094 | Solo 401K vs SEP with Waffles on Wednesday

094 | Mr. and Mrs. Waffles on Wednesday (WoW) talk about winning on a TV game show, starting their own business, learning the tax code to maximize 401K contributions, and volunteering internationally.

• How did Ray win on the Price is Right, and what did he win?
• What were the tax implications of his winning?
• How was Ray’s experience at the IRS building in Los Angeles?
• Why did Jonathan receive a tax penalty last year, and how did he respond?
• How did Mr. and Mrs. Waffles on Wednesday decide to start a blog, and how did they decide on a name?
• Why do we have to just live for weekends?
• How did Ray win-over Mrs. WoW to financial independence?
• What decisions did Mr. & Mrs. WoW make after they chose to pursue financial independence?
• How did the pursuit of FI change their careers?
• What type of business did Mrs. WoW open, and how did she keep her overhead costs down and ultimately increase her income?
• What is a Solo 401K and why did Mr. WoW choose that option?
• What is the advantage of a Solo 401K for owner and spouse, and how does the math work?
• How important is it to control your tax rate?
• What happened to the Mr. & Mrs. WoW’s retirement accounts when they opted to bring on an employee?
• What is a Mega Backdoor ROTH?  
• How did Mr. WoW find a plan administrator who could help him set up his accounts?
• Does Mr. WoW manage his own taxes, or use an accountant?
• What adjustments has Mrs. WoW made in the past four years that made a positive difference in her life?
• How does someone volunteer for international aid organizations?
• Do Mr. & Mrs. WoW add some site seeing or vacation to the volunteering they do?
• How do they plan for these trips?

For more information, visit the show notes at https://ChooseFI.com/094