still your accountant? Might be worth going over this stuff with him.

Are you building a 'safety net' with the money now, and then when that's sufficient you'll put any additional into retirement?

Also - why do you have a SEP? Jelnicky suggest?

 

No, I am not using him anymore. I got a new guy that is doing more for less money. Jelnicky is expensive as hell.

Yes, the money right now is a net so when I come across a few months without work, I won't need to stress. But once it reaches a certain point (beyond 3-4 months living expenses), I want to put it aside for savings.

My SEP has been in place since before I quit working for the Chinaman. He started it for all of us that worked for him. I've just kept adding a little each year.

 

Awesome. Jelnicky googled his name and found this thread. He had it printed up and showed me when I met him this AM.

 

Ha!

 

Our CPA kicks tons of ass. Been using him for 8+ years.

 

bump for va49er