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Sporadic income - how to invest
Posted on 7/12/22 at 10:21 am
Posted on 7/12/22 at 10:21 am
So my wife is a sole practitioner attorney. When she settles a case, she writes herself a check for x amount. This means we will only get cash 3 or 4 times a year. This is a new setup as of this year, trying to figure out what to do. Right now I have it in a savings account and just transfer what I would consider a normal salary every two weeks.
I’m sure there is something a lot smarter I can do but just not sure what. Ideas?
I’m sure there is something a lot smarter I can do but just not sure what. Ideas?
2
Posted on 7/12/22 at 2:43 pm to Theboot32
We’re a variable income household. In my opinion, the best way to do it is always have 6 months of expenses in cash on hand. If you have a couple bad months, no big deal if you dip into that but it should never get lower than 3 months of expenses. Getting that initial 6 month cushion is the hardest part but it’s pretty easy after it’s built.
Posted on 7/12/22 at 3:24 pm to Theboot32
Are you doing quarterly payments to the IRS on her income? If you aren't, you should be.
If you want to do a salary every two weeks the thing to do is to be an LLC treated as an S Corp. Then you can do a salary every two weeks with withholdings and the tax issues are resolved.
If you want to do a salary every two weeks the thing to do is to be an LLC treated as an S Corp. Then you can do a salary every two weeks with withholdings and the tax issues are resolved.
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