From Solo 401ks to Tariffs: Navigating Today's Economic Landscape

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We dive deep into solo 401(K's), tariffs, financial stability, and entrepreneurship in this comprehensive financial freedom episode. DJ Mikey D breaks down complex financial topics into actionable steps while providing practical advice for both personal financial management and business ownership considerations.

• Solo 401ks offer high contribution limits and tax advantages for self-employed individuals and small business owners
• Setting up a solo 401(K) involves checking eligibility, selecting a provider, choosing plan type, and maintaining proper records
• Tariffs present a double-edged sword that can protect American industries while potentially increasing prices and triggering trade wars
• Building financial stability requires clear goals, budgeting, emergency funds, debt management, and automated savings
• Entrepreneurship demands thorough planning, customer focus, and maintaining financial security during the transition
• Starting a business as a side hustle while keeping stable employment can provide security while pursuing entrepreneurial dreams

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Episode Transcript

Speaker 1 (00:00):
You are listening to the People Station on
GreatDayRadiocom.
Hey everyone, welcome to GreatDay Radiocom Financial Freedom
Podcast with DJ Mikey D.
For this episode, we're divingdeep into two game-changing
topics solo 401ks and the newbuzzword of today tariffs.
Buckle up, because this isgoing to be a financial roller
coaster.

(00:20):
First up, let us talk aboutsolo 401ks.
If you're self-employed or asmall business owner, this is
your golden ticket to retirementsavings high contribution
limits, tax advantages and eventhe option to take loans if life
throws you a curveball.
Sounds too good to be true?
Right, but it's not.
Setting up a solo 401k iseasier than you think.

(00:40):
Step one make sure you'reeligible.
No full-time employees, exceptmaybe your spouse.
You're in Steep two pick aprovider Banks, brokerage firms.
Shop around for the best feesand investment options.
Next, choose your plan typeTraditional for tax deferral now
, or Roth for tax-freewithdrawals later.
Then fill out the paperwork.
Grab an Ian from the IRS, ifyou don't have one, and boom,

(01:03):
you're ready to startcontributing.
But wait, there's more.
Keep those records clean,especially if your plan hits
$250,000.
You'll need to file a Form 5500.
And don't just set it andforget it.
Review your plan regularly.
Your future self will thank youAll right, let's shift gears.
Tariffs love them or hate them.
They're a big deal, introducedas a way to protect American
industries, but here's thekicker they can also jack up

(01:26):
prices and spark trade wars.
It's a double-edged sword,folks.
So what does that mean?
On one hand, tariffs can givelocal businesses a leg up.
On the other, they can lead tojob losses and export heavy
industries, such as thosehome-based businesses that
depend on imports from China, orthose who have an Amazon shop.
Let's not forget the inflationfactor Higher costs for imports

(01:46):
mean higher prices at thecheckout line, ouch.
So what's the takeaway?
Tariffs are a tool, not a magicbullet.
Policymakers got to balanceprotectionism with the realities
of a global economy and, asconsumers and business owners,
we got to stay informed.
That's it for this episode,folks.
Whether you're setting up asolo 401k or navigating the wild
world of tariffs, knowledge ispower.

(02:07):
Tune in next time for morefinancial wisdom.
Until then, keep grinding, stayhumble and stay financially
free.
You are listening to the bestpodcast from the USA to the UK
on GreatDayRadiocom.
Hey everyone, welcome toGreatDayRadiocom Money Moves
with DJ Mikey D For this episode, we're talking about something

(02:29):
super important financialstability.
Now, I know that can sound alittle intimidating, but trust
me, it's all about taking babysteps.
So let's break it down together.
Yeah, before I dive in, just areminder if you are interested
in advertising on any of ourreels, top 40 Radio Show or
website, visit our website andclick on advertising for more
information.
Okay, back to the discussion.

(02:50):
First up, setting clear,achievable goals.
You got to know what you'reaiming for, right, whether it's
saving for a house, paying offdebt or just building an
emergency fund.
Start small.
Break it down into bite-sizedpieces so it doesn't feel like
you're climbing Mount Everest inflip-flops.
Next, let's talk budgets.
I know, I know budgets soundabout as fun as watching paint
dry, but hear me out.

(03:13):
If it was a budget, it's just aplan for your money.
Track what's coming in andwhat's going out.
You'd be surprised how much ofthose daily laudates add up.
No shade to my coffee loversout there.
Now, emergency funds Life isunpredictable y'all.
Your car breaks down, your ACquits in the middle of summer,
stuff happens.
Aim for three to six months ofliving expenses.
Start small, even if it's just$20 a week.
Slow and steady wins the race.
Debt you detail with afour-letter word nobody likes,

(03:36):
but ignoring it won't make itdisappear.
Focus on high-interest debtfirst.
Credit cards I'm looking at you.
Use the snowball or avalanchemethod.
Pick one, stick with it andwatch that debt shrink.
Here's a pro tip Automate yoursavings.
Set it and forget it like acrockpot meal.
You must remove money straightfrom your paycheck to savings
before you even see it Out ofsight, out of mind and into your

(03:57):
future.
Education is power.
Folks.
Read a book, listen to apodcast hey, like this one or
hit up a workshop.
The more you know, the betterdecisions you'll make.
Knowledge is like compoundinterest for your brain.
Check in on your progress.
Life changes, and so shouldyour plan.
Review your budget and goalsevery few months.
Flexibility is key, just like indance moves, Am I right?
Celebrate the small wins.

(04:18):
Paid off a credit card, treatyourself to something nice
within budget.
Of course, these littlevictories keep you motivated.
It's not just about thedestination.
Enjoy the journey too, and whenyou get that razor bonus,
resist the urge to upgradeeverything.
Lifestyle inflation is sneaky.
Put that extra cash toward yourgoals instead.
Future you will thank, presentyou, I promise.

(04:40):
Lastly, don't be afraid to askfor help.
Financial advisor can be a gamechanger, especially if you're
feeling stuck, so think of themlike a personal trainer for your
wallet.
All right, that's it for thisepisode.
Remember, financial freedom isa marathon, not a sprint.
Keep taking those baby stepsand I'll catch you next time on
Money Moves with DJ Mikey D.
Peace out.

(05:01):
Stay tuned as we continue ourmoney and business podcast
discussion.
In this next segment, we will bediscussing big business dreams
with small yet important stepsto being your own boss.
Hey everyone, welcome back tothe Entrepreneur's Edge.
I'm DJ Mikey D and for thisepisode we are diving into a
topic that has been on a lot ofminds lately starting your own
business in these tough times.

(05:22):
I know the last few years havebeen rough for American workers
layoffs, stiff competition it'senough to make anyone consider
making it out on their own.
But before you jump in, let ustalk about what it really takes
to make it as your own boss.
First things first.
Ownership is not just aboutfollowing your passion.
It's about planning, researchand you guessed it, more
planning.
And let's be real, running abusiness is nothing like working

(05:44):
for an employer.
Every little thing that's onyou, my friend, things like
getting clients paying taxes,ordering supplies, you name it.
So can you be your own boss.
It's a tough question, buthere's a tip Collection.
But here's a tip Talk to peoplewho've done it.
Their experience is gold.
Learn from their mistakes,their wins and, hey, you might
even find a collaborator or twoalong the way.
And here's another thing Putyourself in your customer's
shoes.

(06:04):
Those little extras that wowyou, they don't just happen.
Think about what it'll take todeliver that same wow factor in
your business.
Don't keep your plans toyourself either.
Share them with friends,colleagues, and get feedback,
maybe even a referral or two.
Just remember, it's not aboutasking for business outright.
It's about planting seeds.
Bing, here's the kicker.
Planning isn't a one and donedeal.
The business world moves fast,so your plan's got to be

(06:27):
flexible.
New opportunities, setbacks,you got to be ready to pivot,
but let's not forget the mostimportant thing your family's
financial security.
That old saying, as a bird inthe hand is worth two in, the
bush has got a point.
If a stable job comes knocking,it might be smart to take it,
but don't give up on your dreams.
Many successful businessesstarted as side hustles.

(06:48):
So what's the takeaway?
Entrepreneurship is a marathon,not a sprint Plan.
Learn, adapt and, above all,make sure you're ready for the
ride.
Thanks for tuning in andremember the edge is in the
preparation.
Catch you next time on theEntrepreneur's Edge.
Before I depart, I will leaveyou with this quote your smile
is your logo, your personalityIs your business card.
How you leave others feelingafter an experience with you

(07:10):
becomes your trademark.
With that, I'll catch you nexttime on Money Moves with DJ
Mikey D Peace out.
You are listening to the PeopleStation on GreatDayRadiocom.