Ep. 103 – Financial Planning for Retirement When You’re Self-Employed Feat. Aryeh Sheinbein

• [02:42] Meet Aryeh and hear about his background in finance and how he moved into investment management
• [04:25] How Aryeh’s venture into entrepreneurship led him to help business owners grow their money
• [07:08] What a 401K is, how it works, and how it differentiates from a Roth 401K
• [09:55] Why an IRA is a great option for those whose employer doesn’t offer a 401K or those who run their own business
• [11:52] How entrepreneurs at higher levels can set up a 401K for themselves
• [13:33] What a taxable account is and how you can set them up alongside other accounts
• [16:17] A brief explanation of what a stock is and how it works in regards to company ownership
• [17:57] How mutual funds work in comparison to individual stocks and the many options you have when investing in them
• [20:07] What an exchange-traded fund (ETF) is and the slight difference between them and mutual funds
• [21:29] A simplified version of how to purchase stocks or set up accounts from a user’s perspective
• [23:07] How a simplified employee pension differentiates from a 401K and how it can be beneficial to business owners
• [26:17] Aryeh’s best advice for those who feel like they’re late in the retirement fund game
• [28:41] The shocking revelation Aryeh shares with people about investing
• [29:49] Why it’s okay to get average returns on your investments
• [31:07] The benefits of compound interest and how time is your best friend when it comes to it
• [31:33] Aryeh’s simple “magic penny” explanation of how compound interest works
• [33:28] How to use the “rule of 72” to figure out how quickly your money will double using compound interest
• [34:37] Why it’s much more beneficial to invest your money than putting it in your savings account
• [36:27] How to reframe the idea of retirement into determining what a wealthy life means to you

In this episode, I was joined by investment manager and financial coach Aryeh Sheinbein, who shares his extensive knowledge on how to use investment accounts to set yourself up financially. He gives us a basic lowdown on all the types of accounts you can start both as an employee and as a business owner and the different benefits of each one. He also shares some personal advice on how you can start saving up for retirement right now, even if you feel like you’re late to the game.