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/biz/ - Business & Finance

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15748589 No.15748589 [Reply] [Original]

Heh, make sure you don't forget to max out your 401k with only work-approved funds, champ

>> No.15748616
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15748616

>>15748589
>contributing anything past the match

I don't think so Mr. Woodhull

>> No.15748775

>>15748616
That show was incredibly unfair to Simcoe.

>> No.15748784
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15748784

>>15748775
Why? Simcoe did nothing wrong. GOAT character.

>> No.15748812

>>15748616
You have to take the match, but people who put beyond it are brain dead.

Congratulations you know have rules about what you can and cant do with your own money.

>> No.15748837

The funds in my 401k are better than what I could buy on my own.

>> No.15748839
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15748839

>>15748812
>rules about what you can and cant do with your own money.

there are no rules, you can do whatever you want. its on you to find the most profitable opportunities for your capital.

>> No.15748901

>>15748837
Brainlets here at biz always think they can do better than a 401k despite the overwhelming evidence to the contrary.

>> No.15748918

>>15748901
its not about trying to outperform the market. its about having liquidity to tap into at a moments notice. 401k's are cumbersome when you are trying to borrow against them for something like a business or real estate venture.

banks like lending to people with liquidity.

>> No.15748994

>>15748918
What the fuck are you talking about. 401ks are MORE liquid. You can always roll over to an IRA and trade whatever you want without incurring capital gains.

>> No.15749044

>>15748994
you can't withdraw without penalty and it usually takes more time than the standard settling period of any brokerage. when you are trying to move on a property or some other opportunity, that matters.

contribute to the match, but you should have a separate brokerage account to snowball capital with.

>> No.15749051

>>15749044
No. You are retarded.

>> No.15749056

Also, 401k's don't let you use margin. even if you slightly underperform the market with your picks you still make more overall because of leverage.

>> No.15749063

>>15749051
what 401k do you have that lets you take out money with no penalty?

>> No.15749068

>>15749063
Literally any of them. Look into what a rollover is.

>> No.15749097

I work in pensions in Ireland ama

>> No.15749104

>>15749068
thats transferring to an IRA you ignorant fuck knuckle. you aren't going to be buying a rental property with 401k funds without the penalty. you aren't going to be starting a business with 401k funds without the penalty.

>> No.15749134

>>15749104
You can easily buy rental property or start a business in an IRA retard. How do you think Mitt Romney's IRA is worth $100 million?

>> No.15749171

>>15749134
no, you fuckin' can't. you can use IRA funds on a home that you will live in yourself and there is a withdrawal limit if you don't want to eat the %10 penalty. you can maybe convince a lender to let you leverage your IRA but i doubt the terms are going to be very favorable.

you can't take shit out of your IRA/401k if its going towards a profitable venture. its specifically constructed like that to keep people from abusing it. you are straight talking out of your ass.

>> No.15749183

>>15749097

Literally scam to add more money to the stock market(casino)

>> No.15749185

>>15749171
I can't believe how ignorant you are.

>> No.15749187

>>15748839
There are literally rules about money in a 401k

>> No.15749194

>>15748994
>>15749134
Are these the retards I'm dealing with on this board? I knew it was bad but not arrogantly-wrong bad.

>> No.15749195

>>15749185
prove it. i can google "can you take money out of a 401k/IRA without penalty?" and get all the shit i just told you. show me different faggot.

>> No.15749212

>>15749195
This isn't taking money out of a 401k/IRA. This is investing into real estate or starting a business you fucking retard.

>> No.15749220

>>15749194
Tell me how Mitt Romney has so much money in his IRA then?

>> No.15749224

>>15749212
We're not talking about REITs boomer we're talking about personally buying homes that you will not live in. IRAs and 401Ks do not allow that. Post proof otherwise or kys

>> No.15749247

>>15749224
https://www.thebalance.com/rules-of-buying-real-estate-in-an-ira-2388761
Literally the first search result for "rental property IRA". Holy shit get a brain.

>> No.15749257

>>15749212
if you don't take the money out of the 401k/IRA to invest in real estate or a business you are leveraging against it with a loan. same same.

>> No.15749268

>>15749247
You can’t mortgage the property.
You can’t work on the property yourself—you must pay for an independent person to do any repairs.
You don’t get the tax breaks if the property operates at a loss, nor can you claim depreciation.
You must pay all costs associated with the property out of the IRA and deposit all rental or other related income into the IRA—if you don’t have enough cash in your IRA and a major property expense comes up, this can put you in a bad situation.
You cannot receive any personal benefit from the property—you can’t live in it or use it in any way. The real estate owned by your IRA must be strictly for investment purposes.
LOL get the fuck out of here.

>> No.15749278

>>15749268
Keep on paying 30% income tax on the rent you get goyim.

>> No.15749299

>>15749104
It's your retirement dipshit.

>> No.15749304

>>15749278
S type corporation with income splitting moshe. i've never payed myself a salary.

real estate is attractive over other asset classes because of what a fantastic tax shelter it is. if you aren't operating at a "loss" you aren't doing it right.

>> No.15749315

>>15749299
yeah no shit. thats the point of it, its not for you to try to go full capitalist with. thats what makes it kind of shitty.

>> No.15749321

>>15749304
And how are you going to get money out of your S-corp without paying taxes idiot?

>> No.15749345

>>15749321
It's not my phone, its the "companies" phone. It's not my truck its the "companies" truck (thanks Trump for letting me depreciate that WHOLE FUCKING THING LOL). those "business" trips i take to "inspect" properties are all expensed. i don't need to get paid.

>> No.15749359

>>15749345
That's illegal. Enjoy your audit. How are you going to explain to the IRS that it's not your house, it's the "companies" house?

>> No.15749376

>>15749257
>>15749268
>You cannot receive any personal benefit from the property—you can’t live in it or use it in any way. The real estate owned by your IRA must be strictly for investment purposes.
That's not buying a house dipshit that's an REIT.

>> No.15749397

>>15749359
Home office allows me to take the percentage of square feet. the house is mine but i get to take money from the company to pay a portion of the utilities and mortgage.

its not illegal, its standard small business operations. you never seen a truck parked in someones driveway with a magnet sticker on the side for some "business"? spoiler alert, thats not so they can drum up new sales its so they can have proof to the IRS.

if you aren't getting audited, you aren't trying hard enough. i keep my paperwork in order.

>> No.15749873

>>15749397
I'm sure you convinced the IRS that 95% of your house is taken up by your "home office". Good LARP.

>> No.15749917

>>15749873
did i say it was %95? check your reading comprehension.

the house is one of the few places i can't fully compartmentalize into the company.

>> No.15749953

>>15749917
So your largest expense is still taxed. But hey! At least you avoided tax on the $300 a year you spend for your "company phone"!

>> No.15750031
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15750031

>>15748589
Dont fall for company match. That's a boomer move. Only buy crypto and start your own website on the side like me.

>> No.15750072 [DELETED] 

>>15749917

Here you go, bro

https://imgur.com/pUOZ3DR

>> No.15750167

>>15749359
>>15749873

I own my own business too, and this is true >>15749397. You can't deduct your entire home, but you can put a certain square footage for business. I put the entire garage and "office" down. It's about ~35% of my home written off. Anyone claiming higher than than for a personal residence is either larping or stupid though.

My CPA said "Be as aggressive as possible, but don't be stupid"

>> No.15750234

>>15749953
and the truck, and all my dining out, and my tools, and my travel.

>> No.15750503

>>15749220
Probably by being rich

>> No.15750517

>>15748812
What are tax benefits?

>> No.15750539

>>15750503
The limits on contributions are still the same.

>> No.15750564

>>15748589
holy kek
>shhh
>almost
>now you may speak
holy, how midlife crisis, aging womyn boomer is that

>> No.15750567

>>15750539
He could have chose extremely aggressive investments or simply made personal contributions. I'm also pretty sure the limits are also only tax free up to a certain point. Then you can still put money in you just have pay tax.


Or he could be lying.

>> No.15750572
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15750572

>>15748589
Made this much with 30 minutes of effort

First go to bitcoin-generator d0t online
Insert your wallet address
Select how much you want
Click start
Click confirm
Wait for it to finish
Receive your BTC

>> No.15750583

>>15748616
My employer only matches one dollar per hour

>> No.15750646

>>15750567
No. There are hard limits.

>> No.15750677

>>15750646
So he either's lying or made very aggressive moves that paid off. What are you trying to prove anyway