Jill Jill, Chris Gill, Thirty Percent discussed on Jill on the Money

Automatic TRANSCRIPT

Jill Jill on money dot com okay level we get comments about the hot that shows that we produce on and on our sister podcast Jill on money we had a great episode with Chris gill about who wrote a book called one hundred side hustles and Robert followed up and said the subject matter really hits home with me years back I think the side hustle terminology was actually moonlighting yeah for example people would leave their nine to five corporate jobs and go directly to work at some small business or retail shop in the evenings a couple days a week or during the holidays in my case the site has looking kinda naturally growing up in the sixties and seventies in the Houston area I was a percussion player drummer and played many shows in gigs around town when it came time to get serious and make a real living he puts it in quotes as my parents would lecture may I ended up getting an accounting degree and my CPA while and then went to work for a major CPA firm and finally one of the super major oil and gas companies I retired four years ago after thirty two years during my business card career I wanted to continue playing music and I've been playing seriously since early elementary school who just be very difficult to walk away from it so I love this I continued accepting music jobs but was careful not to let them interfere with my accounting and C. P. A. work it really did work I can't tell you how many times I had to go directly to the music venue a Country Club hotel theater from my corporate work change into my tax and get ready to play the gig by seven PM it was all worth it not only financially but now that I'm retired from the corporate world I can continue playing music to make a little golf money and enjoy hanging out with all my musician friends but wait I had another side hustle being an accountant CPA mostly specialized in tax compliance and planning so of course I accepted a few individual clients over the years I was busy during tax prep season doing most the work on Saturdays and Sundays again never interfering with my corporate work music and accounting is a great combination of professions what did I do with the extra shekels iron from my side hustle the moonlighting mainly was earmarked for savings and investment in getting my son through college and law school that any debt thanks for all the great work you and mark do and the financial information you provide Robert from Houston I love that that is so awesome it's so funny because I agree I think that there is a there's something about having like a separate part of your life it has nothing to do with your real job your nine to five job I think it's so I don't know it's like it makes you happier in your job in some respects it's something of your own it's something that you can control I think that that's I think it's like key it really is so doesn't mean you have to be an entrepreneur it doesn't mean you have to do a ton of other stuff that's going to make you crazy just for fun sometimes in a little extra money it's pretty good not bad okay this is a note from Linda call her husband passed away in June and she said she filed for his social security it's now the fall still nothing huh we both took our social security at age sixty two I should be receiving his social security I'm she said that she went to the office she called can you direct me to a lawyer hi yeah hi do you think about this one mark I don't know if you need a lawyer I think you might have to go plant yourself in the office and you should do with a friend to a by yourself just because it sounds like you're really at with your wits and you know we don't make great decisions when were at our wit's end I really began to the land Christine works for you PS as a trailer mechanic recently divorced fifty three no kids no home that she owns she says the retirement options have change were now going to have to wait until we're sixty five so no more thirty years and out the option I'm faced with is to take retirement at age fifty five and a four point eight percent hit until sixty five I qualify for health insurance then you get your on engine okay having a hard time I don't know if you need a financial adviser I think that what you really I I don't understand why you wouldn't just keep working that's the that's the question I am I think that there is something about working later or with a tax that's I know this is a really tough one and I think what you need is probably an accountant who can help you and pay by the hour and to help make this decision or a fee only financial adviser to help you with this question so I would go to napa and a P. F. A. dot org that is where I would turn to try to find someone in your area or a CPA probably could also do this or any kind of tax preparer could probably help you out okay here's a question from someone whose name I cannot possibly pronounce so I'm just gonna say anonymous my wife and I plan to retire soon I shall retire at the end of the year at sixty two and a half hour tire a month later at age sixty four we have pensions and we are qualified for social security which we plan on initiating when we retire why can't you wait Dr you wait until your full retirement age I am this day okay so let me just say that they've got six hundred grand and retirement accounts they have assets they're healthy we always live within our means but they do have a home equity loan I she and then he says I calculated that if we start collecting social security immediately our break even point would be around seventy nine if we decided to wait until retirement age I okay here's my big suggestion to you my suggestion is do not take your social security until your each and your full retirement ages don't do it and I'm might I think that you really should be pulling out money you need from whatever you need when a hopefully it's already been taxed you know if you have some money that is in our non retirement account but I think you should wait until you are at full retirement age to pull your social security and in terms of your portfolio forty percent stocks thirty percent bonds thirty percent cash I'm probably to have in cash by the way but it wouldn't be terrible it's not terrible to leave it there but that's probably a little cash heavy for me especially for retirement account wait until you claim pretty please please listening to jail on Monday if you've got a financial question of any sort send us an email ask Jill.

Coming up next