👩🏫 Class Replay & benefits and health plans for solopreneurs
💡 Smart Investing Masterclass--Become a Millionaire With Minimal Effort - VIDEO REPLAY
Featured Artist: Unknown sand sculptor
Here’s what’s in today’s newsletter:
💵 Main Topic: How to get benefits and a health plan as a solopreneur
❓ Weekly Q&A: Should I take an IRA withdrawal to pay off my car?
🗞 In the News: Stay up to date on personal finance news
😎 What I’m Enjoying: a series, excellent sleep, and the best tumblers
🎙 Recent podcasts: Dig into 877+ episodes in the Money Girl archive
🤣 Favorite GIF: Reply with your favorite GIF, and it might get featured!
👩🏫 ICYMI: 💡 Smart Investing Masterclass VIDEO REPLAY!
Hi, Friend -
When I left the corporate world to work full-time for myself, one of the biggest unknowns was how to replace critical benefits like health insurance without spending a fortune.
Today, I’m glad that entrepreneurs have more options and places to get support! 😀
This week on Money Girl, you’ll hear me interview Tom Morrissey from Solo Health Collective, an innovative health plan designed for solo business owners, and Rafael Espinal from the Freelancers Union, a non-profit organization that supports independent workers through advocacy, education, and services.
🎤 We talk about:
Why there’s been an explosion in the number of freelancers.
The biggest challenges freelancers face and the resources the Freelancers Union offers to overcome them.
Who qualifies for Solo and other choices business owners have for getting an affordable health plan.
When and how to compare policies when shopping for a health plan.
Solo plan options, including HSA-eligible choices, you can get year-round.
Where to get started when you need a self-employed benefits package.
And much more.
🎙 I hope you enjoy our conversation in episode 876, How to Get Benefits and a Health Plan as a Solo Business Owner.
❓ On Finance Friday shows, I answer your money questions! This week’s topic comes from Helene G., who says:
“… My only debt is a car loan balance of $3,700 at 2.79% interest. My income covers my costs and allows me to save for retirement. I have a traditional IRA that I hope not to need for many years.
Should I withdraw $3,700 from my IRA to pay off my car and be debt-free? My quarterly statement shows an average return of about 3.5%. I also have high-interest savings of several months' expenses that I can use to pay off the car.
If you were me, with an anxious personality, would you take an IRA withdrawal to pay off the car for more peace of mind?"
🎙 Find out my answer and review the rules and updated penalty exceptions for taking IRA withdrawals in Money Girl 877, Should I Take an IRA Withdrawal to Pay Off My Car?
📖 As always, you can listen to the show or read the transcript.
🗞 The Fed cut rates by a quarter percentage point, the second consecutive cut, to continue taming inflation and keeping the unemployment rate low.
➡️ TAKEAWAY: Lower interest rates generally benefit borrowers. However, experts say the strong economy means it likely won’t reduce mortgage rates, despite the Fed’s intent to make all money cheaper.
🗞 Mortgage rates continue to rise, reaching 6.79% this week.
➡️ TAKEAWAY: A 6-ish% mortgage rate is likely a new normal.
🗞 Airlines must automatically refund you if your domestic flight is canceled or delayed more than 3 hours, or 6 for an international trip. Credit card purchases must be fully refunded within 7 days, including bag fees, if luggage isn’t delivered within a specified timeframe.
➡️ TAKEAWAY: The rules began on October 28 and include services you didn’t receive or weren’t functional, like in-flight WiFi. So, note any problems and report them immediately if you’re not refunded.
🎬 The Diplomat is an outstanding Netflix series starring Keri Russell that I’ve been binging now that season two is out. She’s a US ambassador to the UK dealing with an international crisis and a rocky marriage to an ex-ambassador who can’t seem to stay out of the fray.
💤 Eight Sleep continues to impress me after using their mattress pod for several years. It keeps me cool all night long for my best sleep possible! Use this link for $350 off!
🥃 These customizable tumblers make beautiful gifts and are perfect whether you’re enjoying a morning coffee or trying to stay hydrated on the go!
🎧 877: Should I Take an IRA Withdrawal to Pay Off My Car?
🎧 876: How to Get Benefits and a Health Plan as a Solo Business Owner
🎧 875: Should I Create a Roth IRA Conversion Ladder?
🎧 874: 6 Required Minimum Distribution (RMD) Rules You Should Know
🎧 873: What Types of Income Qualify for an IRA Contribution?
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