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October Goals Update

Fall color in Telluride Colorado

There have been a few goal posts lately as we’ve entered the last quarter of 2014. It’s always fun to see how others have done toward their goals. As I’m about to put my 40th year on this earth to bed, it’s time to see how I’m doing with my goals. 2014 Goals 1) Set up a solo 401k and contribute 25% of my income. ┬áPass One of the great benefits of being self employed is that you can open a solo 401k and contribute more than you’d be able to with a traditional employer sponsored plan. ┬áSince one of the worst things about self employment is taxes, it’s nice to be able to offset as much income as possible into a tax deferred account. With a solo 401k, you can contribute the standard $17,500 PLUS 25% of your income up to $52,000 for people under age 50. I wasn’t able to do that much, but should be right on track for investing 25% of my income into my solo plan this year. 2) Max out our family HSA. Pass This year we decided to invest our HSA into Vanguard funds. We don’t plan on touching this money until retirement ...

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