This week, let’s start with B.H. Greenberg’s Top 10 Worst Estate Planning Mistakes. Of course, the first mistake of estate planning is to not have one. And remember, these are only the worst, there are more where these came from, so start here and learn.
Next, Tom Drake at Canadian Finance Blog answers How Much Mortgage Can I Afford? It seems that in Canada, the 35 year mortgage was not uncommon, but it was recently announced that 30 year would now be the maximum mortgage term.
Financially Poor gives us 9 Tips to Help You Become Financially Fit. A great list, but my favorite? “Get Free Money From Your Employer.” There’s no excuse to ignore the matched 401(k). Many employers will match your first 5% of income dollar for dollar, don’t miss out on any of this.
Dawn Fallik wrote at Wallet Pop, Tribute Coins May Be Pretty — But They Are a Pretty Bad Investment. You may have seen the commercials – first they show a $50 one ounce gold coin, then they offer you a replica, with about 65 cents worth of gold plating. These coins are advertised heavily on CNBC, but as with anything, buyer beware.
Also at Wallet Pop, Kelly Phillips Erb (aka TaxGirl) wrote about Nine Tax Deductions You Shouldn’t Even Think About Claiming. Fortunately, none were on my list.
Last, this week, I read that Roth IRA conversion surge. I continue to believe many are making the conversion who should not be. The average conversion in December was $94,000, even if split over two years, it may put the account holder into the next marginal rate. Be very careful before you convert.