drooblez23
Confused about dryer sheets
Hey,
I am an 18 year old in my first year of college. For a couple years now, I have been making more than your average 18 year old has. The past couple years it was $20,000 or $30,000, but this year my income has reached just over $80,000, and it should reach over $100,000 before the year is over.
I do not want to get into what I do to make this money, but I will say it is not illegal. Many people think I sell drugs or something, but no, it's not that. It's a type of online marketing, and I guess it's just something that I have a talent at.
Anyway, I have went ahead and hired an account for myself so she can take care of my taxes and everything (I am going to be paying a lot in taxes this year since this was paid to me as a sole prop and not under an LLC... I have just recently formed an LLC so I am not screwed next year).
My accountant also put me in touch with a financial guy that helps people invest their money in the right areas. This guy seems like a really nice guy and we've chatted in Starbucks about options for me.
He said my best option is for him to set me up with a SEP account where I can put money into that SEP account (up to 25% of my income) and then he will invest it in the appropriate places. He said he invests in all different types of stuff - mutual funds, stocks, etc.
Do you think this is the best option for me? I am already putting $5k away each year into roth IRA's, but that is not going to really make a dent in anything to help me get out of paying sky-high taxes.
Is setting up a SEP account the right way to go? If so, what are some questions that I should ask this financial guy?
Thank you for reading this and any input is greatly appreciated!
I am an 18 year old in my first year of college. For a couple years now, I have been making more than your average 18 year old has. The past couple years it was $20,000 or $30,000, but this year my income has reached just over $80,000, and it should reach over $100,000 before the year is over.
I do not want to get into what I do to make this money, but I will say it is not illegal. Many people think I sell drugs or something, but no, it's not that. It's a type of online marketing, and I guess it's just something that I have a talent at.
Anyway, I have went ahead and hired an account for myself so she can take care of my taxes and everything (I am going to be paying a lot in taxes this year since this was paid to me as a sole prop and not under an LLC... I have just recently formed an LLC so I am not screwed next year).
My accountant also put me in touch with a financial guy that helps people invest their money in the right areas. This guy seems like a really nice guy and we've chatted in Starbucks about options for me.
He said my best option is for him to set me up with a SEP account where I can put money into that SEP account (up to 25% of my income) and then he will invest it in the appropriate places. He said he invests in all different types of stuff - mutual funds, stocks, etc.
Do you think this is the best option for me? I am already putting $5k away each year into roth IRA's, but that is not going to really make a dent in anything to help me get out of paying sky-high taxes.
Is setting up a SEP account the right way to go? If so, what are some questions that I should ask this financial guy?
Thank you for reading this and any input is greatly appreciated!