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New for 2010 – Rollover to Roth IRA conversions

Mike January 18, 2010 Money and Business

This may not be of value to very many, but for those few it may be VERY valuable. For those with a “traditional” IRA or a “rollover” IRA, you may be one of the people that it’s VERY valuable for. As we’ve covered before in our “Do the minimum” retirement post, there is one major difference between a traditional (or rollover) IRA and a Roth IRA. With a traditional, the earnings of the money in the account are tax deferred. With a Roth IRA, they are tax free. This is a large advantage of the Roth for those that will have large amounts of appreciation in their IRA accounts. The traditional IRA does have something in its favor however, and that is it reduces your taxable income for the current year. For example, if you make $50,000 and contribute $5,000 to your traditional IRA, you will pay taxes on $45,000. Continue Reading

Do the minimum when it comes to retirement

Mike September 11, 2009 Money and Business

I hope that most people reading this already have retirement accounts setup, since that would mean I don’t have to worry about my friends and readers becoming old and poor and unable to support themselves. But seriously, there are a few things that people can do to make sure they are doing all of the right things for their retirement accounts. This article is going to cover all of the things you should do if you haven’t already, and can also act as a checklist when you start a new job and want to get everything setup with your new paycheck. While I’ve been doing this for close to a decade, in the mean time a site has popped up that documents this process fairly well, so if you want to see a nice diagram and watch a youtube video explaining it, check out IWillTeachYouToBeRich.com.

In this article we’ll walk through the setup of:

  • 401(k)
  • (Roth) IRA

Continue Reading

My current financial holdings

Mike July 20, 2009 Money and Business

I’m not obligated by the SEC to declare what my holdings are, but I do enjoy doing it from time to time, just to track publicly how I am doing. I freely admit my losers when I have them, and try and state my winners ahead of time, so that I am on the record in favor of a stock BEFORE it runs up. It’s been a while since I’ve posted about stocks at all so I’ll just jump right in.