Business Investing
Hi Terry,
My wife and I have a small business, Just the two of us.
I would like to invest some of the money we have from our checking account, but I am having a hard time trying to figure out where to invest it. Annuities, stocks, pension or 401. Help.
Terry Says
Do you each have an Individual Retirement Account? If not, pay it out to yourselves (up to $6,000 each) and then open an IRA immediately in the next two days of the year even at your local bank in a cd for the time being. You can deduct that amount on your taxes, and it will grow tax-deferred inside your IRA until your retirement.
If you want to leave the money in the business, just stick with a company money market account at your bank.
