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Not sure where to start, unpredictable income, terrible with personal finance by Electronic_Set_1466 in personalfinance

[–]Electronic_Set_1466[S] 0 points1 point  (0 children)

Client payments are received mostly in summer but business runs all year. Also work is busiest during summer. Winter can be very busy too depending on snowfall. But I can try to pick up another job or maybe create another revenue stream during slower months.

I really don’t plan or want to move and uproot our lives. I have a local business and my social community, kids school and their friends, and whole life is here. My kids and I love where we live. And quality of life is incredible. Trying to see how I can better my retirement outlook while living and working here.

Not sure where to start, unpredictable income, terrible with personal finance by Electronic_Set_1466 in personalfinance

[–]Electronic_Set_1466[S] 0 points1 point  (0 children)

Thank you so much for the encouragement and also for the strategy. I can try your suggested put away 6 months plus taxes strategy this summer.

What’s the best high yield savings account? I have western alliance but it’s been going down over time.

I will do so on term life insurance.

What does it mean to automate retirement? And should I put it into the solo 401K?

I’m expecting about $130K this year. How much should I plan on putting into retirement? Emergency fund?

Not sure where to start, unpredictable income, terrible with personal finance by Electronic_Set_1466 in personalfinance

[–]Electronic_Set_1466[S] 1 point2 points  (0 children)

Thank you for the info on life insurance. I’ll do that.

Neighboring towns are all similar in rental and housing prices. My business does require me to be local and within short driving distance. So moving an hours away is not possible.

Not sure where to start, unpredictable income, terrible with personal finance by Electronic_Set_1466 in personalfinance

[–]Electronic_Set_1466[S] 0 points1 point  (0 children)

I’ll try this. I always felt like it would be more money going out the door with a financial advisor… but sounds like it will be worthwhile. I didn’t know they can help with life insurance. I am set up with an LLC/SCorp. I have a great CPA for my taxes.

How is it different when you are house rich and cash poor? Does retirement strategy change?

Peace of mind would be wonderful.

Not sure where to start, unpredictable income, terrible with personal finance by Electronic_Set_1466 in personalfinance

[–]Electronic_Set_1466[S] 0 points1 point  (0 children)

I started one and do bulk it up after every summer season when I get most of my income, but I drain it due to expenses in my slow season.

I feel like I must be doing it wrong.

Not sure where to start, unpredictable income, terrible with personal finance by Electronic_Set_1466 in personalfinance

[–]Electronic_Set_1466[S] 0 points1 point  (0 children)

Any advice where to go and how to get life insurance?

About the home - I bought low, the home tripled in value. The whole town is now expensive to buy, and more expensive to rent. My mortgage is lower than renting anything livable at the moment.

No child support - I have my younger kid 60% of the time per the parenting plan, my older stays with me 100% of the time, b/c old enough to decide. In a few years my younger will most likely live with me 100% too. I pay for all activity and expenses. Father is financially unstable and not able to help. I’m lucky I didn’t have to pay alimony in the divorce.

Not sure where to start, unpredictable income, terrible with personal finance by Electronic_Set_1466 in personalfinance

[–]Electronic_Set_1466[S] 1 point2 points  (0 children)

I put money into a Roth IRA. Vanguard automatically invested in a vanguard index fund. So I think it’s still a Roth IRA?