I’m a self employed freelancer working in the entertainment industry (TV, Film, and Advertising GFX). This year has been an exceptional year and well beyond what I thought I’d ever be making one day. I’m currently on track to end the year earning a total of 250k. We’ve already taken care of allocating most of it to for all of our normal bills, expenses, paying for my wife’s MBA, as well as paying off a healthy dose of debt.
As a freelance however I’ve never really worked on setting up any type of investment or retirement for myself and since I’m turning 32 in about a month I figure this year is a pretty good time to start to figure this out. I’ve got about 10-15k that I’ll have to put away this year but I’m not really sure how I should do it. After doing some research I was planning on Vanguard 500 Index Fund Admiral Shares since a lot of people talk about low expense ratio index funds, but after looking through the wiki, I had no idea self employed people could setup they’re own pension or 401k.
Am I right to go with the index fund or are there better options for me? Im not sure what I would qualify for through the pension or 401k route. I’m self employed, but the majority of my clients pay me through W-2. Only about 75k of my total income is straight 1099.
Submitted September 14, 2018 at 10:07AM by SE_Throwawaysky https://ift.tt/2p6o07J
