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July Mailbag: Retirement Accounts, Investing for Kids, & Side Hustle Management

Why You've Got to Listen to This Episode...

For this episode, we asked the mamas in our free Mamas Talk Money Community on Facebook to send us their questions. If one person in our community has a question, there are no doubt others wondering the same thing.

Today we’re going to discuss saving for retirement for stay-at-home spouses, investing for kids, when to create an LLC for your business, handling taxes as a business owner, and more!

Moments You Don't Want to Miss

  • [01:13] What would be the best retirement account to open for my husband who earns an income but stays at home with the kids? Spousal IRA or his own?
  • [02:52] If I want to open an investment account, but not have to monitor it all that much, would I need a robo advisor like Ellevest, or is there an option with Fidelity/Vanguard that is fairly hands-off and doesn’t have the .25% fee?
  • [06:32] What is the best way to move money from my kids’ regular saving accounts to an actual investment account so that they can get a better than 1% return on their money?
  • [11:20] When does it make sense to register a side-hustle as an LLC?
  • [14:50] I opened a Roth IRA with Vanguard! Is there anything to keep in mind when allocating funds to get the most tax advantage? What considerations should someone take when allocating funds in a Roth vs Traditional IRA?
  • [17:55] I have a new virtual assistant business but it’s the first time I’ve worked without having taxes taken out and I’m nervous about owing a lot at the end of the year. What should I keep in mind to prepare?

Links & Resources Mentioned

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