July Mailbag: Retirement Accounts, Investing for Kids, & Side Hustle Management

#053: For this episode, we asked the mamas in our free Mamas Talk Money Community on Facebook to send us their questions. If one person in our community has a question, there are no doubt others wondering the same thing.   Today we’re going to discuss saving for retirement for stay-at-home spouses, investing for kids, when to create an LLC for your business, handling taxes as a business owner, and more!   (01:13) What would be the best retirement account to open for my husband who earns an income but stays at home with the kids? Spousal IRA or his own?   (02:52)  If I want to open an investment account, but not have to monitor it all that much, would I need a robo advisor like Ellevest, or is there an option with Fidelity/Vanguard that is fairly hands-off and doesn’t have the .25% fee?   (06:32) What is the best way to move money from my kids’ regular saving accounts to an actual investment account so that they can get a better than 1% return on their money?   (11:20) When does it make sense to register a side-hustle as an LLC?   (14:50) I opened a Roth IRA with Vanguard! Is there anything to keep in mind when allocating funds to get the most tax advantage? What considerations should someone take when allocating funds in a Roth vs Traditional IRA?   (17:55) I have a new virtual assistant business but it’s the first time I’ve worked without having taxes taken out and I’m nervous about owing a lot at the end of the year. What should I keep in mind to prepare?   Looking for more information, mama? Visit the show notes at https://www.smartmoneymamas.com/53   Money Mamas Guide to Investing Template:  https://smartmoneymamas.com/mamas-investing-guide/