When talking investments, IRA is the abbreviation for “Individual Retirement Account,” not “Irish Republican Army.” According to About.com, IRAs are basically savings plans with lots of restrictions. The main advantage of an IRA is that you defer paying taxes on the earnings and growth of your savings until you actually withdraw the money. The main disadvantage is the tax law imposes stiff penalties if you withdraw the funds before you turn age 59.5 years old. There are different types of IRAs, each with their own tax implications and eligibility requirements. And here is a little fun fact, IRA's stem from the early 1970s when NBC broadcasted a television special called “The Broken Promise,” which showed Americans the consequences of poorly funded pension plans. In this short video, USAA Certified Financial Planner Scott Halliwell explains IRAs in further detail.
Marine veteran and male military spouse, Andrew Ferguson, has stepped outside his comfort zone to make a little money. He is selling Scentsy stuff. Guys, THIS is the type of creativity, determination, and courage it takes to be a successful business person as a miltiary spouse! When we asked how this new venture came about, this is what Andrew said:
About Macho Spouse...
Macho Spouse is an educational video series and online resource for male military spouses.
Our mission is to help male military spouses connect with one another and assure that we are not alone in this military family lifestyle.