Hi there! I still have trouble wrapping my head around all of this. I am waiting to hear back from my accountant, but I have a feeling it will be a little while since he is so busy filing taxes atm. Im currently re reading " The simple path to wealth" . Here is my situation.
I am self employed. I own an LLC and file taxes as an Scorp.
With vanguard I have a roth ira and a solo401k
I contributed the max $6500 to the ira, and the max employee contribution of $19500 to the 401k for 2021. I am waiting to hear back from my accountant on how much I can put in to the 401k as an employer contribution.
I have a lot of money just sitting in my ally bank account, because my husband and I were planning on moving sooner than later, but I really dont think its going to be in the cards this year, due to some personal issues going on.
So I would like to start putting some of this money to work for me, vs just letting it sit there, because when we are ready to move, I should have even more saved up, coming in. ( Wont touch our emergency fund)
So is the next option simply buying on vanguard now? The steps as I am thinking are going to buy and sell on vanguard, choosing buy vanguard mutual funds, add another vanguard mutual fund, and put in what I want? Im guessing I have to open a new account on there? I will be starting with VTSAX per the simple path to wealth book. Is this what they mean when they say use a brokerage account to invest, and to utilize non tax benefit accounts? And if so, can I add money to this as often as Id like, and then how do I take it out when I am ready to use the money? I can do that any time with this type of account right?
Im sorry if this was too confusing and lengthy. I basically want to know what is best to do with my money after funding the IRA and 401k for the year. I dont think an HSA will be something I want atm, but maybe down the line. What do you guys do after funding your retirement accounts?
Thank you so much for any guidance.