What is the best thing to do with all of the extra money I have since I landed a terrific job with whatever company/show/soap/tour? How can I HOLD ONTO more of it in my take-home pay envelope?
A5…First, open an IRA (regular or ROTH) and promise yourself to add to it every year or as often as is possible. Keep your promise to yourself. Do not buy annuities or fancy life insurance plans. An IRA in a bank is the way to go. Consider buying a condo, a coop or a house of some sort. The best long term investment plan involves owning real estate. Put some money into a high interest medium length Certificate of Deposit or money market account where getting at you money is very difficult to do. Use your head in all money matters and talk to professionals not other performers about investing. Also, set your exemptions properly on your W4 form at your salaried jobs. Single? Claim 1 or 0. Married? claim 1 or 2. But never claim 8 or 9 even though you are allowed to. If you claim 8 exemptions, you will have more take home pay but may owe additional taxes at tax time.
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