In this episode, we’re diving into a Fidelity study that uncovers the common traits of 401(k) millionaires. What habits, strategies, and decisions helped them reach that milestone? We’re breaking it all down, sharing actionable insights, and giving you tips to boost your own retirement savings.

Key Topics:

• Study Overview and Context (00:27)
• Five Habits Found in the Fidelity Study (03:38)
• Key Takeaways from the Study (06:13)
• Wrap-up: Importance of Diversification (07:35)

Resources:

Fidelity.com Study: Five Habits of 401(k) Millionaires

This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://mdrnwealth.com/blog/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

If you need specific advice, you can contact us at Advice@mdrnwealth.com or at: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.mdrnwealth.com⁠⁠

If you're a solo business owner running an S-corp and haven’t paid yourself a salary yet, this episode is for you! We’re breaking down how to run a one-time payroll (salary) at the end of the year, how to incorporate your 401(k) contributions, and how to withhold additional taxes if needed.

Resources Mentioned:

• Article to solo 401k

Key Topics:

• How to Run One Payroll at the End of the Year (00:00)
• The Walkthrough Tutorial in Gusto (01:46)
• What if you Have a Solo 401(k)? (09:36)
• Taxes Element and Avoiding Underwithholding Penalties (14:28)
• Wrap-Up (16:20)

This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://mdrnwealth.com/blog/⁠⁠⁠⁠⁠⁠⁠⁠⁠

If you need specific advice, you can contact us at Advice@mdrnwealth.com or at: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.mdrnwealth.com⁠⁠

We’re almost at the end of the year, and if you’re like many solo business owners—whether you’re running a sole proprietorship, LLC, or an LLC taxed as an S-corp—let’s be honest: you’ve probably done little to no tax or financial planning for your business this year.

But don’t worry! Today, we’re going to cover three key action items you should tackle before the year ends. Trust me, you won’t want to miss this.

Key Topics:

• 3 Action Items to Check Before the Year Ends (00:00)
• #1: Review Your Profit and Loss Statement (01:55)
• #2: Review Tax Withholding (04:14)
• Underwithholding Penalties (and avoiding them) (05:10)
• #3: Setting Up a Solo 401(k) (07:16)
• Wrap Up (09:32)

Resources Mentioned:

• Underwithholding episode
• Article to solo 401k

This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠https://mdrnwealth.com/blog/⁠⁠⁠⁠⁠⁠⁠⁠

If you need specific advice, you can contact us at Advice@mdrnwealth.com or at: ⁠⁠⁠⁠⁠⁠⁠⁠https://www.mdrnwealth.com⁠⁠