Smart Money Mamas Show

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

July 27, 2020

#053: 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!  


(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?  


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