HOW To Invest, What Accounts You Need, What Mistakes To Avoid Artwork

Deep Pockets & Stilettos

Deep Pockets and Stilettos is your new personal finance and self-help best friend. Ever felt excluded from financial conversations as a woman? That “this was not for you”? Well, this is the podcast where we debunk money myths that have been told to women, discuss investing and how to propel your finances and your career forward. This podcast also covers shifting your mindset towards abundance and getting rid of limiting beliefs to help you live your rich life.

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Deep Pockets & Stilettos

HOW To Invest, What Accounts You Need, What Mistakes To Avoid

February 15, 2023 • Lem • Season 1 • Episode 2

In this week's episode, we are starting the Get Started With Investing series with an episode about Investing Accounts 101: 401ks, IRAs, and Taxable Brokerage Accounts.
I did all the tedious research and share what types of investing accounts exist and their specificities about the contributions, taxes and withdrawals.
I also get into common mistakes to avoid when starting your investment account so your can be confident when setting up your contributions.

Resources mentioned:

- 2023 IRA Deduction Limits - if you are NOT covered by a retirement plan at work
https://www.irs.gov/retirement-plans/2023-ira-deduction-limits-effect-of-modified-agi-on-deduction-if-you-are-not-covered-by-a-retirement-plan-at-work

- 2023 IRA Deduction Limits - if you are covered by a retirement plan at work
https://www.irs.gov/retirement-plans/2023-ira-deduction-limits-effect-of-modified-agi-on-deduction-if-you-are-covered-by-a-retirement-plan-at-work

- Roth IRAs income thresholds
https://www.nerdwallet.com/article/investing/roth-ira-contribution-limits

- Capital Gains Tax: Rates and Calculator
https://www.nerdwallet.com/article/taxes/capital-gains-tax-rates

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