094 | Solo 401K vs SEP with Waffles on Wednesday

094 | Mr. and Mrs. Waffles on Wednesday (WoW) talk about winning on a TV game show, starting their own business, learning the tax code to maximize 401K contributions, and volunteering internationally.

How did Ray win on the Price is Right, and what did he win? What were the tax implications of his winning? How was Ray’s experience at the IRS building in Los Angeles? Why did Jonathan receive a tax penalty last year, and how did he respond? How did Mr. and Mrs. Waffles on Wednesday decide to start a blog, and how did they decide on a name? Why do we have to just live for weekends? How did Ray win-over Mrs. WoW to financial independence? What decisions did Mr. & Mrs. WoW make after they chose to pursue financial independence? How did the pursuit of FI change their careers? What type of business did Mrs. WoW open, and how did she keep her overhead costs down and ultimately increase her income? What is a Solo 401K and why did Mr. WoW choose that option? What is the advantage of a Solo 401K for owner and spouse, and how does the math work? How important is it to control your tax rate? What happened to the Mr. & Mrs. WoW’s retirement accounts when they opted to bring on an employee? What is a Mega Backdoor ROTH?   How did Mr. WoW find a plan administrator who could help him set up his accounts? Does Mr. WoW manage his own taxes, or use an accountant? What adjustments has Mrs. WoW made in the past four years that made a positive difference in her life? How does someone volunteer for international aid organizations? Do Mr. & Mrs. WoW add some site seeing or vacation to the volunteering they do? How do they plan for these trips?

 

For more information, visit the show notes at https://ChooseFI.com/094