Carry Money for solo401k and MBDR? [Mega Back Door IRA]

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DividendDuke
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Carry Money - Review

Post by DividendDuke »

Carry - Grow your net worth with smart tax optimization

[Link formatted by admin LadyGeek]

Has anyone used this firm? Came across it recently and seems like a slick website and product/service.
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LadyGeek
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Re: Carry Money - Review

Post by LadyGeek »

This thread is now in the Investing - Theory, News & General forum (general discussion).

From the website home page:
Carry is an all-in-one platform for tax-advantaged accounts, investments and strategy for business owners and high earning professionals.
(Thanks to the member who reported the post and explained what's wrong.)
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vanter
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Carry Money for solo401k and MBDR? [Mega Back Door IRA]

Post by vanter »

I'm a single-member S-Corp owner looking to open a solo 401k and mega back door IRA (both of which are new to me). I've stumbled upon Carry Money https://carrymoney.com/. I've had some good conversations via email and like their marketing material I've seen. I have a few questions:

1. Has anyone worked with them? Any opinions, good or bad?
2. As they are a new company, should I be at all worried about the risk of them failing? If I invest my money with them and they go under, are my investments protected?
3. See the attached image which makes them seem like an obvious choice, and the only one with a flat fee structure. But this is coming from their marketing team. Are they overstating their value here? Can I achieve the same results with a big brokerage, or do they really have an edge? I'm not looking to invest in non-traditonal assets, more just looking for the easiest way to get this done in some TDFs.

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Laundry_Service
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Has anyone used Carry Money (company) for Solo401k

Post by Laundry_Service »

[Thread merged into here --admin LadyGeek]

I'm using ETrade and have no real complaints but have seen a couple of people talk about using https://carrymoney.com/solo401k for their Solo401k. Does anyone here have any first hand experience. They claim to handle megabackdoor with Solo401k and start off charging around $300 per year.
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Re: Carry Money for solo401k and MBDR? [Mega Back Door IRA]

Post by LadyGeek »

I merged Laundry_Service's thread into a similar discussion. The combined thread is now in the Investing - Theory, News & General forum (general discussion).

(Thanks to the member who reported the post and provided a link to this thread.)
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toddthebod
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Re: Carry Money for solo401k and MBDR? [Mega Back Door IRA]

Post by toddthebod »

vanter wrote: Wed Apr 17, 2024 6:56 pm 3. See the attached image which makes them seem like an obvious choice, and the only one with a flat fee structure. But this is coming from their marketing team. Are they overstating their value here? Can I achieve the same results with a big brokerage, or do they really have an edge? I'm not looking to invest in non-traditonal assets, more just looking for the easiest way to get this done in some TDFs.

Image
"the only one with a flat fee structure"

Would you consider Schwab's, Vanguard's, and Fidelity's annual fee of $0 to be a flat fee structure?

Anyway, that is not their competition. Their competition is a company like mysolo401k.net who charge half as much.
dolphindocent
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Re: Carry Money for solo401k and MBDR? [Mega Back Door IRA]

Post by dolphindocent »

Carry Money provides a more thorough review of their competition at Comparing The Best Solo 401k Plan Providers for 2024.

Helpful for those of us with solo 401k accounts considering what to do before Vanguard transfers them to Ascensus.
Last edited by dolphindocent on Tue May 14, 2024 4:45 pm, edited 1 time in total.
TexasRads
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Re: Carry Money for solo401k and MBDR? [Mega Back Door IRA]

Post by TexasRads »

toddthebod wrote: Tue May 14, 2024 3:27 pm
vanter wrote: Wed Apr 17, 2024 6:56 pm 3. See the attached image which makes them seem like an obvious choice, and the only one with a flat fee structure. But this is coming from their marketing team. Are they overstating their value here? Can I achieve the same results with a big brokerage, or do they really have an edge? I'm not looking to invest in non-traditonal assets, more just looking for the easiest way to get this done in some TDFs.

Image
"the only one with a flat fee structure"

Would you consider Schwab's, Vanguard's, and Fidelity's annual fee of $0 to be a flat fee structure?

Anyway, that is not their competition. Their competition is a company like mysolo401k.net who charge half as much.
I’m currently at vanguard with my solo 401k and I was thinking of rolling over to mysolo401k instead of carry - does anyone else have any input on this ?

I thought being about able to do the Mbdr and also getting the 1500 credit spread across the first 3 years for auto enrolling would be a nice perk and is worth it

Is there anything to watch out for when it comes to these companies ?
dolphindocent
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Re: Carry Money for solo401k and MBDR? [Mega Back Door IRA]

Post by dolphindocent »

TexasRads wrote: Tue May 14, 2024 9:50 pm Is there anything to watch out for when it comes to these companies ?
The specialist companies that support the mega backdoor roth tax strategy and/or self-directed investing in alternative assets provide varying levels of compliance support. Carry was designed by entrepreneurs for fellow busy entrepreneurs and independent creators looking to invest a portion of their portfolio in alternative assets from various types of tax-advantaged accounts with support options ranging from DIY education to white-glove. A few good articles to read are:
TexasRads
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Re: Carry Money for solo401k and MBDR? [Mega Back Door IRA]

Post by TexasRads »

dolphindocent wrote: Thu May 16, 2024 12:17 am
TexasRads wrote: Tue May 14, 2024 9:50 pm Is there anything to watch out for when it comes to these companies ?
The specialist companies that support the mega backdoor roth tax strategy and/or self-directed investing in alternative assets provide varying levels of compliance support. Carry was designed by entrepreneurs for fellow busy entrepreneurs and independent creators looking to invest a portion of their portfolio in alternative assets from various types of tax-advantaged accounts with support options ranging from DIY education to white-glove. A few good articles to read are:
Does carry or mysolo401k.net do a better job at filing the 5500? Anyone have any experience with how these companies perform with this
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