Macho Money Definitions - What Is An IRA?

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Macho Money Definitions - What Is An IRA?

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vid_whatisira.jpgWhen 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.


See also...

image for How Much to Spend on Christmas Gifts

How Much to Spend on Christmas Gifts

RobSitePic.jpgWhatever your Winter Holiday tradition, now is the time when many cultures have historically livened up the dark days of winter (in the Northern Hemisphere) with celebrations of community, charity, and gift-giving*.  Going into debt, however, should not be a part of your tradition.

How much should you spend on Christmas?


I'm big on using percentages when budgeting.  Except for the really, really poor or really, really rich, it makes sense to me that if Martha gets paid 50% more than George, then Martha can spend 50% more than George.  That generally goes for housing, cars, or Christmas presents. In other words, don't try to “keep up with the Joneses,” especially if you get paid less than the Joneses.  That's the idea behind the 60% Budget: keep regular, monthly expenses down to 60% of your gross income, so you can save 10% each towards retirement, long-term savings, and short-term savings; the last 10% is 'fun money' for Starbucks, beer, wine, pizza, McDonald's, toys, etc. Ideally throughout the year you've saved up enough in your short-term savings to pay for Christmas, even after you've paid for oil changes, shoes for the kids, and a trip to the beach over the summer.

 

image for Military Spouse Scholarships

Military Spouse Scholarships

MSEI Logo.jpgThe Military Spouse Education Initiative (MSEI) has done an incredible job of compiling a list of Spouse Clubs & private organizations who are, or will be, offering scholarships for spouses & kids.  There are over 40 locations that represent over 20 states, please follow the link to learn more.

http://www.milspouseeducation.org/scholarships

Below is the basic list, click on the MSEI link above to find more information on each opportunity.

 

 



 

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