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If you’re a sole proprietor, you probably got health insurance right after you started your business. You may even have tracked life insurance or disability insurance.But setting up a retirement plan is too complicated, right? can If you want to invest in real estate, cryptocurrencies, or other assets that cannot be purchased through an intermediary.
Ocho is a company that helps Solopreneurs build wealth by setting up Solo 401k plans and learning about money through video courses.
If you own a business and want to learn more about how a 401k can help you in the future, here’s what you need to know. gourd.
![Screenshot 2023-04-04 10.18.40 AM ocho solo 401k](https://cdn.thecollegeinvestor.com/wp-content/uploads/2023/04/Screenshot-2023-04-04-at-10.18.40-AM.png)
- Setting up the Solo 401k is easy for business owners, freelancers, and self-employed.
- Invest in traditional assets such as stocks, ETFs, bonds, or alternative assets such as real estate and cryptocurrencies
- Pay one flat fee for all 401k management
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What is Ocho?
Ocho is a single 401k platform purposely built to help business owners maximize their tax-advantaged retirement benefits. Ocho takes care of the administration and paperwork so you can focus on building wealth outside of your business.
Ocho charges one flat fee each year, allowing sole proprietors to maximize their individual 401k contributions each year.
Ocho allows you to invest in traditional assets (stocks, bonds, ETFs, and other assets from brokerage firms) and alternative assets. It also introduces a “checkbook” feature that allows you to invest in real estate through a 401k (including repair payments).
what does it offer?
Ocho lets you create and manage your Solo 401k account from one portal, so you can focus on investing and building your business.
Flat rate for Solo 401k
Ocho charges $299 annually for the paperwork and administration of Solo 401k.
Some companies (such as Charles Schwab and Fidelity) have no overhead, but Ocho includes a $299 flat fee. However, it does offer some additional features, such as a checkbook feature and the opportunity to invest in alternatives.Ocho also has video subscriptions for a separate fee.
![goose review ocho solo 401k review](https://cdn.thecollegeinvestor.com/wp-content/uploads/2023/04/Screenshot-2023-04-01-at-2.24.07-PM.png)
invest in alternatives
Ocho makes it easy to invest in alternatives such as cryptocurrencies, real estate syndicates, and even startups via Ocho. It is not limited to traditional financial assets.
Ocho links your checkbook to your 401k so you can raise investment funds, make deals, and even pay the plumber if the toilet at your investment property leaks.
Administrative and paperwork management
With Ocho, you no longer need to manage paperwork that characterizes contributions and reports balances to the IRS. Ocho manages the administrative side. Simply report your contributions when you file your tax return.
![Ocho Option ocho solo 401k review](https://cdn.thecollegeinvestor.com/wp-content/uploads/2023/04/Screenshot-2023-04-01-at-2.25.17-PM.png)
Make the most of your 401k
Not sure how much you can save for retirement? Ocho helps you calculate your maximum allowable contribution based on your income for a particular year.
Not everyone will be able to donate the $66,000 max in 2023, but you may be able to donate more than you think. Ocho helps you understand how much you can contribute as an employee and employer.
Choose between Roth and Traditional
You can decide whether to make a Roth contribution or a Traditional contribution. Ocho even makes it easy to contribute to the backdoor Roth at scale.
A mega backdoor loss can be a huge advantage in a high-income year, as your Ross contributions grow tax-free and can be withdrawn tax-free.
ocho money video course
In addition to your Ocho Money account, you can purchase a $299 video subscription service (Ocho Money) to access videos on a variety of financial topics.
Get a taste of the content through pre-recorded webinars and blog content. Videos cover a variety of financial topics such as angel investing, tax planning and more.
![Ocho Video Course ocho solo 401k review](https://cdn.thecollegeinvestor.com/wp-content/uploads/2023/04/Screenshot-2023-04-01-at-2.22.37-PM.png)
Are there any fees?
Ocho charges a flat rate of $299 for its flagship Solo 401k. W-2 employees who work more than 1,000 hours per year may not use Ocho products. The company does not charge any other fees, but the investments you purchase may have fees.
On top of the $299 fee for your account, you have to pay $299 annually if you want to use the video streaming platform.
How can I contact Ocho?
The best way to contact Ocho is through the website message widget. The widget is located in the bottom right corner of the site. Messages will be responded to during standard East Coast business hours.
You can also contact Ocho by sending an email to support@ocho.com.
Ocho is owned by Vibes Company Inc. Vibes Company is headquartered at 10 Grand Street, Brooklyn, NY, 11249.
How does Ocho compare?
If you only invest in traditional assets, Fidelity, E*Trade, or Charles Schwab are worth more. Fidelity and E*Trade also offer robust Roth options.
However, solopreneurs who want to invest in alternative investments will not find a better deal than Ocho.The company was founded to facilitate alternative investments.
Unlike other standalone 401k providers, Ocho offers bank accounts, brokerages and checkbooks so you have direct control over your investments. It also has nice looking charts and dashboards so you can understand your investment needs.
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How do I open an Ocho account?
To open your Ocho account, you will need to enter your email address and create a password. This will give you an online account but no access to investment options.
To access investment options, you must verify your eligibility (provide your name, social security number, address, and answer business questions).
As long as you are eligible, you can access your Ocho account within 15 minutes from start to finish. In some cases, Ocho may require additional information to verify your eligibility.
Is it safe and secure?
Ocho requires multi-factor authentication and uses industry standard encryption and security policies. I have never experienced a breach of privacy or security in the past.
One area of concern is Ocho’s size. As a relatively new entrant, Ocho manages millions of dollars, not billions like many other financial institutions.
Customer service and quality may remain strong at scale or decline. If you don’t feel comfortable using a startup to manage your money, I recommend waiting until Ocho becomes more established.
Is it worth it?
Ocho’s financial experts seem to have a lot of wisdom, but Ocho Money’s video subscriptions don’t seem to be a great deal. This is the same price as some premium finance courses hand-picked for specific audiences.
Of course, Ocho offers some free sample videos so you can try before you buy. If Ocho’s video gives you a $1,000 idea, the subscription pays for itself at 3x.
On the other hand, the Ocho Solo 401k account is a slam dunk for business owners looking to invest in alternatives.
Ocho simplifies alternative investments through a single 401k with very modest overheads. Ocho gives you greater freedom and flexibility in your investment options.
Features of Ocho
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