finbit$: The G.O.A.T. of basketball
His name inspires fear across the hardcourt. He is often referred to as the G.O.A.T. of basketball. Jordan has been loved by fans and feared by opponents for decades. At 6ft 6in, his “airness” could fly through the air and dunk it on anyone and everyone during his Hall of Fame career. He’s back! Or is he? Jordan is apparently going to enter the NBA draft Thursday night via a loophole in the NBA language. Oh not that Michael Jordan. I meant 5ft 7in, no talent, zero flying ability, law school student Jordan Haber. The “other” Jordan is a TikTok phenom and was bored and decided to read the NBA agreement to file for the upcoming draft. Personally when I’m bored I take a nap, hit golf balls, scrapbook, knit socks; however, reading a 273 page legal document has never crossed my mind. Apparently Jordan #2 found a loophole, filed the paperwork, and is now one of 300 “athletes” eligible for the NBA draft. He doesn’t expect to get drafted, but he has started doing push-ups in case he is asked to put on a jersey and walk across the stage. Stay tuned!
What’s your gig? Do you have a side hustle? If you operate in the gig economy are you saving enough for retirement? Gig workers typically don’t have a company retirement plan so they have to establish one for themselves. Two popular options are a Solo 401k or a SEP IRA. Both plans allow you to contribute money pre-tax which can reduce your overall tax burden. In 2023 you can contribute 25% of your business income into a SEP (self employed pension) IRA up to $66,000. The snag with a SEP IRA is that you have to treat all employees the same and contributionsIf you provide 5 percent of the company’s income to yourself, you also need to do so for any employees who qualify for the program. So while a SEP IRA lets you stash the cash as a sole proprietor, it might be a less attractive option as your business grows. A Solo 401k is a viable option if you’re a one person show and can contribute up to $66,000. A Solo 401k is a little more complex, but you can also set up a Roth 401k too.
Hey JB?
HEY JB? - Guacamole! Who can ever afford guac on their burrito. Since my student loan repayments have been paused during Covid because of my benevolent government, I’ve been flush with cash. I’m adding guac to everything. Do you know when this forbearance thingy ends because I might have to retreat back to free salsa instead of the extravagant guac?
Signed Student Loan Slacker
Dear Student Loan Slacker - You do realize at some point you were going to have to pay back your student loans. Your ‘benevolent’ government is still big brother and they want their money. As it stands now the federal student loan payment pause will expire — once and for all — this fall. Interest will begin accruing on Sept. 1, and borrowers will need to start making payments in October. Because of the debt ceiling deal passed by Congress on June 2, there’s no chance of further payment pause extensions. Translation…you definitely will start paying back your loans. The interest-free payment pause, known as forbearance, began as an emergency pandemic measure in March 2020 under President Trump. Your friends in D.C. did extend the pause for three years with nine extensions. Meanwhile, legal experts expect the Supreme Court to wrastle with the issue by late June or early July. Even if Papa Joe Biden's plan would erase your debt completely, take time now to prepare for payments — so you’re not scrambling at the last minute if the plan falls.
quote bit$
“Economists report that a college education adds many thousands of dollars to a man’s lifetime income – which he then spends sending his son to college.” – Bill Vaughn
