Carry is a company that’s helping solopreneurs build their wealth by helping them set up self-directed Solo 401(k) plans, traditional and Roth IRAs, SDIRAs, and learn about money through video courses.
When you work for someone else, your employer figures out all your benefit options from your health insurance to your 401(k). You may not appreciate all the work that goes into managing those benefit options until you strike out on your own.
If you’re a solopreneur, setting up a retirement plan can be a huge pain. Especially if you want to invest in real estate, cryptocurrency, or other assets that you can’t buy through a brokerage.
Here’s what you need to know about Carry, a company dedicated to helping business owners with their personal finances.
Quick Summary
- Easy to set up Solo 401(k) for business owners, freelancers, and self-employed people.
- Use your self-directed Solo 401(k) to invest in traditional assets like stocks, ETFs, and bonds or alternatives like real estate and crypto.
- Roth and Traditional IRAs with an option for a backdoor Roth conversion.
- Self-Directed IRA gives investors access to various alternative assets.
- Pay an annual flat fee for all your 401(k) management and financial planning needs.
- Solo 401(k) loans and repayments available.
OPEN AN ACCOUNT
Carry Details | |
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Product Name | Carry |
Account Types |
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Minimum Investment | $0 |
Set Up Fee | $0 |
AUM Fees | $0 |
Annual Fee |
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Promotions | 30-day money back guarantee |
Table of Contents
What Is Carry?
What Does It Offer?
Are There Any Fees?
How Does Carry Compare?
How Do I Open An Account?
Is It Safe And Secure?
How Do I Contact Carry?
Who Is This For And Is It Worth It?
Carry Features
What Is Carry?
Carry is a financial planning platform designed to help business owners maximize their tax-advantaged retirement contributions. It offers a self-directed solo 401(k) plan, traditional and Roth IRAs, SDIRAs, and courses that can help business owners understand the financial and tax implications of business ownership.
Carry takes care of the administration and paperwork so you can focus on building wealth outside of your business. The company charges an annual flat fee, and business owners can invest in conventional assets in all their accounts.
However, Carry also allows you to self-direct investments in your solo 401(k). That means you can invest in a variety of alternative investments like crypto, private equity, real estate syndications, or land purchases.
Carry was formerly known as Ocho. It was founded by Ankur Nagpal, who was also the founder of Teachable. The team is headquartered in Brooklyn, NY.
What Does It Offer?
Carry allows you to create and manage your Solo 401(k) account, your traditional and Roth IRAs, and through one portal, so you can focus on building your investments and your business.
Annual Pricing For A Solo 401(k), IRAs, And financial plans
Carry charges $299 per year to manage the paperwork and administration of your solo 401(k) and traditional or Roth IRAs. You can self-direct investments in the Solo 401(k) plans. If you upgrade to the $499 pro plan, you’ll get a customized financial plan and the ability to speak to a financial advisor with the "Ask an Advisor" feature.
If you want more hands on assistance from a financial planner you can upgrade to the $12,000 per year plan. You must apply for this program and earn over $200,000 per year.
Invest In Alternatives
Carry makes it easy to invest in alternatives like cryptocurrency, real estate syndications, or even startups when using your individual 401(k). You aren’t limited to traditional financial assets. Carry even allows you to link a checkbook to your 401(k), so you can fund any investment, make any trade, or even pay the plumber if the toilet in your investment property leaks.
At this time, the Traditional and Roth IRAs only allow you to invest in traditional assets like stocks, bonds, and ETFs.
Related:8 Most Popular Alternative Investments
Manage Administration And Paperwork
With Carry Money, you don’t need to manage the paperwork that characterizes contributions and reports balances to the IRS. Carry manages the administrative side. You simply report your contributions when you file your tax return.
Max Out Your 401(k)
Carry helps you figure out how much you can contribute as an employee and an employer. It helps you to figure out the maximum allowed contribution based on your income in a given year. Not everyone can max out their 401(k), but you may be able to contribute more than you think.
Choose Between Roth And Traditional
You can decide whether to make Roth contributions or Traditional contributions. Carry even makes it easy to do mega backdoor Roth contributions. Since Roth contributions grow tax-free and can be withdrawn tax-free, the mega backdoor Roth can be a huge advantage during some of your higher earning years.
Carry Money Video Courses
Carry Money doesn’t only offer accounts. It gives account holders free access to video courses on a range of financial topics. The topics are primarily geared towards business owners and startup founders who can benefit from tax and financial advice that isn’t always readily available online. Videos cover a range of financial topics including angel investing, tax planning, and more.
Are There Any Fees?
Basic Plan: Carry charges a flat $299 fee for its basic membership. This membership level gives you access to a solo 401(k), and traditional and Roth IRAs and Carry’s video courses. This account is suitable for any solopreneur or freelancer who doesn’t have W-2 employees.
Pro Plan: If you upgrade to the Pro membership you’ll pay $499 annually. This membership gives you access to a customized financial plan and access to financial planners, plus the accounts and video courses from the basic membership.
Carry VIP: The highest level plan is $12,000 and is available by application only. It is only available for business owners who earn at least $200,000 annually. This includes everything from Carry’s pro membership, and white-gloved investment services. Carry’s financial advisors can even help you analyze boutique investments such as private equity deals.
How Does Carry Compare?
If you’re only going to invest in traditional assets, Fidelity or Vanguard both offer better value. They both offer robust Roth options for solo 401(k) and IRAs. However, solopreneurs who want to invest in alternative investments won't find a better deal than Carry. The company is set up to make alternative investing easy. Through its self-directed IRA, investors have access to assets such as private companies, real estate, or crypto, all through a Traditional or Roth IRA.
Unlike some of the other solo 401(k) providers, Carry provides a bank account, a brokerage, and a checkbook, so you can manage your investments directly. It even has great-looking charts and dashboards so you can understand your investing needs.
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Trade Commissions | $0 | $0 | $0 |
Annual Fees |
| $0 | $20 per fund held in the account, waived with a balance over $50,000. |
Roth Solo 401(k) available | Yes | No | Yes |
Cell | OPEN AN ACCOUNT | READ THE REVIEW | READ THE REVIEW |
How Do I Open An Account?
To open a Carry Account, you need to provide your email address and create a password. This will give you an online account, but not access to investment options. To get access to investment options, you have to confirm your eligibility (provide your name, social security number, and address, and answer questions about your business).
As long as you’re eligible, you could have access to a Carry account in under 15 minutes from start to finish. In some cases, Carry may need additional information to verify your eligibility.
Is It Safe And Secure?
Carry requires multi-factor authentication, and uses industry standard encryption and security policies. It has not experienced any privacy or security breaches in the past.
As a registered investment firm, it also is covered bySIPC insurance. This provides coverage if Carry Money goes out of business, it does not cover market losses.
The one area of concern is Carry’s size. As a relatively new entrant, Carry has millions under management rather than billions. If you’re reluctant to use startups to manage your money, you may want to wait until Carry has a more established presence.
How Do I Contact Carry?
Carry Money doesn’t currently have a published phone number but you can email them at support@carrymoney.com. However, customers who have the Pro Plan can contact a financial Advisor through the Carry Money app.
Carry is owned by the Vibes Company Inc. The Vibes Company headquarters is 10 Grand Street, Brooklyn, NY, 11249.
Who Is This For And Is It Worth It?
Carry’s $299 self-directed Solo 401(k) Account is a slam dunk for business owners who want to invest in alternatives. The account simplifies alternative investing through the solo 401(k) with very modest overhead fees. By combining this self-directed account with Roth and traditional IRAs, video education courses, and personalized financial planning, Carry has created an excellent platform for solopreneurs.
Plus, they are continuing to build more affordable and easy-to-use tools for self-employed small business owners.
Any solopreneur interested in a self-directed retirement account should look to Carry before looking to any other platforms.
Check out Carry here >>
Carry Features
Account Types |
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Set Up Fees | $0 |
Annual Fees |
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Roth Option | Yes |
Self-Directed Option | Yes |
Solo 401(k) Loan Options | No |
Access To Financial Advisors | Yes |
Customer Service Email | support@carrymoney.com |
Promotions | 30-day money back guarantee |
Carry Money Review: Self-Directed Solo 401(k)s
- Commissions and Fees
- Investment Options
- Account Types
- Customer Service
Overall
3.6
Summary
Carry offers self-directed Solo 401(k) plans, traditional and Roth IRAs, and learn about money through video courses.
Pros
- Manages all paperwork and administration.
- Easy to invest in alternative investments.
- Traditional and Roth IRAs now available.
Cons
- The annual fee is high if you won’t use alternative investments.
- Must upgrade to the $499 Pro membership to get access to a financial planner.
- Must upgrade to the $12,000 VIP membership for personalized financial advice.
