Des Femmes Updates February 2024
401k for freelancers, money mentor spotlight, and a survey from Women in Blockchain
There’s a lot to be excited about: ETHDenver has kicked off, FemTech companies are closing fundraising rounds, and Spring is around the corner.
Personally, I am currently jazzed from learning about the One-Participant 401(k) Plan, also known as the Solo 401(k).
Self-employed folks in the U.S. have always had access to the Individual Retirement Arrangements (IRAs); however, the maximum contribution is $6,500 per year.
But for a solo 401(k), the maximum possible contribution for tax year 2023 is $66,000 (and $69,000 for 2024). Furthermore, anyone ages 50 and up can make additional “catch-up” contributions.
In order to make these contributions, U.S.-based freelancers will need:
an employer identification number (EIN)
A split mindset
The former is a requirement, the latter is a recommendation because freelancers will need to think of themselves as both the employer and the employee.
As the employee, freelancers may contribute up to $22,500 of their compensation. As the employer, the business may contribute up to 25% of the employee’s compensation (not to exceed the maximum contribution).
With compound interest, can you even imagine how much money that will be when you retire in 20 to 40 years?
Granted, you have to have the money to contribute to even start imagining those big numbers, but it’s not too late to get started. Speak to your financial advisor or CPA for more information.
Money Mentor Spotlight: Noelyne
Each Des Femmes Magazine Money Mentor has an area of focus and expertise. If you’re looking for support with budgeting, debt management, or financial planning, take a look on our website! Please note that Des Femmes and money mentors do not give legal, investment, or tax advice to mentees.
Noelyne became a money mentor because she “was attracted to the opportunity to empower people to seize control of their financial destinies and accomplish their objectives. Having experienced firsthand the significance of financial literacy and its life-changing effects, I felt compelled to impart my insights and expertise to aid others in charting their financial paths.”
If you’re interested in improving your financial well-being (and learning about Bitcoin), Noelyne is ready to work with you. “Whether they're just starting out and need guidance on basic budgeting and saving strategies, or they're looking to make more advanced financial decisions.”
You can start working with Noelyne by connecting with her on LinkedIn!
Community Updates
Women in Blockchain is conducting their annual compensation and benefits survey: Know Your Worth in Web3! Women, men, and non-binary individuals working in Web3 are invited to participate in order to gather as large a data set as possible.
There are still rumbles and whispers for a Des Femmes event in New York. If you’re interested, Let us know in the community Slack channel!
Until next time, stay curious…