One of the most important things that you have to consider is what your goals are for the money you are saving for your children. Do you want to have more money for them to go to college with? Do you want to be able to help them buy them a car when they are 16 years-old? Do you want to save for your daughter’s wedding? The goal will drive which investment choice that you make. Here are three options for you to consider based on your goals. Three Accounts To Invest For Your Children 529 College Savings Account A 529 College Savings … [Read more...] about Top 3 Investment Accounts to Invest in for Your Children
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 … [Read more...] about Top Ten Money Questions People Always Ask
The last week, I wrote an overview of Dave Ramsey’s baby steps system from his book, The Total Money Makeover, and I have been dissecting each of his individual baby steps as well. The Total Money Makeover is a personal finance book that I highly recommend and one of the greatest personal finance books to read. Today, we will look at Baby Step 4 in more detail which is to invest 15% of your income for retirement. There are seven Dave Ramsey baby steps that you should follow in order that will lead you to financial … [Read more...] about Dave Ramsey’s Baby Step Four – Invest 15% Of Your Income For Retirement
A reader recently wrote in with the following question about converting a 401k retirement plan to a Roth IRA and the tax consequences. Should you pay for the taxes when converting a 401k retirement plan to a Roth IRA from the proceeds of your plan? The short simple answer is no! You should not pay for your taxes from money that was in your retirement plans during a Roth conversion. Taxes On Your Roth Conversion You will have to pay taxes when you convert a 401k retirement plan to a Roth IRA. If you use money that was once in your 401k … [Read more...] about Should You Pay Taxes For Your Roth Conversion From Investments?