A solo 401(k) is a specialized qualified retirement plan allowing business owners and their spouses to shelter up to $57,000 to $63,500 of income from taxes each year. Solo 401(k)s are attractive because they function like any other 401(k) except at lower cost and are an option for business owners with no full-time employees. ShareBuilder…
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How to Set Up a Solo 401(k) in 6 Steps
A solo 401(k) is an employer-sponsored retirement plan that allows self-employed individuals to contribute up to $57,000 before taxes, including $19,500 of employee salary deferrals. Setting up a solo 401(k) requires just six steps that hinge on picking a great provider but having only one participant makes it possible to complete in just a matter…
10 Best 401(k) Companies 2021
A 401(k) allows business owners and employees to save up to $57,000 annually through tax-free salary deferrals, matching, and profit-sharing. While all 401(k)s follow IRS rules, choosing the right provider—particularly for a solo 401(k)—is very important. We’ve reviewed more than two dozen 401(k) companies to arrive at list of the 10 best providers. Top 401(k)…
5 Best Solo 401(k) Providers for 2021
A solo 401(k) allows small business owners to save up to $57,000 for retirement―63,500 if you’re 50 or older―through tax-free salary deferrals and company contributions. Choosing the right provider is an important part of using a solo 401(k) successfully and not getting yourself in trouble with the IRS. We’ve reviewed many solo 401(k) providers and…
What Is Creditworthiness?
Creditworthiness is a measurement that banks and credit card issuers use to deem you worthy of credit based on financial markers. These markers can vary by company but are usually based on your income, credit score, assets, payment history, credit accounts, and credit utilization. Your creditworthiness is key to securing financial assets, so it’s in…
What Is a Bad Credit Score?
FICO credit scores below 580 and VantageScores below 601 are typically considered poor or bad credit. Bad credit can prevent you from getting loans, credit cards, or even renting property. You can avoid bad credit status by using less than 30% of your total available credit and by consistently paying debt on time. What Is…
12 Best CD Rates 2020
A certificate of deposit (CD) is a bank account that offers a premium interest rate provided the entire deposit amount remains untouched for a fixed, predetermined period. If the CD account is withdrawn before maturity, it will be penalized. The best CD rates include annual percentage yield (APY) rates up to 2.60%, depending on the…
Top 17 Tips for Buying & Selling Stocks
One important rule for investing in the stock market is to buy low and sell high. However, you can’t predict when the stock prices will go up or down. While there’s no definite way to time your trades perfectly, there are some tips for buying stocks that can help you make better decisions. Here are…
Top 23 Small Investment Ideas From the Pros
Investing is an important aspect of building financial stability. If you want to have a financially healthy future, then you should consider making investments as early as possible, no matter how small. If you only have a few hundred to a few thousand dollars to invest, consider these top small investment ideas. Below are the…
Top 25 Stock Market Tips From the Pros
Investing in the stock market can be challenging and rewarding if you know what to do. There are some basic parameters you need to follow to avoid making harmful decisions. We spoke with the experts who shared their stock market tips to help new and existing investors make the right trading and investing moves. Below…
Credit Utilization Ratio & How It Affects Your Credit Score
Your level of credit utilization is measured by comparing your credit card balances to your total credit card limits. This calculation is known as the credit utilization ratio, and lenders use it to evaluate how well you manage your finances. A credit utilization of less than 30% and greater than 0% is generally considered good….
UltraFICO Credit Score: What It Is & What You Need to Know
The UltraFICO score evaluates personal bank account information in addition to the data on an individual’s credit history. This opt-in credit model helps individuals with low personal credit scores of 680 or lower boost their existing FICO score by 20 or more points. It evaluates your savings’ amount, age of your bank accounts, and your…