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Individual Retirement Account

Top 10 Reasons You Should Own a Roth IRA

by Hank Coleman
What is a Roth IRA?

What is a Roth IRA? A Roth IRA is an individual retirement account (IRA) that allows people to invest after-tax income up to a specified amount each year and then withdraw the earnings tax-free after age 59½ are tax-free. There are a lot of rules and stipulations to Roths, but they’re a great investment! Here is a quick list of my favorite reasons why you should own a Roth IRA. Of course, there are many more, but here are the top 10 reasons to own a Roth IRA. Top Ten Reasons to Own a Roth IRA 1. Tax-free withdrawal of earnings in retirement This is by far the largest benefit of a Roth IRA. Once you reach 59 ½ years old, you … Read more

16 Comments

Top 10 Money Questions People Always Ask on Money Q&A

by Hank Coleman
Pay Off The Lowest Balance Or Highest Interest Rate Debts First?

I’m constantly being asked money questions by readers, coworkers, friends, and family members. I do ask for your money questions over and over again after all. In fact, if you email me one of your money questions and I pick yours to be featured in our Reader’s Questions Series, I’ll send you a free copy of Dave Ramsey’s book, The Total Money Makeover.

I thought that it would be cool to highlight the ten questions that I hear the most often. Here are the quick answers to these top money questions that people have a burning desire to learn and understand

Top 10 Money Questions Asked on Money Q&A

1. Should I pay off my highest interest debt or debt with the smallest balance first?

Use a debt snowball to pay off your debt.

I can understand both feelings and arguments for each of these debt reduction tactics. I’m a huge fan of Dave Ramsey and The Total Money Makeover where he recommends paying off your debts using the debt snowball method eliminating your debts with the smallest balances first and then progressing to the ones with the largest balances. This gives you some psychological affirmation to continue with the hard task at hand.

Read more

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