With investment property priced to move, some IRA owners are buying actual real estate properties. Did you know you could do that? Most people don’t. Not everyone can do it; not everyone should do it. However, some people are doing it – particularly high net worth IRA owners who see great deals in a buyer’s market.

Everyone assumes IRA assets have to be invested in securities, but it is fully possible to invest in real estate with retirement funds. IRS Code Section 401 IRC 408(a)(3) prohibits life insurance contracts from being held in IRAs, and IRS Publication 590 states that your IRA will be hit with additional taxes if you invest in collectibles. Those warnings aside, IRA assets may be invested in other options, such as real property.

Careful, not all IRAs are created equal!

You can’t buy real estate with any old IRA. You have to create a self-directed IRA or an IRA LLC. You also have to find an IRA custodian that will let you make non-traditional investments. This custodian has to be a registered trust company. One I have had a lot of success with is Pensco Trust.

If you set up an IRA LLC, you retain control over the invested IRA assets held with said custodian – that is, you have “checkbook” control and don’t need IRA custodian approval to make the real estate investment.

Why buy real estate with your IRA?

Aside from the appreciation potential of real estate, the keywords to remember are “tax-deferred growth” (Traditional IRA) and “tax-free growth” (Roth IRA). Many kinds of IRAs can be converted to self-directed IRAs.

The self-dealing test

If you are going to invest in real estate with IRA assets, the IRS wants your investment to be for the benefit of your IRA and not for your personal benefit. Does that sound like a fine line?

Well, the IRS offers some guidelines. In IRS Publication 590, you’ll run across a list of prohibited transactions involving IRAs. These transactions amount to “self-dealing” – that is, they are judged to explicitly benefit you rather than your retirement account.

According to Publication 590, you cannot…

• Sell property to your IRA
• Purchase property for personal use (present or future) with IRA funds
• Receive unreasonable compensation for managing your IRA
• Use your IRA as security for a loan

If you, your fiduciary, or your relatives/heirs commit such violations, the account stops being an IRA in IRS eyes as of the first day of the year in which the violation occurs.  

An opinion counts!

An opinion letter, to be precise. Real estate and legal professionals often recommend two steps when it comes to investing in real estate with a self-directed IRA:

• Creating an LLC
• Asking an attorney to provide you with an opinion letter stating whether the transaction is legal or prohibited

The bottom line: proceed carefully, and with the right minds advising you. If you’d like to learn more …. talk to a financial advisor who can link you to the right legal, tax or trust resources that can counsel you if you wish to make a non-traditional investment with IRA funds.

This article was written by Jay Peroni, CFP®, who is a public speaker, registered christian financial advisor, and author of The Faith-Based Millionaire. Next month, Jay will be rolling out a new service for faith-based investors at FaithBasedInvestor.com. The site will help Christians incorporate the above 10 important concepts into their financial plans.

CPF Recommended Books

• The Total Money Makeover - Perfect for those who need a simple step-by-step approach to getting out of debt.
• The Shortest Investment Book Ever - Perfect for those who want to know which investments they should select for their 401k, 403b, or IRAs.
• The Faith-Based Investor - Perfect for those wondering how to start investing according to your beliefs.
• The Automatic Millionaire - Perfect for those who want to learn how simple it can be to save for retirement.
• Getting Things Done - Perfect for those who have tried time-management systems that have failed. GTD is the best time-management book out there.
• Your Money or Your Life - Perfect for those who need to step back from their life and ask "why?" This book is great for helping you figure out what is important and adjusting your financial decisions accordingly. Highly recommended.

Post from: Christian Personal Finance .com

Also, just to clarify, we are building in a subdivision with a large builder, so I am sure this process is different than if you were using a smaller builder or building on your own plot of land. Even still, I am sure each builder does things a little bit differently, but these are the steps that we have taken thus far….

1. Negotiated with the builder

After we found the model of the house and subdivision that we wanted to live in we began negotiating price with the builder. From what I hear the biggest markups are on the options, so that also is where there is more room for bargaining. After we agreed on the price, we signed the contract and put down $500.

The major lesson I learned is that everything needs to be negotiated at this point. We have gone back and tried to get the builder to do things for us and to negotiate a price of an upgrade. At this point we are pretty committed and they know that. They were a lot more flexible on the offset when they knew that there was a greater likelihood that we would walk away.

2. Applied for mortgage loan

The next step for us was to get loan commitment from the lender. I am not sure if all builder's require this, but ours did. Basically they were looking for the lender to commit to providing a loan for us (contingent on the house being completed, inspected, etc.).

Being newly self-employed, I was expecting this to be a little more difficult than it was. After contacting two lenders I was able to secure loan commitment. I know we aren't completely out of the woods until we have the keys in hand, but it was nice to get the commitment from the lender.

3. Picked everything out

This was the fun part. We got to look at all the flooring, cabinet, counter, siding, etc options available and start picking and choosing. Initially it was overwhelming, I had no idea how many different options we would have to choose from. One of the things that (I think) we did well was modeling our selections off of something we already liked. Rather than guessing with the 2" samples what the cabinets and counters will look like together, we found examples (in magazines and showrooms) that we liked and tried to duplicate the color combos.

4. The Pre-Construction meeting

This was the meeting to get the ball rolling. We confirmed all of the color selections we had made as well as any adjustments made to the blueprints. We met with the foreman and discussed all the details of the lot layout, etc. This was also the point where the builder wanted a little financial commitment from us - we had to provide $3500 to get the construction started.

Where we are now

So this is where we are now. They should be breaking ground in the next couple weeks. And per many of the comments on the 1st-time home buyer tips article we will be keeping an eye on the building process to make sure everything goes as it should.

Post from: Christian Personal Finance .com

The Fruit of the Spirit

Who doesn't want to be more loving, joyful, at peace, patient, kind, full of goodness, faithful, gentle, and self-controlled? Each of those are the fruit that the Bible says we should be bearing (John 15:16). I know I would love to see each one of those more in my own life - wouldn't you? So, what do we need to do to bear more fruit?

1. Fruit needs water in order to reach it's fullest potential

You can probably ask your five-year old how to take care of a plant and they will tell you that it needs water to survive. And if you have ever kept a garden, you have surely realized that if only water it once a week during the summer months your harvest is going to be much smaller. On the other hand, if your plants are recieving frequent and consistent waterings, the plants are going to be stronger and the fruit is going to be better.

Psalm 1:3 (NIV) - He is like a tree planted by streams of water, which yields its fruit in season and whose leaf does not wither. Whatever he does prospers.

2. Good soil is very important

The soil contains a lot of the nutrients that cause the growth of the plants. There are tremendous differences between good soil and bad soil. This was one of the reasons I said that good potting soil was one of my 10 things worth spending more on. We need to be spiritually receptive to allow the seeds of God's word to grow and develop the way they should.

Matthew 13:23 (NIV) - The one who received the seed that fell on good soil is the man who hears the word and understands it. He produces a crop, yielding a hundred, sixty or thirty times what was sown.

3. Death brings life

John 12:24 (NIV) - I tell you the truth, unless a kernel of wheat falls to the ground and dies, it remains only a single seed. But if it dies, it produces many seeds.

We must die to ourselves and our own desires and submit to God's plan. In doing so, like the above verse states, we will bear much fruit.

4. Pruning produces more fruit

I am by no means an expert gardener, but I have found this one to be true. It doesn't make sense while you are doing it, but the results prove its effectiveness. God is an expert gardener and He knows which areas of our lives can be pruned to make us more effective. It does hurt, but the end result is beautiful.

John 15:2 (NIV) - He cuts off every branch in me that bears no fruit, while every branch that does bear fruit he prunes so that it will be even more fruitful.

5. A branch can't bear fruit separated from the plant

That is a no-brainer right? Well, I don't know about you, but I have caught myself trying to do that in my own life. I will find myself trying to accomplish things in my own strength rather than "abiding in Him." All the fruit that we will bear in our lives will be a result of us being connected to our source: God. Just like a severed branch can bear no fruit, neither can we bear any fruit if we are not abiding in Him.

John 15:5 (NIV) - I am the vine; you are the branches. If a man remains in me and I in him, he will bear much fruit; apart from me you can do nothing.

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Post from: Christian Personal Finance .com

Personally, I have been on both sides of the fence. I, like many kids, got one and maxxed it out, not really understanding the consequences. After going through a few rounds to testing myself with credit cards, I finally got to the point where I thought I could use them "wisely".

How I used them to my advantage

So what I did was move all of my debt to 0% credit cards via balance transfers. I transferred 2 car loans, multiple credit card balances, and even a small high-interest student loan. We were very motivated to pay off our debts and wanted to amplify the process by having all of our debt at a 0% interest rate.

I should mention that at the time we were doing this 0% balance transfer offers were very easy to come by. And none of them had balance transfer fees attached to them. As I have helped people look for balance transfer offers recently, I noticed that it is almost impossible to find one without a balance transfer fee and 0% is hard to come by. Had we not had these benefits working in our favor, I think most (if not all) of the interest we saved would have been lost.

I don't recommend doing what I did

Even if you could find a bunch of 0% balance transfer offers with no fees, I don't recommend doing this. While we did pull it off, there are a lot of balls that need to be juggled for this to work. If you drop just one of the balls, just about all the benefit gained can be lost.

I created a very meticulous schedule of when each offer expired and I made sure to apply for a new card a month before each offer expired. At one point we had over 10 open credit cards - it was a very messy process that could have easily turned into a disaster if just one small detail was missed.

I normally recommend that people take the debt snowball approach to paying off debts. It is a whole lot safer, less time-consuming, and is the most motivating way to pay off your debts.

What we do now

At the time of this writing the only debt we have is a student loan. We have chosen to focus on saving for a down payment for our house rather than paying it off right now. We exclusively use debit cards and avoid credit card use, just so there is no chance that we would get caught up in the trap again. I personally feel that we are both disciplined enough to handle them, but to me I would rather eliminate any possibility of misuse by not using them at all.

We do still have two open credit cards that are technically for "emergencies", but since we have a decent sized emergency fund, we probably don't need them.

How do you use credit cards?

Note: There is a poll embedded within this post, please visit the site to participate in this post's poll.

What are your thoughts on credit card use?

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Post from: Christian Personal Finance .com

Why does God give riches?

The two main camps in Christian churches fight over this question. One side believes that God desires us to experience prosperity, and we just need to ask in faith. The other side says life as a Christian is actually one of suffering, so to ask for prosperity is wrong, because we should tend to others in need.

There are plenty of good arguments and controversy on both sides. To resolve this debate and take one side over the other would be lengthy and complex. Plus, I don't have an answer. What I do have is a perspective which draws on what I see as good on both sides. This perspective comes from 2 Corinthians 9:10-14…

"Now he who supplies seed to the sower and bread for food will also supply and increase your store of seed and will enlarge the harvest of your righteousness. You will be made rich in every way so that you can be generous on every occasion, and through us your generosity will result in thanksgiving to God.

This service that you perform is not only supplying the needs of God's people but is also overflowing in many expressions of thanks to God. Because of the service by which you have proved yourselves, men will praise God for the obedience that accompanies your confession of the gospel of Christ, and for your generosity in sharing with them and with everyone else. And in their prayers for you their hearts will go out to you, because of the surpassing grace God has given you."

First, it does say that God, "he who supplies seed to the sower and bread for food," actually also will "increase your store of seed." It doesn't say how. It doesn't say when. But it does say "You will be made rich in every way."

I believe that the first camp I described does inject a powerful, positive view of faith. But they don't always clearly articulate why we should be asking. James 4:1-3 makes clear that sometimes "when you ask, you do not receive, because you ask with wrong motives." Because that has been left open-ended, sometimes asking for prosperity appears selfish.

But the scripture above states two outcomes of God making one "rich in every way so that you can be generous on every occasion." In particular, there are two desired outcomes from this giving: "So two good things will result from this ministry of giving — the needs of the believers in Jerusalem will be met, and they will joyfully express their thanks to God." (MSG)

Meeting the needs of others and spreading the Gospel, showing others "that you are obedient to the Good News of Christ" seems to be a powerful way to operate in God's economy. In other words, the riches — this could be financial, skills, relationships (although I believe it's a strong argument it is financial because of the reference to "store of seed") — are designed to help others in need and, as a result, "many others thank God."

So, how much is to be given away?

Again, no specifics. But "he will increase what you have, so that you can give even more to those in need." (CEV) "Even more" suggests that whatever God has done to "increase your store of seed" and "enlarge the harvest of your righteousness" should be exceeded by what you give. Doing so demonstrates "You believed the message about Christ, and you obeyed it by sharing generously with God's people and with everyone else."

So let's play forward this interpretation.

What if the Kingdom of God really were like yeast: that just a little bit helps to raise the dough? That by our acts of generosity from the increases from God causes others to praise God. And they see our generosity as, in fact, an increase from God as well. Which causes them to take that increase and give to others.

Rinse and repeat.

It becomes a virtuous cycle of abundance. It enables those "made rich in every way" to, as the second camp desires, participate in the redemption of a broken world. It unleashes God's multiplier effect.

What does it mean practically in terms of "personal finance"?

One common strategy is to set goals. Typically, those are to buy a house, save for the kid's college, save up for retirement. But with this optic of how God desires the riches to be used, can you imagine if the goals were specifically, prayerfully, and intentionally designed to help others?

What if a goal was to increase savings by $5000 to create micro-loans to free those in the sex-trade? What if it was to make an extra $3500 to pay for low-cost electric generators in poor countries improve farming efficiency and literacy? And what if, somehow, in this intricate economy where our generosity meets faith, we continue to experience an increase?

I don't know if by asking God He will always provide riches by the world's standards. And I'm not sure everyone who is Christian is destined for a life of suffering. But I do know that I want to participate in God's economy where He provides increase that "will result in thanksgiving to God" and more people will pray and know God "because of the surpassing grace God has given to you."

Scripture taken from the HOLY BIBLE, NEW INTERNATIONAL VERSION®. Copyright © 1973, 1978, 1984 International Bible Society. Used by permission of Zondervan. All rights reserved. Scripture taken from The Message. Copyright 1993, 1994, 1995, 1996, 2000, 2001, 2002. Used by permission of NavPress Publishing Group.

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Post from: Christian Personal Finance .com

A Life-Transforming Idea

When making a quick decision, we’re often told to trust our gut. But if the Bible says, “Careful planning puts you ahead in the long run” (Proverbs 21:5, MSG), how can you check your gut reaction against logic? And when we have time to make a tough decision, how can we be sure we’ve thought through everything?

Suzy Welch offers a simple system she calls 10-10-10. This system encourages values-based decision-making in the short-term, mid-term, and long-term.

With each decision, Welch instructs the reader to ask three questions: What will be the consequences of my decision in the next ten minutes? The next ten months? The next ten years? It’s a simple premise for a 222-page book (which sometimes feels overlong), but Welch shows us the versatility of her system by stepping the reader through a myriad of decisions made by herself and other devotees of 10-10-10.

For example, when Natalie, a busy mother of two teenage sons, was on her way to a funeral, she received two text messages. One, from her oldest son, said his ride home from soccer practice had fallen through. The other, from her husband, said he needed to stay late at work and couldn’t take their youngest son to the orthodontist. He wanted to know if she could help out.

Her gut reaction was to skip the funeral (it was for an uncle she barely knew). In ten minutes, she knew her life would be easier if she didn’t have to find a ride for one son and reschedule an orthodontist appointment for the other. In ten months, however, she realized that she would have missed a chance to see several of her elderly relatives. Ten years? She knew she wanted to teach her sons respect and responsibility, so going to the funeral she had vowed to attend was the right decision.

And it is the fact that you can apply your own values to the 10-10-10 process that I find to be most helpful. In making gut decisions, I admit that fear guides me more than reason. This little system is helpful because it gives me time to think through what is really important to me, even if I only have a couple of minutes. Then, if anyone asks for an explanation, I have one at the ready.

Final Thoughts

Though Suzy Welch is a Christian, this is not a Christian book. There is no instruction about hearing from the Holy Spirit, and not every decision described in the book jibes with my Christian beliefs (including some of Suzy’s own). However, for a nuts-and-bolts guide to good decision making, I recommend 10-10-10.

Can you see yourself using 10-10-10 to make a decision? What is your decision-making process?

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Post from: Christian Personal Finance .com

Every few months I like to giveaway a copy of Dave Ramsey's Total Money Makeover (TMMO) just because I think it is such a helpful and great book. It is the perfect entry-level financial book as it is simple enough for a 10-year old to understand and yet filled with wisdom that will help anyone willing to listen.

Here are a few things others are saying about Dave's TMMO

"Finally, a book that speaks to everyone, from those who are complete financial disasters to those who pay their bills on time, but overpend and need to reduce their debt load. Too many books about debt focus only on paying your bills on time and reducing your interest rates, while ignoring the people who have too much debt and are too smart about it, never paying a late fee and keeping it all at low interest."

"If you're thinking about passing on this latest book from financial guru Dave Ramsey because you've already read his first New York Times bestseller Financial Peace, think again. Financial Peace is "what to do." Total Money Makeover is a step-by-step, nuts and bolts "how to do" kind of book. Dave takes the seven key principles of a healthy financial plan from Financial Peave and gives them a shot of adrenaline and a ton of muscle! He walks with you through each of the seven "baby steps" and shows you exactly how to accomplish each one."

"The book is an owner's manual designed to teach the financially inept (most of us are or have been) how to get their finances under control and create a real life of debt free living and financial independence. This is not pie in the sky writing. Ramsey offers real solutions to real financial stress fractures in real people's lives."

What do I need to do to win the TMMO

In order to be entered for a chance to win the Dave Ramsey book, just follow these 2 steps…

1. Go to the ChristianPF Forums before 11:59 p.m. CST on July 9th, 2009.
2. Leave a comment by joining one of the threads/conversations or starting a new one.

• The winner will be selected randomly using random.org.
• The winner will be announced on July 10th in the forums!!

Blog Carnivals from this week: 20-something, Debt Reduction, Money Hacks, Pecuniary Delights

CPF Recommended Books

• The Total Money Makeover - Perfect for those who need a simple step-by-step approach to getting out of debt.
• The Shortest Investment Book Ever - Perfect for those who want to know which investments they should select for their 401k, 403b, or IRAs.
• The Faith-Based Investor - Perfect for those wondering how to start investing according to your beliefs.
• The Automatic Millionaire - Perfect for those who want to learn how simple it can be to save for retirement.
• Getting Things Done - Perfect for those who have tried time-management systems that have failed. GTD is the best time-management book out there.
• Your Money or Your Life - Perfect for those who need to step back from their life and ask "why?" This book is great for helping you figure out what is important and adjusting your financial decisions accordingly. Highly recommended.

Post from: Christian Personal Finance .com

Simply put, more firms are recognizing their advantages – especially when it comes to the retirement planning of professionals, business owners and executives. Your company may offer a Roth 401k option that allows you to contribute after tax dollars that will potentially grow tax-free! If you are a business owner, you may have the flexibility to set up a Roth 401(k) for you and your employees.

Here are six reasons to consider a Roth 401k

   1. Tax-free growth. Roth 401(k) assets grow without being taxed, as employee contributions are made with after-tax dollars. When you withdraw the money in retirement, you don’t pay taxes on it - provided you’ve owned the account for 5+ years and are 59½ or older when you start withdrawing. With this tax-free growth, a Roth 401(k) can help professionals, business owners and executives save more to get their retirement planning back on track.

   2. No income limitations. Income limits prevent high-salaried individuals from having a Roth IRA. There are no income barriers preventing you from having a Roth 401(k).

   3. No required withdrawals. You don’t have to withdraw money from a Roth 401(k) at age 70½, unlike with a traditional 401(k).

   4. Higher contribution limits than a Roth IRA. How much can you put into a Roth IRA? In 2009, the answer is $5,000, $6,000 if you are 50 or older. How much can you put into a Roth 401(k)? Much more. For 2009, the contribution limit is $16,500 ($22,000 for those 50 or older).

   5. A rollover option. If you leave a business where you have a Roth 401(k), you can roll the money over into a Roth IRA to maintain tax-free growth.1

   6. An especially tax-smart move. Keep in mind, the federal government recently decided to spend more than a trillion dollars it didn’t have. Taxpayers will probably bear the cost in the future – particularly the highest-earning taxpayers. The government also needs to fund Social Security and Medicare in coming years. So who knows how high tomorrow’s taxes may be.

Roth 401k and Taxes

What would you rather pay - today’s taxes or tomorrow’s taxes? With all this financial pressure on the government, the consensus is that tax rates will go up. So as you save for retirement, isn’t it wise to have a Roth 401(k) that will let you pay taxes on your retirement savings today, rather than tomorrow?

Join the trend. A 2008 Grant Thornton survey of 186 companies sponsoring retirement plans found that 22% offered Roth 401(k)s, up from 12% in 2007 - and 19% more said they were considering Roth 401(k)s. Employer matches can be made to these accounts with pre-tax dollars.

Is your business offering the Roth 401(k)? It may be time. Owners, executives and professionals are among the highest-earning Americans – the Americans who have the greatest need for their retirement savings to grow tax-free.

This article was written by Jay Peroni, CFP®, who is a public speaker, registered christian financial advisor, and author of The Faith-Based Millionaire. Next month, Jay will be rolling out a new service for faith-based investors at FaithBasedInvestor.com. The site will help Christians incorporate the above 10 important concepts into their financial plans.

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Post from: Christian Personal Finance .com

Apparently, part of the downsizing movement has helped increase the popularity of Tiny Houses. They range in size from 65 square feet to a few hundred square feet and if you are an average American, you would probably say that is indeed tiny. If the small size weren't enough of an adjustment, fitting all your possessions into a space that small would even be a challenge for a minimalist. But they have many enthusiasts and the trend seems to be growing.

Most of them are fully functional - including a kitchen, bathroom, living, and sleeping area and as you would expect they make tremendously efficient use of every inch of space. Obviously, this type of living isn't for everyone, but tiny housers love it because…

• You can move most of them anywhere since they are often wheels
• Tiny house living requires just a fraction of the resources that others use
• There is a lot less to clean!
• How quick could you pay off a mortgage on a 100 sq. ft house?

How about a tour of a tiny house?

Text just doesn't do the Tiny house justice, you really need to see one to understand…

This one is a bit larger…

Tiny thoughts

I am very intrigued by ideas like this. While I don't think I will ever do anything that small, I think there is a lot that we can learn from tiny housers. If they really can fit all their possessions into a house that is smaller than my bedroom - shouldn't I be able to quit complaining that I don't have enough space?

What do you think? Would you ever consider living in a house like this?

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A little over a month ago, I wrote about a young couple we know who gave us (sowed) $1000 in obedience to what they felt God was leading them to do. In that article I wrote about how excited we were for them, because we know what the Bible says about sowing and reaping…

"Remember this: Whoever sows sparingly will also reap sparingly, and whoever sows generously will also reap generously." 2 Corinthians 9:6

"Do not be deceived, God is not mocked; for whatever a man sows, this he will also reap." Galatians 6:7  

"While the earth remains, seedtime and harvest … shall not cease." Genesis 8:22

Witnessing the harvest

I've noticed in my life that I don't always have the luxury of seeing both the sowing and the reaping. Every time we sow, it is in faith - I believe what the Bible says about it whether I immediately see the fruit or don't see it for 20 years. My job is just to give and trust that God will do what He promised.

Rejoicing with the sowers

This last weekend, the husband stopped me and brimming with excitement he told me that they just received a completely unexpected $6000!

I wanted to write about this just to brag on God a little bit. I get so excited seeing people step out in Faith like this couple did, because I consistently see God do awesome things like this. I've watched it happen in my life and have witnessed it in the lives of so many others as well. God is faithful.

Giving with the right attitude

Just to clarify for those new to this whole "sowing and reaping" thing - it isn't a turn-key system where we are taking advantage of God. Giving should be done with right motives - to please and honor God.

But, God did set this system up so that there are rewards for our obedience. One of the benefits is that we have is that when we give, more is given back to us…

"Give, and it will be given to you. A good measure, pressed down, shaken together and running over, will be poured into your lap. For with the measure you use, it will be measured to you." Luke 6:38

CPF Recommended Books

• The Total Money Makeover - Perfect for those who need a simple step-by-step approach to getting out of debt.
• The Shortest Investment Book Ever - Perfect for those who want to know which investments they should select for their 401k, 403b, or IRAs.
• The Faith-Based Investor - Perfect for those wondering how to start investing according to your beliefs.
• The Automatic Millionaire - Perfect for those who want to learn how simple it can be to save for retirement.
• Getting Things Done - Perfect for those who have tried time-management systems that have failed. GTD is the best time-management book out there.
• Your Money or Your Life - Perfect for those who need to step back from their life and ask "why?" This book is great for helping you figure out what is important and adjusting your financial decisions accordingly. Highly recommended.

Post from: Christian Personal Finance .com