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This week on the Creatives Do Money Podcast, Episode #16
Welcome to Creatives Do Money! Each week we explore the topics of everyday money management, solo business ownership, and how we are fueling our creative futures. I’m your host, Eowyn Levene, money coach, massage therapist, and watermelon enthusiast. And I’m on a mission to help you build the lasting financial stability that frees you up to do your work without hustling anxiously for the next dollar.
Today we’re getting into the investing part, specifically through tax-advantaged Retirement Accounts: how to get started with investing, what kind of account to use, and how to navigate the risk.
In this episode
The ethical concerns that kept me from retirement investing for several years (03:04)
- Thinking about investing in the Market like owning a car: a necessary evil when you’re self-employed in the USA
- I contribute positively to the world in other ways, and accept some compromize when it comes to investing
Why mugs help us understand retirement investing (07:22)
- What is a brokerage? What’s a mutual fund and how is that different than other investments? All the questions answered in a mug context 🙂
- How you can protect yourself against Mandatory Withdrawals when retirement time comes
“you want to have a general sense that you have a handle on your everyday money management. If you’re getting hit with a lot of late fees or overdraft fees. There’s some work to be done in how you manage your money and you want to learn how to navigate the variable income implicit to working for yourself especially in a creative field. So it’s worth putting some time and energy into learning some skills there before you put too much money in investing”Eowyn Levene, Creatives Do Money Podcast, Episode 16
Where to start with investing for retirement when you’re self-employed (12:35)
- How do you know when you’re ready to start investing money for retirement?
- The crucial steps you should take before opening a retirement account and investing
- How much money you need to open an Individual Retirement Account (IRA)
- The brokerage I use: Vanguard
- What are the three different kinds of tax advantages that are possible when contributing to retirement accounts?
- The difference between retirement investing as an individual and as a business entity
The easiest investment decision you ever made (18:50)
- The first retirement account to open is a no brainer. You can get started with investing right away!
- A crucial financial benefit to the Roth IRA, in case of emergency.
- How to navigate the risk implicit in investing in the market
- What steps you can take to take on the level of financial investment risk right for you
Resources / Links
- TD Ameritrade
- Paula Pant of Afford Anything
- 3 Simple Steps to Improve Your Finances When Your Money is a Mess
Connect with me further
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Thank you for listening to this episode of Creatives Do Money Podcast. If you enjoyed this episode or know someone working to get better with money on a creative’s variable income, please share, subscribe and review on Apple Podcasts or Google Play Music so more folks can find the show and enjoy it too.
Creatives Do Money Together
Money work can be hard, and we’re in it for the long haul! Join us in the Plum Tree Community for companionship, accountability, and education around personal finance as a self-employed creative.
Theme Music and Podcast Production
Michael Atkinson: www.michael-p-atkinson.com
On the Creatives Do Money podcast, we talk a lot about money, but I am not a financial advisor or expert, and am not offering financial advice. I share from my own personal experience, and that of my clients and community. All content shared on this podcast is provided for entertainment, education, and information purposes only, and the podcast is intended as a self-help tool.
For my full disclaimer covering all content on this website, and the podcast, please read here.