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How to Save for Retirement Without a Traditional 401(k)

save for retirement
Tools to Help Creatives and Other Self-Employed Individuals Plan for a Sound Financial Future

Much of the retirement advice you hear is of the “start saving early” and “take advantage of your employer match” variety. However, those things may not be possible for everyone. Many small companies and startups don’t offer a 401(k) or similar retirement savings plan, and those who are self-employed or independent contractors are entirely responsible for their own benefits, retirement planning vehicles included.

If you’re in this boat, don’t despair. While the path toward a financially sound retirement may not be as obvious for you,  your options might even be better. We’ll review several below.

401(k), creatives, retirement planning, self-employed

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Stress-Free Tips for Setting and Reaching Your Goals

setting and reaching your goals
How to Make Peace with the Process Even When COVID-19 Stalls Your Goals Progress

George Lucas said, “Always remember, your focus determines your reality.”

One of the few blessings of COVID is that it has forced us to slow down and focus on our relationships and family in a way that seemed lost in the modern world. This slower life has sometimes resulted in less stress. The professional and personal goals we had at the beginning of the year may now seem irrelevant or unattainable. It might be tempting, therefore, to give up on goal setting, but we would urge you to use this time to think about your goals for the future.

For some, setting effective goals can almost be as tough and stressful as achieving those goals. But know that once you get a vision in your head, a strange thing can happen: the world around you may come to your aid and help your vision manifest. This is precisely why having goals – and living out your strategies to achieve them – can be the difference between finding happiness, fulfillment, and meaning in life or feeling like you never even made it to the starting line. Having goals matters, and people who choose to focus on them will find fulfillment that is lost to those that don’t.

goals, stress management

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Why Millennials and Others Shouldn’t Buy a House Right Now

millennial homeownership

For many people, Millennials included, buying a home is a rite of passage. Though Millennials tend to be a misunderstood generation, the American dream is alive and well with them. Since many are growing their families, homeownership is top of mind.

While we completely understand the desire to own a home, below we’ll review why we believe it may not be the right time to take the plunge, unless buyers intend to stay in the same house forever.

homeownership, millennials

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British Expats: What to Do Before You Say ‘I Do’

british expats
Options for Getting Your Green Card and Remaining in the U.S.

To paraphrase Truman Capote, love knows no geography.

If you’re a British expat reading this article, then you are likely hoping to marry your American sweetheart and remain in the United States. If your goal is to go through the immigration process and get your green card, i.e. obtain permanent residence, you have three main options:

  1. K-1 fiancé(e) visa
  2. I-130 Petition for Alien Relative filed in the U.S. (either with or without a K-3 nonimmigrant visa)
  3. I-130 Petition filed in London

The information that follows, though helpful, should not be construed as legal advice tailored to the specifics of your legal situation. If you require more specific legal advice, you should contact a U.S. immigration lawyer.

british expats

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How Sole Proprietors Can Minimize Their Self-Employment Tax Burdens

sole proprietors
Four Strategies for Managing the Self-Employment Tax

When you’re working as a sole proprietor, you are both the employer and the employee. While it’s a business model that can offer you the benefits of flexibility and control, there are also important self-employment tax implications.

Consider, for example, that all workers must pay into Social Security and Medicare. For typical workers, this means they split that cost with their employers, each paying 7.65% of the employee’s eligible wages. Sole proprietors don’t have the benefit of splitting the cost with an employer, meaning they must pay both halves – 15.3% of earned income. This is referred to as the self-employment tax, and there’s quite a bit you should know about it – both to follow the letter of the law, and to minimize your tax burden as a sole proprietor.

independent contractor, small business, sole proprietor, Tax planning

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© Wellacre Global Wealth Advisors 2020

WellAcre Global Wealth Advisors is a Registered Investment Adviser. Advisory services are only offered to clients or prospective clients where WellAcre Global Wealth Advisors and its representatives are properly licensed or exempt from licensure.  This website is solely for informational purposes.  Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by WellAcre Global Wealth Advisors unless a client service agreement is in place.