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What would you do if you went from making $60,000 per year to $500,000 per year or more, over the course of 12 to 24 months? Logically, you’re thinking that you’ll pay off debt, save some of it. You know, “responsible” things.
...if you were one of the business owners that applied for and received a PPP loan to make sure you would be able to keep your business open amidst all the uncertainty of COVID-19, and then you ended up having a good or even great year in 2020, you might be sitting on more cash in your business than you’ve ever had before, whether that’s $12,000 extra or $200,000 extra or more.
Charitable giving can take many forms and can start at any level, from donating $50 to a local women’s shelter or children’s charity to creating a scholarship fund or private foundation with millions of dollars (or billions). But if you’ve never done more than donate small amounts here and there, you may not understand how you can reach a level of giving that creates a significant impact like Ms. Scott is doing now. And you don’t have to help found the next $1.5 Trillion dollar company to do it!
As entrepreneurs, we dream of making it BIG. We hone our skills for years, and sometimes go through 2, 3, 4 or more iterations of our business before it starts gaining traction, all while dreaming of the day that we’ll make $20,000, $50,000, $100,000 per month and more.
In a “normal” year you would have filed your taxes or extension already, but 2021 continues to be “not normal” just like 2020 was (though thankfully we’re seeing the light at the end of the tunnel now).
So we’ve got our apple carts all lined up, and now we’re looking at the Roth IRA apple cart. This cart is special, because it has tax benefits that you don’t get with the other carts (Traditional IRA, regular Brokerage account, even a Money Market account). You have to pay taxes before contributing to the Roth IRA, but when you follow the distribution rules laid out by the IRS the withdrawals are completely tax free later on!