Today I’m happy to announce another guest post at the TurboTax blog.
This time, another look at the Roth IRA in a post titled Taxes 101: IRA Conversions. In this post, I discuss the difference between the Traditional IRA, the Roth IRA, and the process for converting to the Roth.
(FTC disclaimer – I am not compensated for the guest post at TurboTax, although I think I might get a t-shirt out of the deal.)
Joe
While you’re waiting for the game to begin later today, why not enjoy some good personal financial reading from my fellow bloggers?
Money Help For Christians started the week for me with 10 Tips For Knowing When To Refinance A Mortgage (with Free Mortgage Refinance Worksheet). Some basic, but important advice you should read if you have a mortgage and are considering a refinance.
At CoupleMoney, Elle asks (and answers) What is Amortization for Mortgages? It’s a great topic, one I obviously never tire of. Understanding how mortgages work will help you use them to your maximum advantage, keeping your interest enpenses as low as possible, and paying the mortgage of early if you wish.
My currently snowed-in tweep Mrs. Micah knows What is the Difference Between Credit Card Fraud and Identity Theft. Why doesn’t the press? It seems that in all the hype, much of the data presented includes a simple credit card theft as Identity Theft. Give this article a read to really understand the difference.
The Smartest 401(k) Book You’ll Ever Read? Uh, nope, and The Financial Buff Tells us why. Too bad, 401(k)s are often misunderstood, and not used to their potential. Bad books on the topic don’t helf any of us any more than those who give out bad advice.
Craig at Money Help For Christians also wrote 101 Ways To Improve Your Marriage Money Relationship. Before you skip it, perhaps thinking that your not interested in being preached to or hearing about some bible approach to money, I read the list. The atheist should skip three of the 101, but not ignore the rest.
The Debt Hawk offered some House Buying Tips: Buy A Home Below Your Means. No argument from me. Nice thought packed into a brief article, but a big enough concept that it takes a book (such as “Stop Acting Rich”) to really discuss this otherwise simple concept.
Mike at The Oblivious investor uncovered 8 Lazy ETF Portfolios. An interesting read, I feel compelled to go back and review it very slowly. One portfolio stands out in this list, Harry Browne’s Permanent Portfolio which advocates 25% gold, and only 25% in stock. Note, Mike doesn’t recommend any one of these, just offers them as examples with comment on each. A good article to close out another week of great reading.
Go Team! (I’m not choosing.)
Joe
I understand we need to prioritize our spending as a country and that in these times the NASA budget appears to be an extravagance. I also remember the excitement of space exploration and the potential for new opportunities. I don’t know that I feel as strongly about the moon missions as I do about the space program in general. There are experiments that can only occur in zero to low gravity, discoveries that can lead to better health and technology for all of us. I hope we don’t lose that drive altogether.
Joe
For many, when you think of savings the first thing that comes to mind is “cutting coupons.” That’s one way, but there are many more. Today, I’d like to share my favorite on line sites to find a bargain.
Coupons.com is a great source of coupons you can print from your printer. Yes, I suppose they have to be cut, but it’s worth a look to see what coupons are available for thing you buy anyway.
For electronics, I found Ben’s Bargains to be a money saver. Woot also offers electronics but in a strange “one day one deal” method. Odd business model but a fun site to visit.
FatWallet is a forum and site to help find great deals. Friendly bunch over there.
RetailMeNot is a site providing online discount codes. I recently was looking for a computer related eBook, and RMN gave me a 40% off code to use for the download, not bad for a minute’s work.
Last today, I’ll present I heart CVS, I heart Rite Aid, and I heart Wags (Walgreens). These sites help you strategize for the best deals at these three stores.
What sites are your favorites?
Joe
The recent topic I find trending up (my own observation, not from any particular tracking site) is that of walking away from your mortgage, otherwise known as “giving the bank the keys.”
I’ve been reading about moral hazard and the risk of further collapse in home prices should people continue to default, but it was only when I ran into articles such as Motley Fool’s Why Are Homeowners Idiots? did I realize that there are a number of financial writers not just observing this phenomenon, but advocating it.
photo credit: bitzcelt
In a New York Times article, Walk Away From Your Mortgage! Roger Lowenstein compares a homeowner to a business which routinely chooses which ventures to keep funding and which to let fail. The reason we’re are not seeing more homeowners simply walk away is that defaults are considered antisocial and even amoral. It’s this appeal to morality that has our president urging homeowners to follow the “responsible” course.
Professor Brent White from the University of Arizona is frequently quoted as suggesting that not walking away from a house that’s underwater (i.e. worth less the mortgage) goes against one’s economic self interest and perhaps shame and guilt keep them from doing so. Even our government has made the process easier. Until recently, forgiven debt was considered taxable income. The bank sells your home and comes up $200K short, it’s as if you got that much extra income that year and a hefty tax bill follows. This is no longer the case as debt forgiven on one’s primary home is no longer taxed.
As with many issues, I don’t find this one to be so black and white. I can use some more time to ponder this issue before deciding, it’s not as though I have a default planned. I’m within about 7 years of being done with our mortgage.
Joe
