094 | Solo 401K vs SEP with Waffles on Wednesday

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Chase Sapphire Preferred Card​

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ChooseFI Favorite: top rewards card for beginners

Chase Sapphire Preferred Card​

Looking for the best credit card to start earning travel rewards points? The Chase Sapphire Preferred is our pick. With a 50,000 point signup bonus (after spending $4,000 in the first 3 months), the $95 annual fee waived the first year, and ultra-flexible points (transfers to 13 airlines & hotels!), this is our top choice!

Mr. and Mrs. Waffles on Wednesday (WoW) talk about winning on a TV game show, starting their own business, learning the tax code to maximize 401K contributions, and volunteering internationally.

  • How did Mr WOW win on the Price is Right, and what did he win?
  • What were the tax implications of his winning?
  • How was Mr Wow's experience at the IRS building in Los Angeles?
  • Why did Jonathan receive a tax penalty last year, and how did he respond?
  • How did Mr. and Mrs. Waffles on Wednesday decide to start a blog, and how did they decide on a name?
  • Why do we have to just live for weekends?
  • How did Mr Wow win-over Mrs. WoW to financial independence?
  • What decisions did Mr. & Mrs. WoW make after they chose to pursue financial independence?
  • How did the pursuit of FI change their careers?
  • What type of business did Mrs. WoW open, and how did she keep her overhead costs down and ultimately increase her income?
  • What is a Solo 401K and why did Mr. WoW choose that option?
  • What is the advantage of a Solo 401K for owner and spouse, and how does the math work?
  • How important is it to control your tax rate?
  • What happened to the Mr. & Mrs. WoW’s retirement accounts when they opted to bring on an employee?
  • What is a Mega Backdoor ROTH?
  • How did Mr. WoW find a plan administrator who could help him set up his accounts?
  • Does Mr. WoW manage his own taxes, or use an accountant?
  • What adjustments has Mrs. WoW made in the past four years that made a positive difference in her life?
  • How does someone volunteer for international aid organizations?
  • Do Mr. & Mrs. WoW add some site seeing or vacation to the volunteering they do?
  • How do they plan for these trips?

 

Links:

My Son’s Father

Freedom is Groovy

The Art of Manliness

“How Not to Train for a Half Marathon” – The Happy Philosopher

“Alligators and Kittens” – The Happy Philosopher

https://www.choosefi.com/094-solo-401k-vs-sep-with-waffles-on-wednesday/

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3 thoughts on “094 | Solo 401K vs SEP with Waffles on Wednesday

  1. Enjoyable as always but I feel like this episode was repeating a lot of what you’ve already covered without much new info. This seems like a sweet couple though!

  2. Yet another great episode, great information! I especially loved the discussion about volunteering. Mrs WOW is spot on with being able to experience a place so much more fully by volunteering. We have also found that to be the case.

    You asked how to find the volunteer opportunities. A number of times we have just heard about a foundation, contacted them and simply asked if there was anything they needed. In Ecuador we met the director of a foundation on the street (after a brief email) and just sat down to talk to see what they needed. We ended up fixing a wall for them and doing a bunch of painting. We got free unexpected accommodations while doing the work. We slow travel so this works out for us, but I believe if you have the time and you want to help there will be no shortage of opportunities especially after you get started.

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