401ks and IRAs are special tax advantaged accounts that are intended for people to use for retirement. That's what the tax advantages are for.

A taxable brokerage is just an account that you use to invest money like you do with 401ks and IRAs, but there are no tax advantages.

What "types" are you talking about?

The fact that you were "told" that it was deductible means nothing. Plenty of people have been mistaken about being able to deduct unreimbursed expenses on W-2 jobs since you used to be able to and that changed only a few years ago. Whether you are a W-2 employee or a 1099 contractor should be obvious on how you are paid: are you cut a check for the total gross amount, or do they deduct taxes from your check before giving you a net amount?

You will pay roughly 15% of your net earnings (income minus ordinary and necessary business expenses) towards self employment taxes.

You will be taxed federally on the net earnings as well. How much will depend on how much you make both from the contract position and other sources of income. We have a progressive tax system and all income is pooled together before a final tax liability is calculated.

www.reddit.com/r/personalfinance/w/commontopics

You can't contribute more than $6k towards IRAs each year (at your age). If you want to contribute more towards retirement, you could use a 401k if your employer offers one. Otherwise, you would need to use a taxable brokerage account, which isn't tax advantaged.

Start here: www.reddit.com/r/personalfinance/w/commontopics

Nothing that isn't predatory, and you can't borrow your way out of debt anyway.

Probably utilization. You can double check your credit report to make sure there are no late payments or unexpected new lines of credit. Beyond that, it's not worth worrying about.

I said based on the original value is what is required by law. Look at the part of the OP that I originally quoted.

Based on the current value is dependent on the lender, which typically means the big loan investors requirements.

I didn't say it wasn't possible, I said it's not required by law for them to do this. If you look further on that link, that part is covered:

>Loan investors, including Fannie Mae and Freddie Mac, often create their own PMI cancellation guidelines that may include PMI cancellation provisions beyond what the HPA provides. But these guidelines cannot restrict the rights that the HPA provides to borrowers. For example, the HPA does not contain any requirements for a loan’s tenure before a borrower may request cancellation or be eligible for automatic PMI termination (known as a “seasoning” requirement).

>I thought under the law they have to remove it, when asked, when at 80%.

Based on the original value of the home, not based on the current value. There is no law requiring lenders to take into account appreciation since the loan originated.

https://www.consumerfinance.gov/ask-cfpb/when-can-i-remove-private-mortgage-insurance-pmi-from-my-loan-en-202/

>You can ask to cancel PMI earlier if you have made additional payments that reduce the principal balance of your mortgage to 80 percent of the original value of your home. For this purpose, “original value” generally means either the contract sales price or the appraised value of your home at the time you purchased it, whichever is lower (or, if you have refinanced, the appraised value at the time you refinanced).

Emphasis mine.

Terrible article.

The stock market doesn't compound. Stock prices go up and down at unspecific percentages. When someone says the stock market goes up by 10% per year, what they're really saying is "looking at historical trends of the market, we see that a $100 investment over the last 30 years would yield a current value of $1745 today. We can then use a compound interest formula to equate that to 10% growth per year, compounded annually".

We're choosing a formula and plugging in numbers to find a percentage that makes sense to us. The market isn't actually growing through compounding formulas, that's just what we're using to describe the growth.

Can you afford the payments without ending up in dire straits? Yes.

Is it a good financial decision? No.

Will the excitement of having that new expensive car fade well before the payments do? Most likely.

>I’m in Florida

Floridia employers can practically do whatever they want. Florida doesn't even have their own Department of Labor. Whether or not it's illegal is a question for a lawyer, but don't get your hopes up.

>Once I make over a certain amount, they will start withholding federal taxes?

No. Withholdings are spread out evenly over the year. If they aren't taking any out now, they won't be taking any out unless you change your W-4 or get a big raise. $14 per hour full time is less than $30k a year. Someone making $30k per year with two kids doesn't pay federal income tax. So nothing is withheld for it.

A single person making $30k a year with no kids does pay income tax, which is why there were withholdings from your previous job.

• You can pay it off as early as you want
• Your credit isn't likely to improve that much with just 7 on-time payments.