FORT LAUDERDALE – Okay, tax time is upon us and if you’re smart, your New Year’s Resolutions should include a few investment and tax-reduction strategies to stash away (“invest”) some of your side hustle income while reducing your taxes by $2,000..$3,000…even $4,000 or more.
If you are an aspiring homeowner, you’re about to discover a simple and powerful 3-Step Strategy that you can use involving the round-up transfers (“spare change”) from your favorite Check Debit card and the power of a ROTH IRA and SEP IRA to buy a home in five years!
Like most Lyft and Uber Partner Drivers, we live from paycheck to paycheck. Most of us are just trying to make ends meet from week to week and month to month. The CEO of Uber once stated on CNBC that the average Uber Partner Driver works 10 hours a week, part-time. Making money with side hustles is hard but very rewarding because of the personal freedom that comes from the liberty and freedom available to Americans to chase side hustle income wealth! Nelson Mandela, Nobel Peace Prize winner and anti-apartheid icon once said, “Money won’t create success, the freedom to make it will“.
The freedom to develop this three-step plan to buy a home in 5 years is priceless and you can easily apply the full strategy or adapt a variation to compliment your Life Experience. It is from personal experience as a Lyft and Uber Partner Driver so seek the help of a licensed tax and financial planning professional.
Step 1: Acorns is a cool web app that allows you to use round up transfers (i.e.spare change $x.45) from everyday purchases on your Check Debit card to build online balances for investment into stock portfolios. It automatically invests your spare change! It reviews the activity from your Debit Check Card purchases in real-time, calculates the round up spare change transfers and loads them into your Acorns account for scheduled or manual deposits into your investment account.
Your account performance can be tied to DJones stock exchange performance and many other options. It is a great, powerful and systematic way to SAVE fast! Every time you buy gas, snacks and other items with your Debit Card, you develop round up transfer activity that you can easily transfer into your Acorn stock portfolio. With steady use, you will be amazed by your Acorn balance.
Step 2: My personal favorite is the Fidelity ROTH IRA for free bank-to-bank transfers from Wells Fargo. As long as the account is 5 years old, you can take advantage of the lifetime limit of $10,000 to purchase a home to cover down payment, closing costs, etc. With the ROTH IRA, if you are under 50, you can contribute up to $5,500 (2017) and if you are over 50, you can contribute up to $6,500 (2017). You have already paid the income tax on your contributions but your earnings must stay in your ROTH IRA account and once you turn 59 1/2 years of age, you can make qualified distributions tax-free. Purchasing a home with a $10,000 lifetime limit as long as the funds are used solely to purchase the home is a ROTH IRA qualified distribution free of tax penalty and income taxation. As you cash out your Lyft and Uber driver earnings each day, you can transfer $10 here and there on a schedule to your Fidelity ROTH IRA account and build your balance slowly over time with plan to buy a home in 5 years! You could start with a simple $10 plan (i.e. weekly, every three days, etc). The important thing is to create a plan and go for it…
Step 3: My personal favorite is the Fidelity SEP IRA for free bank-to-bank transfers from Wells Fargo. As a self-employed individual and side hustle entrepreneur, you can contribute up to the lesser of 20% of your compensation before self-employed tax deduction or $54,000. This is a pre-tax contribution so it helps to lower your tax bill and earnings grow tax-deferred. Depending on your state and federal income tax burdens, you can optimize this 3-Step Strategy with a traditional IRA for tax-deductible state and federal income tax contributions. Create a plan to transfer $10 minimum here and there to build your Fidelity SEP IRA balance. You could start with a simple $10 plan (i.e. weekly, every three days, etc). The important thing is to create a plan and go for it…
Nelson Mandela always preached to the masses that education is the most powerful weapon which you can use to change the world. You can change your Life Experience with this simple 3-Step Personal Finance Strategy to invest your hard-earned side hustle income to buy a house in 5 years!
Please seek the advice of a licensed tax and personal finance professional before making a decision to invest your money (“legal mumbo gumbo yadda yadda yadda” – Seinfeld). You can drive and turn your miles into cash with Lyft and you could be ready to buy a house in 5 years (why not plant the seed of a beautiful dream with your Lyft new driver cash sign-on bonus today?). Sow a seed for your family!
Acorns + ROTH IRA + SEP IRA – Your 1-2-3 Killer”Knockout” Plan to Buy a Home in 5 years!
Nelson Mandela once said, “When people are determined they can overcome anything“. Create a plan and go to work! Make it happen! Today is a new day to plant the seed of happiness and live your Dreams! To maximize your earnings, sign up to drive for Uber for Instant Pay. Review Uber Driver Proof of Earnings.
Once you plant the seed and commit to just $50 a week of your side hustle income over a 5 year period (in a modest index fund growth with 3%), you would have saved over $14,000 towards a down-payment for your home. Homeownership is the American Dream and it’s alive and well with a little dedication and commitment, but you need a Plan.
Loan Express: Get the Funding You Need in as little as 7 Days. Apply now without a hard credit pull.
Get the Funding you need for your Business Startup Fast. We specialize in helping existing business owners!
Your funds can be obtained in as little as 7 days so you can reach your goals needs quickly. You will get a senior advisor to help you succeed. Fast and Simple and Unsecured. Get Up To 500k In Working Capital.
Investing your Side Hustle income is a great way to set goals for you and you family. Looking at a potential balance of $14,137 in just five years (it’s just around the corner). It’s within your reach. There are so many incredible investment vehicles available for you. An Acorns account is great…instant rounding off of your debit card purchase and when a Roth IRA and SEP IRA from Fidelity is thrown into the mix, you have a great recipe for success with side hustle investing.
The Key to winning the Race is to “visualize” the Finish Line and stay true to your goals and aspirations for the future. Stay disciplined and be persistent and you’ll be amazed by what you can accomplish. As you can see, simply by using one of the many great SmartAsset calculators revealed to you online, you can easily plant a small seedling and commit to just $50 a week of your side hustle income (initial startup of $100) can help you grow your seedling into the beginning of a bright and prosperous future of you and your family. You need to choose your Side Hustle and just commit!
Looking for a little inspiration to guide you through the hardships of Life? Check out Dr. Steve Maraboli’s book, “Unapologetically You: Reflections on Life and the Human Experience“. Life-Changing ~ Inspiration ~ Motivation ~ Empowerment. “My past has not defined me, destroyed me, deterred me, or defeated me; it has only strengthened me.” It’s a MUST HAVE for people of all ages who endeavor through life’s journey.
Be inspired today. Get ready for a paradigm shift in your perception of the Life and our precious Human Experience!
Enjoyed this Article? If you answered “yes”, you should also read:
CruiseVotes 