Why should I choose a ROTH IRA? Why should I choose a Traditional IRA? What’s the difference? I’ve been hit with both questions – The main advantage of a traditional IRA versus a Roth IRA is the tax benefits immediately realized. To receive the maximum tax benefits of a traditional IRA the taxpayer must have [...]
So yesterday I got to thinking about how I would be impacting my retirement account by taking out the $2000.00 for the emergency root canal procedure I bought myself yesterday. How would that money have worked for me over the next 40 years till retirement? Well, if I would have just had that $2000.00 and [...]
So I decided to try out Flexo’s monthly expense template, and it isn’t looking too promising for me this month. I’m doling out more than I am taking in this month. Off the top, that sounds like it is bad, but really it isn’t TOO bad. I figured my cash allowance was high this past [...]
I honestly think I am getting more and more frugal each day; especially since starting this site. I quesiton buying everything I want anymore. My wife is pretty good at spending very little on herself too, but when it comes to the kids, she’s been known to splurge. I have already questioned whether or not [...]
My mother, bless her heart, has “some” idea of how investing works. She has a basic idea of how compound interest works, but has no $ to put to it. She makes a small income enough to make ends meet at the end of each month. She knows that she SHOULD invest, but doesn’t know [...]
This question is another tricky one because it depends on who is asking it. If you’re 18 and asking this question, well, I’d say you’re starting off right by asking, and if you are putting away 10% – even if you’re only making $20,000 per year, you’re saving $2,000/year and in 50 years you’d be [...]
I’ve had 2 posts worth of BAD investing decisions so far (1, 2). I didn’t want people to think I’ve not made any GOOD decisions, because I have, just not as many yet. I’m still young, had no financial education, and had some bad financial advice early in my career. But I’m riding the wave [...]
I read an article today on Fool.com that discussed finding your “investing edge”. It makes good sense. With anyone in any profession they need to focus on one thing to put them ahead of the competition. They mentioned Dennis Rodman who was an excellent basketball rebounder in his day. He wasn’t a great shooter, or [...]
I thought I had some good points to contribute, and stories to tell even though I’m nowhere near retirement. I really have had a few bad investment mistakes along the way, and I’m sure I’ll run into more in the future, but that’s one of the points of MyInvestingBlog.com – figuring this stuff out! The [...]
One of the major goals of my site (written in my disclaimer) is to be able to give my children a better financial education than I received when I was growing up. The most financial education I have now is that I should be as frugal as humanly possible in every situation as we didn’t have [...]
