From Solo 401ks to Tariffs: Navigating Today's Economic Landscape

We dive deep into solo 401(K's), tariffs, financial stability, and entrepreneurship in this comprehensive financial freedom episode. DJ Mikey D breaks down complex financial topics into actionable steps while providing practical advice for both personal financial management and business ownership considerations.

• Solo 401ks offer high contribution limits and tax advantages for self-employed individuals and small business owners
• Setting up a solo 401(K) involves checking eligibility, selecting a provider, choosing plan type, and maintaining proper records
• Tariffs present a double-edged sword that can protect American industries while potentially increasing prices and triggering trade wars
• Building financial stability requires clear goals, budgeting, emergency funds, debt management, and automated savings
• Entrepreneurship demands thorough planning, customer focus, and maintaining financial security during the transition
• Starting a business as a side hustle while keeping stable employment can provide security while pursuing entrepreneurial dreams

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Chapters

• 0:00 Financial Freedom Introduction

Transcript

Speaker 1: 0:00

You are listening to the People Station on GreatDayRadiocom. Hey everyone, welcome to Great Day Radiocom Financial Freedom Podcast with DJ Mikey D. For this episode, we're diving deep into two game-changing topics solo 401ks and the new buzzword of today tariffs. Buckle up, because this is going to be a financial roller coaster. First up, let us talk about solo 401ks. If you're self-employed or a small business owner, this is your golden ticket to retirement savings high contribution limits, tax advantages and even the option to take loans if life throws you a curveball. Sounds too good to be true? Right, but it's not. Setting up a solo 401k is easier than you think. Step one make sure you're eligible. No full-time employees, except maybe your spouse. You're in Steep two pick a provider Banks, brokerage firms. Shop around for the best fees and investment options. Next, choose your plan type Traditional for tax deferral now, or Roth for tax-free withdrawals later. Then fill out the paperwork. Grab an Ian from the IRS, if you don't have one, and boom, you're ready to start contributing. But wait, there's more. Keep those records clean, especially if your plan hits $250,000. You'll need to file a Form 5500. And don't just set it and forget it. Review your plan regularly. Your future self will thank you All right, let's shift gears.

Speaker 1: 1:19

Tariffs love them or hate them. They're a big deal, introduced as a way to protect American industries, but here's the kicker they can also jack up prices and spark trade wars. It's a double-edged sword, folks. So what does that mean? On one hand, tariffs can give local businesses a leg up. On the other, they can lead to job losses and export heavy industries, such as those home-based businesses that depend on imports from China, or those who have an Amazon shop. Let's not forget the inflation factor Higher costs for imports mean higher prices at the checkout line, ouch. So what's the takeaway? Tariffs are a tool, not a magic bullet. Policymakers got to balance protectionism with the realities of a global economy and, as consumers and business owners, we got to stay informed. That's it for this episode, folks. Whether you're setting up a solo 401k or navigating the wild world of tariffs, knowledge is power. Tune in next time for more financial wisdom. Until then, keep grinding, stay humble and stay financially free. You are listening to the best podcast from the USA to the UK on GreatDayRadiocom. Hey everyone, welcome to GreatDayRadiocom Money Moves with DJ Mikey D For this episode, we're talking about something super important financial stability.

Speaker 1: 2:31

Now, I know that can sound a little intimidating, but trust me, it's all about taking baby steps. So let's break it down together. Yeah, before I dive in, just a reminder if you are interested in advertising on any of our reels, top 40 Radio Show or website, visit our website and click on advertising for more information. Okay, back to the discussion.

Speaker 1: 2:50

First up, setting clear, achievable goals. You got to know what you're aiming for, right, whether it's saving for a house, paying off debt or just building an emergency fund. Start small. Break it down into bite-sized pieces so it doesn't feel like you're climbing Mount Everest in flip-flops. Next, let's talk budgets. I know, I know budgets sound about as fun as watching paint dry, but hear me out. If it was a budget, it's just a plan for your money. Track what's coming in and what's going out. You'd be surprised how much of those daily laudates add up. No shade to my coffee lovers out there. Now, emergency funds Life is unpredictable y'all.

Speaker 1: 3:23

Your car breaks down, your AC quits in the middle of summer, stuff happens. Aim for three to six months of living expenses. Start small, even if it's just $20 a week. Slow and steady wins the race. Debt you detail with a four-letter word nobody likes, but ignoring it won't make it disappear. Focus on high-interest debt first. Credit cards I'm looking at you. Use the snowball or avalanche method. Pick one, stick with it and watch that debt shrink. Here's a pro tip Automate your savings. Set it and forget it like a crockpot meal. You must remove money straight from your paycheck to savings before you even see it Out of sight, out of mind and into your future.

Speaker 1: 3:57

Education is power. Folks. Read a book, listen to a podcast hey, like this one or hit up a workshop. The more you know, the better decisions you'll make. Knowledge is like compound interest for your brain. Check in on your progress. Life changes, and so should your plan. Review your budget and goals every few months.

Speaker 1: 4:14

Flexibility is key, just like in dance moves, Am I right? Celebrate the small wins. Paid off a credit card, treat yourself to something nice within budget. Of course, these little victories keep you motivated. It's not just about the destination. Enjoy the journey too, and when you get that razor bonus, resist the urge to upgrade everything. Lifestyle inflation is sneaky. Put that extra cash toward your goals instead. Future you will thank, present you, I promise. Lastly, don't be afraid to ask for help. Financial advisor can be a game changer, especially if you're feeling stuck, so think of them like a personal trainer for your wallet. All right, that's it for this episode. Remember, financial freedom is a marathon, not a sprint. Keep taking those baby steps and I'll catch you next time on Money Moves with DJ Mikey D. Peace out. Stay tuned as we continue our money and business podcast discussion.

Speaker 1: 5:04

In this next segment, we will be discussing big business dreams with small yet important steps to being your own boss. Hey everyone, welcome back to the Entrepreneur's Edge. I'm DJ Mikey D and for this episode we are diving into a topic that has been on a lot of minds lately starting your own business in these tough times. I know the last few years have been rough for American workers layoffs, stiff competition it's enough to make anyone consider making it out on their own. But before you jump in, let us talk about what it really takes to make it as your own boss.

Speaker 1: 5:34

First things first. Ownership is not just about following your passion. It's about planning, research and you guessed it, more planning. And let's be real, running a business is nothing like working for an employer. Every little thing that's on you, my friend, things like getting clients paying taxes, ordering supplies, you name it. So can you be your own boss. It's a tough question, but here's a tip Collection. But here's a tip Talk to people who've done it.

Speaker 1: 5:56

Their experience is gold. Learn from their mistakes, their wins and, hey, you might even find a collaborator or two along the way. And here's another thing Put yourself in your customer's shoes. Those little extras that wow you, they don't just happen. Think about what it'll take to deliver that same wow factor in your business.

Speaker 1: 6:11

Don't keep your plans to yourself either. Share them with friends, colleagues, and get feedback, maybe even a referral or two. Just remember, it's not about asking for business outright. It's about planting seeds. Bing, here's the kicker.

Speaker 1: 6:23

Planning isn't a one and done deal. The business world moves fast, so your plan's got to be flexible. New opportunities, setbacks, you got to be ready to pivot, but let's not forget the most important thing your family's financial security. That old saying, as a bird in the hand is worth two in, the bush has got a point. If a stable job comes knocking, it might be smart to take it, but don't give up on your dreams. Many successful businesses started as side hustles. So what's the takeaway? Entrepreneurship is a marathon, not a sprint Plan. Learn, adapt and, above all, make sure you're ready for the ride. Thanks for tuning in and remember the edge is in the preparation. Catch you next time on the Entrepreneur's Edge. Before I depart, I will leave you with this quote your smile is your logo, your personality Is your business card. How you leave others feeling after an experience with you becomes your trademark. With that, I'll catch you next time on Money Moves with DJ Mikey D Peace out. You are listening to the People Station on GreatDayRadiocom.