Military Finance Network

Choosing Between a Roth IRA and a Traditional IRA

Patrick — Sat, 07 Nov 2009 16:53:14 +0000

Opening an IRA is a great way to save for retirement because it gives you the opportunity to make tax advantaged contributions which may produce larger gains than investing in an account without similar tax advantages (where are the best Roth IRA rates?). Most people are eligible to open Traditional and Roth IRAs, and depending on your financial situation, one of the two may be better than the other.

Comparing Traditional and Roth IRAs

Both a Traditional IRA and Roth IRA have certain tax advantages that make them good options for your retirement investments. The main difference is that a Traditional IRA is a tax deferred retirement plan, and a Roth IRA is a tax exempt retirement plan.

How Traditional and Roth IRAs work

The main difference between the two individual retirement plans is when you pay taxes on the money and when/if you are required to make minimum distributions.

How Traditional IRAs Work. Traditional IRA contributions are made with pre-tax money which will grow without taxes until you make withdrawals in retirement age, or under certain circumstances. The tax benefit will be recorded when you file your taxes next year, usually by reducing your taxable income by the amount of the contribution if you are eligible to contribute to a tax deductible Traditional IRA based on your income.

To find out if you are eligible for tax deductible contributions check out the 2009 IRA contribution limits, or 2010 IRA contribution limits. Withdrawals from Traditional IRAs are taxed at the time of distribution. Traditional IRAs are also subjected to required minimum distributions starting at age 70½, regardless of whether or not you feel the need to make withdrawals.

Beware of early withdrawal penalties. Making withdrawals before you reach retirement age may subject you to early withdrawal penalties, which can cost you a 10% penalty and you have to immediately pay taxes on the amount you withdraw. So you can end up losing a large portion of your retirement fund by making early withdrawals.

How Roth IRAs Work. Roth IRA contributions are made with money that has already been taxed and contributions are not tax deductible when you make them. However, since the contributions were made with money that has already been taxed qualified distributions can be made tax free. There are no required minimum distributions for Roth IRAs, which gives you more flexibility in retirement. Please see the links above for Roth IRA income and contribution limits for more information about Roth IRA eligibility. Early withdrawal rules still apply, however, there are certain other tax rules that permit withdrawals for events such as buying your first house, paying for college and certain other events. Please visit the IRS website or contact a tax professional for more details.

Which is better Traditional or Roth IRA?

Investing with a Traditional or Roth IRA gives you the opportunity for tax diversification and more flexibility in retirement. There are many factors to consider when comparing Roth and Traditional IRAs, including your current tax bracket and your expected tax bracket in retirement. You also need to consider current income, Roth or Traditional IRA eligibility, contribution limits and required minimum withdrawal requirements. Tax free Traditional IRA contributions phase out at lower income levels than Roth IRAs, so you may consider a Roth if you cannot receive the tax deductions from a Traditional IRA. There are also minimum withdrawal requirements for Traditional IRAs, while Roth IRAs do not have a required minimum distribution.

Opening an IRA. Here is more information about what to look for when opening an IRA, and where to open an IRA.

Which is better? Many financial experts recommend Roth IRAs if you are eligible because they offer tax free withdrawals and other benefits such as higher income levels for eligibility and no required minimum distributions. Overall, they offer more flexibility than Traditional IRAs.

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2009 Veterans Day Discounts

Patrick — Thu, 15 Oct 2009 18:18:43 +0000

Verteran’s Day is just around the corner, and it is a popular holiday to say thanks to our country’s military members. Many restaurants, stores, and other businesses offer free items and discounts to military members, retirees, and other veterans. Most places require proof of service such as a military or retiree ID card, DD Form 214, VFW card, or other proof of service, so be prepared if you are asked for proof of service.

In the spirit of the season we thought we would share a few of this year’s promotions with our readers.

Golden Corral’s Military Appreciation Monday

Golden Corral’s 9th annual Military Appreciation Monday dinner is scheduled for Monday, November 16, 2009, from 5 to 9 pm in all Golden Corral restaurants nationwide (note that it is NOT on the actual Veterans Day). The free dinner meal is open to anyone who served in the US Military and is open to all veterans, retirees, active duty military members, and members of the National Guard or Reserves.

Free “Thank You” Dinner

Monday, Nov. 16, 2009, 5 p.m. to 9 p.m.

Applebee’s Free Meal on Veterans Day

Applebee’s is supporting military veterans again this year by offering military members and veterans a free meal on Veterans Day. Simply show proof of military service, including showing up in uniform, military ID, military service organization ID (VFW card, etc), a picture of you in uniform, or other proof, and select a free meal from a special menu. For more information, visit the AppleBee’s Veterans Day page.

Other Veteran’s Day Discounts and free meals:

Last year’s free meals on Veteran’s Day included Golden Corral, McCormick & Schmick’s Seafood Restaurants, and Applebees. Many other companies, stores, and restaurants offer Veteran’s Day discounts to Active Duty military members, retirees, and/or veterans. Be sure to ask if you are in doubt! Other offers:

Lowe’s and Home Depot military discounts. The big box home improvement stores often give military members and veterans a 10% discount on military holidays such as Memorial Day, Veteran’s Day, and around the 4th of July. Be sure to ask and bring your ID!

Outback Steakhouse Veteran’s Day Deal.

Golden Corral’s Free “Thank You” Dinner for Military.

McCormick & Schmick’s – Veterans Eat Free.

Veterans Eat Free at Applebee’s.

Check for local restaurants and businesses for more discounts!

More Veteran’s Day Discounts courtesy of Jarhead Online.

Be sure to check out more military discounts on Military Finance Network, and thanks for serving!
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Should Military Members Receive Special Benefits?

Patrick — Mon, 12 Oct 2009 02:37:59 +0000

One longstanding tradition in the military is the benefits Congress has enacted on the behalf of military members and veterans. As any military member can attest, military base pay is nothing to write home about (check out 2009 pay charts). Without the benefits included in the compensation package, most military members would not be able to survive, especially if they have a family.

Congress has passed many benefits packages to help military members live a better life. One such example is the proposed extension of the $8,000 First-Time Homebuyer Credit for military mmbers. The proposal was made to offer military members who spent more than 90 days overseas this year the opportunity to take advantage of the $8,000 First-Time Homebuyer Credit, which they wouldn’t have been able to take advantage of since they were overseas. Sounds fair. But some people disagree.

Disagreeing with special military provisions and benefits

The First-time Home Buyer Credit Extension article for military members was posted on the personal finance blog, Bargaineering.com. It elicited multiple comments, including this reader comment by daemondust, that disagreed with the provision (it can be read in full here).

Yes, actually, I do have a problem with a lot of those programs. What makes military personnel special? They chose the job, they weren’t forced into it. Yes, it’s dangerous, and yes, they have to be away from home for long periods of time, but a lot of other jobs have exactly the same problems but don’t get those benefits.

Don’t misunderstand me, they are doing a service to the country, but I don’t see anything that makes their sacrifice so much more than anyone else’s.

If things were different and they were forced into it, i.e. drafted, then I would be all for compensating them in ways like this. But they weren’t. They chose the job.

Why not extend this benefit to everyone? Even just everyone in the original class? I wasn’t looking for a house when it was first introduced, but financially I’m in a place where I will be soon. Why does it expire for me Nov 30, and these special people have another year? It was their choice to enter a job where they would likely be away for extended periods of time.

Freedom of speech. I love it. As a military veteran I fully support an individual’s right to speak his voice disagree with public policy. And I exercise my right to respond. You see, I believe this is an instance of someone not truly understanding how military benefits work, and why the system is set up the way it is.

In response to the comment

Many military personnel volunteer for military service *because* of those benefits you disagree with. These benefits are considered part of the total compensation package. Again, I will point out the basic military pay chart. The lowest pay grade earns less than $17,000 per year. After 5 years and an average promotion rate, a reasonable salary expectation would be roughly $28,000 per year (E-5 at 5 years). Officers earn more, and require a college degree – lowest rate is just under $32,000 per year and after 5 years it should be around $56,700 (O-3 at 5 years). These numbers represent base pay only. Congress has enacted several different benefots provisions to make life easier on military members, however, these are not included in base pay.

The benefits are kept separate from basic pay for several reasons, but the main reason is that military retirement pay is based off base pay. The lower the government can keep base pay, the lower the retirement pay. Other benefits may change by locale, such as Basic Allowance for Housing BAH), or Cost of Living Adjustment (COLA). COLA is a location pay, which is often found in the civilian world as well. You wouldn’t expect to earn the same amount of money for the same job in Wichita, Kansas as in LA or New York City. Benefits such as BAH, COLA, and other benefits are not included in retirement calculations, and are subject to change.

Additional military benefits

There are dozens of different military benefits, however, not all of them are avilable to all military members or veterans. These are two of the most popular benefits.

GI BIll. The GI Bill actually costs service members $1,200 to join. That money is not refundable if the benefits are not used, including if a military member dies in combat. The majority of eligible participants never use their full GI Bill benefits, even though they paid into them.

VA Loans. VA Loans offer military members a way to buy a home without a down payment and avoid paying PMI. It is also easier for veterans with poor credit to qualify for a VA loan than a conventional loan. However, it is still possible to default or foreclose on a VA Loan. In addition, interest rates for VA loans are often slightly higher than comparable conventional loans because of administration fees that go toward paying for the program.

Is military compensation enough?

Congress has enacted special pay and benefits to entice military personnel to continue serving in jobs that are often more dangerous and often pay substantially less in salary than they could earn in the civilian world (even in government civil service). The benefits that are available make life a little easier for some of the people who put their lives on the line everyday.

Military compensation is a complicated topic, and one that requires study to truly understand how much, and in some cases, how little, some military members earn. And even with study, you can still ask the question, “Do Military Members Get Paid Enough?” The answer is not an easy one to answer, as it is easy to create a scenario to make it appear as though someone is vastly under or over paid. On the whole, I think the program does a good job of giving military members the opportunity to live a comfortable, but not extravagant life. And I don’t think that is too much to ask.

Related information about military benefits:

More information about the GI Bill and additional college funding for veterans).

Military Discounts.

GI Bill information.

VA loan information.

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Why You Should Only Bank at FDIC Insured Banks

Patrick — Sat, 10 Oct 2009 03:44:35 +0000

What happens when a bank fails? It’s a scary thing to think about, and unfortunately, it is all too common in today’s economy. In fact, almost 100 banks have failed in the US already this year. Thankfully, most banks are covered by the Federal Deposit Insurance Corporation (FDIC), which insures all bank deposits at member banks in the US.

In the event the bank fails, the money is guaranteed by the FDIC and depositors do not lose money. The FDIC was created to prevent people from making runs on their banks and causing banks to collapse when they were otherwise healthy. This was a HUGE problem in the Great Depression, and caused many banks to fail because people panicked about the overall economic situation and withdrew their savings – depleting the bank’s reserves and its ability to operate. Thousands of people lost their life’s savings – so the government stepped in to insure bank holdings to prevent a similar situation from happening again.

How does FDIC Coverage Work?

Banks are required to pay a small percentage of their holdings into a common fund, which acts as insurance for all members of the FDIC. Credit unions have a similar system called the National Credit Union Administration (NCUA). Until last year, the FDIC limits were $100,000, but the government upped the limit to $250,000 on a short term basis due to the sour economic climate. There was a fear some people were going to make a run on banks again, which would cause banks to lose deposits and force them to quit lending (which is what makes our economy go ’round). The government extended the $250,000 FDIC insurance limit until 2013, which gives people better security and insurance on their deposits. It’s great for consumers and the economy.

What happens when a FDIC Member bank fails?

When a bank fails, the FDIC swoops in and guarantees each account that has $250,000 or less in it. That amount is the limit for each of your accounts, not your total holdings, so you can have $250,000 of coverage in your savings account, in a joint savings account, in a CD, etc.

Watch the FDIC in action: I highly recommend watching the video in this article for a better idea of how it works: Watch the FDIC Takes Over a Bank.

The bank in this video failed, but none of the depositors lost any money.

Make sure your bank is covered by the FDIC!

There are thousands of banks out there, and the majority of them in the US offer FDIC insurance, or the NCUA for credit unions. But there are still some banks and credit unions that are not members. If your bank is not covered by the FDIC or NCUA your money is not covered in the event your financial institution fails. A little insurance goes a long way in keeping your money safe!

Where to find the best banks:

All of the best online banks are covered by FDIC insurance, and a quick search can give you a list of banks with the best interest rates. Then simply look for a bank that offers the features and convenience you desire.
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Carnival of Financial-Planning 10-02-09

Patrick — Fri, 02 Oct 2009 19:25:44 +0000

Welcome to the October 2, 2009 Edition #109 of the Carnival of Financial Planning.

The Carnival of Financial Planning takes a long-term view of personal financial planning for individuals and families. We focus on efficient and sustainable personal financial planning practices that can lead to lifetime financial security.

This edition is arranged by subject heading, so that you can browse efficiently.

Enjoy!

The Skilled Investor, Editor

Budgeting

The Smarter Wallet presents Internet Banking: Compare Online Banks For Your Savings Needs posted at The Smarter Wallet

Silicon Valley Blogger presents YNAB (You Need A Budget) Personal Budget Software Is 10% Off posted at The Digerati Life, saying, “Reviewing budgeting software.”

Susan Savering presents Personal Budgeting posted at Family Financial Planners, saying, “When you don’t understand how much you spend and how much you save and invest, you do not have a financial plan. This dramatically increases your family’s long-term financial risk.”

Dorian Wales presents Budget vs. Net Worth posted at The Personal Financier, saying, “While it may be recommended to manage both a budget and net-worth sometimes focus leads to better results.”

Economics

Banker Saver presents Are You FDIC Insured? Make Sure Your Money Is Safe posted at Banker, Saver, saying, “What is FDIC all about?”

Super Saver presents Expecting Another Bubble posted at My Wealth Builder, saying, “Low interest rates are bound to create another bubble. Hopefully, by expecting one, I can protect our savings better that during the housing and financial crash.”

Roshawn Watson presents The Rich Get Poorer posted at Watson Inc, saying, “The implications of this recent recession have been far-reaching enough to put a big dent in American and world wealth. Both the magnitude of wealth and the number of millionaires decreased profoundly in 2008.”

Dorian Wales presents On Causality and Correlation in Economics posted at The Personal Financier, saying, “Causality is perhaps the most fundamental element of empirical evidence available to economists. However, it is also the source of many misconceptions due to its elusive nature.”

Estate Planning

Ray @ Financial Highway presents Probate Fees: What are Probate Fees posted at Financial Highway, saying, “Probate fees what they are and how to calculate them”

The Financial Blogger presents Estate Planning: 5 Reasons Why You Should Have A Professional Among Your Liquidators posted at The Financial Blogger, saying, “managing an estate is more complicated than simply writing a few checks! Fortunately, for those who can afford it, you can name a professional among your liquidators.”

Financial Planning

nissim ziv presents Career Aspirations: Examples of Career Aspirations posted at Job Interview Guide, saying, “This article provides sample of career aspirations for people who want to set up their career road-map. People’s career aspirations can be categorized into limited number of types.”

Patrick @ Military Money presents How Much Life Insurance Do Military Members Need? posted at Military Finance Network, saying, “Military members may have different life insurance needs than civilians. Here is information regarding how much life insurance military members should buy, and some resources for finding the best life insurance deals.”

Faith Allen presents How to Do Monthly Financial Budget Planning with Excel | eHow.com posted at FaithAllen, saying, “This article is all about effective financial budgeting with Microsoft Excel.”

Dividend Tree presents Building Core Competency for Long Term Survival posted at Dividend Tree, saying, “whether it is running a business or individuals’ investment portfolio, it is important to build a core competency for long term sustainability. In my case, I focus on good quality companies that consistently pay or have potential to pay growing dividends over time.”

Susan Savering presents Personal Finance Strategy posted at Family Financial Planner, saying, “When pursuing optimal financial planning and investing strategies and controlling your costs and capital gains taxes, you also need to establish a time-efficient system to monitor, adjust, and adhere to your financial plan.”

Financing a Home

jim presents FHA Mortgage Loan Requirements Guide posted at Blueprint for Financial Prosperity.

The Financial Blogger presents Should I Rent or Buy a Condo? posted at The Financial Blogger, saying, “Own or not to own, that is the question! It is almost everyone’s dream to own a place to call home, your home. If you are young, you are probably debating if you should buy or rent.”

Alex presents Is Buying a Rental Property Worth it? posted at MoneyStance – Money Making Opportunity Reviews.

Alex Fotopoulos presents When to Refinance a Mortgage? posted at My Trader’s Journal, saying, “Some key points to consider when refinancing your home.”

Financing Education

Praveen presents Will Education Follow the Housing Bust? posted at My Simple Trading System, saying, “Tips for students to avoid excessive loans and debt”

Health Care

KCLau presents Withdraw EPF Fund to Pay Insurance Premium? posted at KCLau’s Money Tips, saying, “Vincent Lee from Penang generously shares an idea to use your EPF”

Anne Simone presents 100 Ways You Can Lower Your Health Care Costs posted at LPN to RN Blog.

Income

FMF presents You Must Take Control of Your Career posted at Free Money Finance, saying, “How to make the most money possible from your career.”

The Financial Blogger presents What I Don’t Like About Mary Kay and other Multi Level Marketing (MLM) Companies posted at Gather Little By Little, saying, “someone you know, a good friend, gives you a call and his voice appears as a ray of light over your head; he has found a solution, an easy way to make more money!”

Dividend Tree presents Three Companies with Sustainable Dividends posted at Dividend Tree, saying, “Even in soft economic environment, there are companies out there that are continuing to increase dividends for their shareholders. While dividend increase is good, it is more critical to make sure we understand that companies can sustain their dividends.”

FMF presents Community College Seems Like a Smart Option to Me posted at Free Money Finance, saying, “A great way to save on one of the biggest and most important investments of your life.”

Investing

FMF presents Time to Rebalance Your Portfolio Again posted at Free Money Finance, saying, “Time to check your investments and see if you should rebalance.”

MoneyNing presents How to Make a Roth IRA Conversion posted at Money Ning, saying, “Pretty soon, everyone will be allowed to convert do a Roth IRA conversion. Is it worth it and what’s the process?”

TheWild1 presents A Leveraged ETF. Is It A Good Investment? posted at TheWild1, saying, “Leverage ETFs can allow you to make amazing returns in just a little time, but, with so much risk, are they really a good investment choice?”

April presents Sound Saving and Investing: Taking the Road to Riches Step-by-Step posted at Get Rich Slowly, saying, “Saving for retirement is a long journey, but as you gain momentum in building wealth, the steps you take get bigger and bigger, and all of a sudden that destination seems attainable. Just remember: The sooner you start the better.”

Patrick @ Cash Money Life presents Best Brokerages for Roth IRAs posted at Cash Money Life, saying, “Where should you open a Roth IRA? This article reviews some of the best mutual fund firms and discount brokerages for opening a Roth IRA.”

George presents Special Situations Real Money Portfolio Summer 2009 Update posted at Fat Pitch Financials, saying, “The Special Situations Real Money Portfolio was up 38.0% year-to-date on August 31, 2009. That crushes the S&P 500 year-to-date total return of 14.97% over the same period. Learn how that performance was achieved.”

ABC presents Investment Real Return posted at ABCs of Investing, saying, “A simple explanation of investment real return.”

Patrick @ Cash Money Life presents How to Open a Roth IRA posted at Cash Money Life, saying, “Tips on how to open a Roth IRA and what to look for in your Roth IRA Custodian.”

Investing Toolkit presents Building A Retirement Portfolio posted at Investing Toolkit, saying, “tips on how to build a retirement portfolio.”

The Financial Blogger presents A Few Facts and Strategies Using the TFSA (Tax Free Savings Account) posted at The Financial Blogger, saying, “It has been less than a year since the TFSA was created by the Federal Government and we are already generating a completely new set of strategies with this new tax saving tool.”

Sun presents Asset Allocation of Our Mutual Fund Investments posted at The Sun’s Financial Diary.

Curt presents 5 Reasons Why We Are Likely To Have a Second Housing Market Collapse posted at PennyJobs.com.

Zach Scheidt presents FDIC – A New Concern for Bank Liquidity posted at ZachStocks, saying, “The FDIC proposed asking banks to pre-pay premiums years in advance to pay for bank foreclosures. The assessment comes at a time when liquidity is an important issue for banks.”

Tushar Mathur presents Can’t Control the Markets? Try controlling the Costs posted at Everything Finance, saying, “As 2008 proved, the financial markets are prone to unpredictable periods of turbulence. That can make investing feel a bit like a roller-coaster ride. The disappointing results that many mutual funds posted in 2008 and at the outset of 2009 may have left you feeling concerned over your financial future. You’re not alone.”

Zach Scheidt presents Shanda Games IPO Flops posted at ZachStocks, saying, “Shanda Interactive (SNDA) spun off it’s gaming division Shanda Games (GAME). The IPO transaction was a disappointment but there may be significant opportunity for patient investors.”

Jules Wells presents Best Investment Strategy posted at Best Financial Planning Software, saying, “Personal investing seems incredibly complex, but the best investment strategy also tends to be a more simple investment strategy.”

Praveen presents India Fund (IFN) Trade Example posted at My Simple Trading System, saying, “An example of how having a trading system gives you an edge, and let’s you take advantage of market moves outside of your control.”

Tomas Escent presents Quant Investment Management posted at Nerds on Wall Street, saying, “Think of this book as sort of a Hitchhiker’s Guide to Wired Markets. There are no robots parking cars for six million years, but there are robots trading millions of shares in six milliseconds, so maybe that’s close enough.”

Dividends4Life presents Six Double-Digit Dividend Stocks Increasing Their Yields posted at Dividends Value, saying, “I had hoped to feature a few high-yield stocks raising their dividends this week. Patiently I watched the news wire for some announcements that fit the bill. As if they were waiting for the cue, three high-yield stocks recently announced increased cash dividends for their shareholders:”

Mike Piper presents Reasons Not to Rollover a 401k posted at The Oblivious Investor, saying, “A quick look at three situations in which it does not make sense to rollover a 401k into an IRA after leaving one’s job.”

Frank Vertin presents Best Index Fund posted at Best Index Fund, saying, “Buying an S&P 500 index fund through an investment counselor can substantially increase your initial purchasing costs and and drive up your annual management expense fees. Unfortunately, the vast majority of individual investors buy mutual funds and ETFs through brokers and investment advisers. Rarely do financial advisors recommend that you buy index funds with low fees. This is because low cost, no load mutual funds do not pay them as well as loaded, high fee mutual funds.”

Dividend Tree presents What is your preference – Aristocrats or Achievers? | Dividend Tree posted at Dividend Tree, saying, “The key question here is; are we willing to invest in companies that have still not completed 25 years of dividend growth? All dividend aristocrats were at that stage at some point in time.”

Larry Russell presents Top NoLoad Mutual Funds posted at Best No Load Mutual Funds, saying, “Taken as a whole, the vast body of investment research studies show that there really are better approaches to buying and owning mutual funds and ETFs. You do not need to frantically chase fund performance. Performance chasing simply does not work.”

Four Pillars presents Beginning Investment Strategies to Avoid posted at Quest For Four Pillars, saying, “Some investment strategies that beginners should avoid (and probably everyone else too).”

ABC presents Stock Market Indexes posted at ABCs of Investing, saying, “How different types of stock market indexes work.”

The Skilled Investor presents Personal Investment Strategy posted at Personal Investment Manager, saying, “Investors more easily understand investment costs that are directly measurable, such as fees deducted on investment statements. However, many investors ignore or are unaware of the opportunity costs of their sub-optimal investment behaviors. Opportunity costs are usually much more difficult to measure directly, but these investment costs can be even higher than more visible investment fees.”

Managing Debt

The Smarter Wallet presents Avoid Bankruptcy! Information To Help You Stay Afloat posted at The Smarter Wallet, saying, “How to avoid bankruptcy.”

SpendOnLife.com presents Are You Irresponsible with Your Credit Card? posted at SpendOnLife, saying, “As consumer debt in the United States approaches $3 trillion we ask, how did we get here?”

Joe E presents Best Way to Handle a Defaulted Student Loan posted at Consolidating Student Loans Online, saying, “In a bad economy it’s not uncommon to fall into default status on your student loans due to a loss of job or getting behind on your bills. Handled the right way, a defaulted student loan can be cleared within a matter of months.”

Miscellaneous

BWL presents 9 money-saving uses for vinegar posted at Christian Personal Finance, saying, “Vinegar has so many great uses! These are just a few…”

Tyler Tervooren presents Less is More: Embrace Sustainability and Avoid a Scarcity Mindset posted at Frugally Green, saying, “When you begin to focus on frugality or sustainability, it’s incredibly easy to fall into a thought pattern of scarcity, believing more and more that you must limit your life in order to get ahead and serve humanity. When you break free from this mindset and allow yourself to think abundantly, opportunities to live your life to the fullest and still hold these values closely and personally become much more recognizable.”

MoneyNing presents Gambling My Way to Financial Freedom posted at Money Ning, saying, “Before you blame anything else on why you are poor, maybe you should blame yourself first.”

Roshawn Watson presents Should You Buy A House Outright? posted at Watson Inc, saying, “Suppose you find yourself in the somewhat unique predicament of having the resources to purchase your house outright without a mortgage. Is it then financially-wise to make the purchase?”

No Load Bond Funds presents Bond Index Funds posted at Bond Index Fund, saying, “Simply put, if you pay higher bond mutual fund fees, then these bond management expenses tend just to be a deadweight loss to you. The best bond fund buying strategy is to pick only very low-cost no load bond funds.”

Retirement Planning

Super Saver presents Early Retirement Forum posted at My Wealth Builder, saying, “This forum was a good opportunity read about other people in early retirement, since there are only a few bloggers who have retired early. In addition, I learned about how other people were thinking about achieving their own early retirement.”

nissim ziv presents Mid Life: Career Change at 40 & Career Change at 50+ posted at Job Interview Guide, saying, “To assist those who are at 40+ or at 50+ ages that are planning a career change at midlife, this article provides some guidelines for making this career change decision smoother.”

Tom Drake presents What Is An Individual Pension Plan (IPP)? posted at The Canadian Finance Blog, saying, “An Individual Pension Plan is a type of defined benefit pension plan that many successful entrepreneurs may want to consider for their retirement as an alternative to RRSPs.”

Manshu presents Retirement planning calculator facts posted at OneMint, saying, “Key things to keep in mind while using a retirement planning calculator”

Top Stock Index Mutual Funds presents Top Stock Index Mutual Funds posted at Top 10 Index Fund, saying, “To build your retirement portfolio, buy some of these top 10 very low cost no load S&P 500 index mutual funds directly. You do not have to pay the heavy added expenses of buying through a stock broker, financial adviser, investment adviser, or investment counselor.”

Risk Management and Insurance

Jeff Rose presents How To Save Money on Your Health Insurance Premiums posted at Jeff Rose.

Patrick @ Military Money presents COBRA Benefits 2009 Economic Stimulus Recovery Act posted at Military Finance Network, saying, “The 2009 Economic Stimulus Plan includes additional COBRA and unemployment benefits.”

Jeff Rose presents How Much Life Insurance Do You Need For Stay At Home Mom or Parent? posted at Jeff Rose.

Savings

Four Pillars presents $8,000 Credit For First-Time Homebuyers Extended 6 Months – Not Increased To $15k posted at Quest For Four Pillars, saying, “Home buyers credit extended 6 months.”

Baker presents The “Stuff-That-Doesn’t-Inspire-You” Factor posted at Man Vs. Debt, saying, “You’ve probably heard of the Latte Factor. But for me that doesn’t quite cut it. I’m having much more luck implementing the “sh**-that-doesn’t-inspire-you” factor!”

Chief Family Officer presents Planning (and Paying for) a Dream Vacation posted at Chief Family Officer, saying, “My dream vacation is a Disney cruise to Alaska, but the most important consideration is cost – no vacation is worth compromising our financial stability for, so we’ll have to be able to pay cash for the trip without delving into savings.”

Four Pillars presents Back To School Cell Phone Deals posted at Quest For Four Pillars, saying, “Comparison of the best cell phone deals for students heading back to school.”

KCLau presents How much money you spend in a lifetime? posted at KCLau’s Money Tips, saying, “How much do u spend in a lifetime”

Taxes

Mike @ GLBL presents American Opportunity Tax Credit posted at Gather Little By Little, saying, “That said, if the government makes such money available, you should probably take advantage.”

Jeff Rose presents 2010 Traditional IRA to Roth IRA Conversion Tax Rules posted at Jeff Rose, saying, “Tax implications of converting from a Traditional IRA to a Roth IRA. Don’t forget the after-tax contributions.”

That concludes this edition. Submit your blog article to the next edition of Carnival of Financial Planning using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

Technorati tags: carnival of financial planning, blog carnival.
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Money Hacks Carnival – 84th Edition

Money Hacks Carnival – 84th Edition

Patrick — Wed, 30 Sep 2009 11:45:20 +0000

Welcome to the 84th Edition of the Money Hacks Carnival. This carnival features a variety of recent personal finance articles, reviews, and resources from a wide range of personal finance websites.

What is a Money Hack? A money hack is anything that makes it easier to manage your personal finances, better understand a complex financial topic, earn money, save money , or improve your finances. Each article in this carnival will help you improve your financial situation.

What you will find in this week’s selections: There were almost 100 articles submitted for this carnival, and my job as editor was to go through them to provide only the most recent and helpful money hacks in one place – so you don’t have to search the web for the latest and greatest. It took awhile, but I got the job done. I cut out quite a few articles to keep the focus on “money hacks.” What you will find: hacks, tips, tutorials, and comparisons designed to help you make money, save money, get out of debt, become a better investor, or create a better financial lifestyle. What you will not find: commentary, economics, or articles more than a few weeks old.

Editor’s Choice:

J. Savings presents 401(k) vs. IRA – Which is Better For Your Extra Money? posted at Budgets are Sexy., saying, “Once you’re contributing up to your company’s 401(k) match, do you continue upping the % or do you jump to the IRA?”

Chris Holdheide presents How To Avoid Ebay Seller Scams posted at stumbleforward.com, saying, “Learn about how one of my readers lost $141 in an eBay seller scam and how you can avoid this financial scam.”

David presents 6 Credit Card Offers That Support Our Troops posted at Credit Card Offers IQ, saying, “Six credit card offers that allow us to show our support for the military.”

The Dough Roller presents 23 Powerful Tips and Tools to Eliminate Debt posted at The Dough Roller, saying, “Here are some tips and tools to help you get out of debt.”

MoneyNing presents How to Make a Roth IRA Conversion posted at Money Ning, saying, “Pretty soon, everyone will be allowed to convert do a Roth IRA conversion. Is it worth it and what’s the process?”

Personal Finance

Jason presents Change Your Attitudes to Change Your Finances posted at Automatic Finances.

debt kid presents Saving Time and Money Shopping for Essentials posted at DebtKid.

Ben presents Personal Budget Tracking Creates Results posted at Money Smart Life.

Career

Luke Grand presents Chart Early Retirement posted at Cash Out Life.

April presents 5 Ways To Rescue Your Rotten Résumé posted at Get Rich Slowly, saying, “Kerry from Squawkfox outlines countless actionable tips to improve your resume! Complete with pictures and samples. Fantastic resource.”

Debt & Credit

Mr Credit Card presents Credit Card Issuer Bends Backward on Rate Increases posted at Ask Mr Credit Card.

Matt Jabs presents More Reasons to Pay Off Credit Card Debt posted at Debt Free Adventure!, saying, “Consumers are cutting back, and credit card companies are striking back! With more and more Americans saving more and spending less the credit card banks are really starting to take a hit – but… they are not taking the hit lying down! How are the banks responding to the decrease in consumer credit use? Here is what recently happened to me…”

PT asks What Makes a Good 0% Balance Transfer Credit Card and Patrick answers with the Best 12 month 0% balance transfer credit card. Balance transfer cards offering 0% interest for 12 months are rare. Check out this card if you are looking to transfer your credit card balance.

Silicon Valley Blogger presents Repair Bad Credit, Avoid The Scams posted at The Digerati Life.

studenomist presents Reduce Credit Card Debt Right Now posted at studenomics.com.

Frugality & Saving Money

Wren Caulfield presents Save a bob when you travel abroad posted at True Adventures in Money Hacking.

Little House presents Simple Savings Tips posted at Little House in the Valley, saying, “Easy Savings Tips Everyone Can Use!”

20smoney presents Personal Finance Capital Allocation posted at 20s Money, saying, “A look at the 3 different ways that we allocate our money.”

vh presents Frugal Cosmetics: Lemons for your beauty routine posted at Funny about Money.

Baker presents The “Sh**-That-Doesn’t-Inspire-You” Factor posted at Man Vs. Debt, saying, “You’ve probably heard of the Latte Factor. But for me that doesn’t quite cut it. I’m having much more luck implementing the “sh**-that-doesn’t-inspire-you” factor!”

d. ninja presents The PF Diet posted at Punch Debt In The Face, saying, “Don’t be lazy. You’re actions can’t be counterproductive to your stated goals.”

Banker Saver presents CD Ladder Basics: Diversifying With Certificates of Deposit posted at Banker Saver.

Kyle presents You are Nothing Without a Good Defense posted at Suburban Dollar» Suburban Dollar: Personal Finance Blog from a Suburbanite’s Perspective.

B Simple presents Simple Personal Financial Tips – the Car Purchase posted at Simplified Financial Lifestyle.

Chance.pfsr presents Snowmint Budget posted at Personal Finance Software Reviews, saying, “A very in-depth review of Snowmint’s Budget, an envelope budgeting software application for Mac and Windows.”

Income

FMF presents What to Do with Your Retirement Savings When You Change Jobs posted at Free Money Finance, saying, “Your options for managing your 401k when you switch jobs.”

Craig Ford presents How Should you Fund your Small Business? posted at Money Help For Christians, saying, “With so many financing options available small business owners must decide if and how they will finance their business.”

Madison presents HSBC Direct $50 Bonus posted at My Dollar Plan.

Manshu presents Retirement planning calculator facts posted at OneMint, saying, “Key things to keep in mind while using a retirement planning calculator”

Investing

Retirement Savior presents Index Funds – When NOT to Use Them posted at Retirement Savior, saying, “If you know where to look, mutual funds can have a place in your portfolio.”

Paul Williams presents How to Invest for Retirement: A Diversified Investment Portfolio posted at Provident Planning, saying, “Use this free portfolio allocation calculator to invest in a low-cost portfolio of index funds at Vanguard.”

George presents Special Situations Real Money Portfolio Summer 2009 Update posted at Fat Pitch Financials. George writes, ” The Special Situations Real Money Portfolio was up 38.0% year-to-date on August 31, 2009. That crushes the S&P 500 year-to-date total return of 14.97% over the same period. Learn how that performance was achieved.”

Dividend Growth Investor presents Not all dividend stocks are overvalued posted at Dividend Growth Investor, saying, “While the market has enjoyed impressive gains ever since it hit a multi year low in March 2009, investors are beginning to get nervous about valuation. If valuation is too high, chances are that investors are overpaying for stocks purchased, which could lead to lower performance over time.”

Investing Toolkit presents How To Find A Good Mutual Fund posted at Investing Toolkit.

Other

The Amateur Financier presents Scams, Schemes, and Scum: Protecting Yourself posted at The Amateur Financier, saying, “Generalized advice on how to identify scams, protect yourself, and keep your money safe.”

Aryn presents A Reminder about Renter’s Insurance posted at Sound Money Matters.

Adam Williams presents God is a financial planner. Wait, what?! posted at RabbitFunds.com, saying, “Little did you know but God is actually a financial planner. In fact, He was the first to give that age old advice, “S-A-V-E!””

Tom Drake presents How To Use Spousal RRSPs To Split Retirement Income posted at The Canadian Finance Blog, saying, “A spousal RRSP is an RRSP that you make contributions to but the plan is registered in your spouse’s name.”

Taxes

Kate Kashman presents Calculating the Energy Efficiency Tax Credit posted at The Paycheck Chronicles, saying, “Make sure you understand how the energy efficiency tax credit is calculated before you make any purchases.”

My Life ROI presents Do I Have to Pay Capital Gains Tax on my House? posted at My Life ROI, Getting the Best Return On Life, saying, “Some people are unfamiliar with the capital gains tax rule for house sales. Whether you have no clue or you are following the old rule that deducted whatever you reinvested into another home, this article will bring you up to speed.”

That concludes this edition. Submit your blog article to the next edition of money hacks carnival using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

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Should I Make an Early Withdrawal from My Retirement Account?

Patrick — Mon, 21 Sep 2009 11:56:42 +0000

Balancing long term and short term financial goals can be difficult – something always pops up. Whether it’s debt, a major purchase, or an unexpected expense, it can be tempting to dip into your retirement savings for the cash to take care of your new expense. The problem is unless you are at retirement age, you actually don’t get the amount that is in your retirement account because taxes and penalties will eat up a large portion of that. You are also hurting your long term financial plans.

So should you make an early withdrawal from your retirement funds to pay down debt, finish a home improvement project, or take care of another expense? Let’s look at a situation and see how it works.

I am a self employed carpenter in a time when there isn’t much worse to be. I had started an addition to my home of 1500 sq ft. and got to the point of being within about 12 grand of finishing it. I can use the square footage to get a refi that would lower the overall payment quite a bit and pay off a card or two except that the house has to be finished to count.

I have a self employed retirement account with about 8000. in it. I have been in this account for about two years and am down about 800 bucks. In other words, no gains. I think that the prior account was a loser for me also. I want to take all but a grand out to finish the addition so I can get the refi loan which may save me near 600 a month. Will I have to pay fines on no gains? If so, would it be worth it to take the fines as the savings will be so good on the new refi?

Thanks, Peter

Should I Make an Early Withdrawal from My Retirement Account?

Peter, great question. Refinancing your mortgage to save about $600 per month is a great way to increase your cash flow and gives you the option to pay down your mortgage or other debts, increase retirement savings, or save for a rainy day. But withdrawing from your retirement account may not be the best way to do that.

Early withdrawal penalties and taxes. Making early withdrawals from a qualified retirement account can subject you to early withdrawal penalties, in addition to any taxes you may owe on the income (earnings for Solo 401k plans and SEP IRAs are contributed before paying taxes, as are contributions for an employer sponsored 401k plan). Basically, you are looking at having to immediately pay taxes and penalties on your withdrawal. For example, you could expect to pay anywhere from 15-25% taxes on the withdrawal, plus 10% penalties, for a total withdrawal of 25-35% less than face value.

So instead of withdrawing $7,000, you would only get $4,550 – $5,250. You would lose several thousand dollars in the process. Instead of being able to use that money to finish the repairs on your house, the money would go straight to the government.

Regarding investment losses in a retirement plan. I wouldn’t worry much about being down $800 right now. The markets have been through a rough time in the last year or two, and almost everything is down (almost directly due to the state of the economy). Over time your investments should regain their value, and hopefully continue to grow as you get closer to retirement. Remember, retirement investing is a long term goal. With your retirement accounts you should be thinking in terms of when you can withdraw them without penalties – usually around age 59 1/2.

Should you cash out? Between penalties and taxes, you would only be able to complete less than half your renovation job (it requires $12,000 and you would only get $4,550 – $5,250 from your withdrawal). You would be giving up a huge percentage of your retirement investments and you are also setting yourself back further when it comes to retirement planning.

How will you make up the difference in your retirement accounts? Will you be able to contribute more toward retirement if you are able to refinance your mortgage? If not, you may be setting yourself back several years and need to work longer because you can’t afford to retire.

I can’t tell you which decision to make – but I hope this article helps you make a decision. Best of luck.
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207th Carnival of Debt Reduction

Patrick — Mon, 31 Aug 2009 12:16:36 +0000

Welcome to this week’s Carnival of Debt Reduction! For those not aware, a blog carnival is a gathering of top notch articles under one topic. The goal is to bring readers relevant and timely content so they don’t have to go searching through the web to find it. The Carnival of Debt Reduction is a weekly carnival with a rotating host – hopefully exposing readers to exciting new blogs. This is the 207th week this carnival has been published… an amazing feat!

Carnival of debt Reduction

Editor’s Choices: These are the articles I give top billing to for their usefulness in helping you get out of debt:

FMF from Free Money Finance asks us an all important question: Life or Debt? In his article, he shares 41 financial calculators for major life decisions. Several of these calculators can help you manage your debt.

Ask Mr. Credit Card interviewed Matt Jabs on Blog Talk Radio about his experiences with debt.

Debt reduction tips:

Slow and steady wins the race, or so says Dawn from Frugal for Life. She submitted a post called Digging Out of Debt With a Spoon. Ever see ShawShank Redemption? It’s that kind of dedication that will get your out of debt.

Need a little help with your interest rates? Then Jim from Bargaineering has some tips on how to compare 0% balance transfer offers. You can check out the best 0% balance transfer credit cards if you are looking for a top notch balance transfer credit card.

The Canadian Finance Blog tells us we can speed up our debt reduction process by avoiding finance fees and other charges.

M is for Money asks if you can keep your credit cards while working toward reducing your debt. Some people may be able to, while others should get rid of their cards.

Buck$ome shares his progress with using the cash-only “Envelope System” in an article called Success with Envelopes.

Amanda from Frugal Confessions goes on spending lockdown to reduce debt. It’s times like this that it helps to have something in the reserves!

All about your credit score:

Understanding your credit score can be an intimidating topic when your first start out, which is why this article is so helpful. Check out basics of credit score and credit report and how often to check by Ray from Financial Highway.

Prime Time Money tells us how to get your Free Credit Report from AnnualCreditReport.com.

Thanks to the bloggers for sharing their articles, and thanks for reading!

Please visit the Carnival of Debt Reduction website for more information about this carnival. If you would like to submit an article for a future edition, please read the Submission rules carefully before submitting an article. If you are a blogger who submitted an article that was not included in this edition, it is probably because it did not meet the submission requirements.
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Free Stock Trades at Zecco – 20 Trades for New Customers

Patrick — Fri, 28 Aug 2009 19:53:17 +0000

Zecco is offering new customers 20 free stock trades – a $90 value - when they open a new Zecco Trading account before September 13th. To qualify for the 20 free stock trades, use the promotional code – “bonus1″ (Please note the code is case sensitive!). These free trades are in addition to the 10 free trades Zecco members can receive each month for maintaining a $25,000 balance or by making 25 trades per month.

20 Free Stock trades at Zecco

Stock trades normally cost $4.50 each at Zecco Trading, making 20 free trades equal to a $90 sign up bonus. New customers receiving the 20 free stock trades also have 90 days to use the free trades, which is much better than most discount stock brokerages, which typically only offer free trades for 30 days. A $90 value and 3 times the normal offer length makes this a great deal!

How to get your 20 free stock trades at Zecco Trading:

Open a new Zecco trading account by September 13th.

Use promotional code bonus1 (case sensitive)

Take up to 90 days to use free stock trades.

Additional terms and conditions for 20 free stock trades:

New Zecco Trading accounts must be opened & approved by Sept. 13, 2009.

Free trades will expire 90 days after the date they are granted.

Offer only available to new Zecco Trading customers.

Limit one bonus per household.

Zecco Trading Account features

Zecco offers stock trades at $4.50 each – among the lowest you will find among online discount brokerage firms. Zecco offers an online educational center, free stock trading tutorials and tools, and many other features. Customers are eligible to receive 10 free stock trades per month when they make 25 trades per month or if they maintain a minimum portfolio balance of $25,000. The 20 free trades can be used in conjunction with the free trades customers can earn based on portfolio amount or number of trades.

Join Zecco Trading and get 20 free trades with bonus code “bonus1″

Read more about Zecco:

Zecco Review.

Zecco, TradeKing and ShareBuilder Review.

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Money Management Tips for the New Recruits and Recent Graduates

Patrick — Thu, 20 Aug 2009 20:14:40 +0000

Joining the military is one of the greatest adventures you will ever experience. But life changes significantly once you join the military.

One common experience many military members have is that they are earning more money than they have ever earned before, and there is no one telling them how to manage it. To top it off, much of the income is considered disposable income (meaning you can spend it on anything), because your basic needs such as food and housing are covered by the military. I have seen many young military members get trapped under debt because they managed their money poorly.

Money Management Tips for the New Recruit

If there is one key to financial success, it is this: spend less than you earn. There is no way to achieve wealth, or even a comfortable standard of living, if you cannot follow that single rule. There are several other keys to financial success, which I will outline below.

Spend less than you earn. Many new recruits get swept away by their first real paycheck, but they don’t understand how easy it is to spend it all and have nothing to show for it. A few small monthly payments add up quickly. A cell phone, car payment, car insurance, gas, internet, cable, and other services can easily add up to several hundred dollars per month – making your paycheck disappear more quickly than you thought it would.

The first thing you should do is set up a basic budget by tracking your spending for the first few months to help you get an idea of how much money you are bringing in after taxes and how much you are spending on regular expenses (the bills mentioned above) and irregular expenses such as haircuts, uniform expenses, eating out, etc. Then you will have a good idea of how much you can spend without spending too much every month.

You can set up a budget with a notebook and paper, or use a software program such as You Need a Budget to help you create and track a budget.

Build an emergency fund. I recommend everyone start an emergency fund to be used for any unexpected expense that needs to be handled quickly… things like a plane ride home, car repairs, etc. You should keep it in a regular savings account so you have access to it quickly, but you shouldn’t use the funds for things like pizza and beer. It should only be used for emergencies. How much should you put in your emergency fund? It depends on your needs, but I would recommend enough to cover a last minute airline ticket or similar expenses, or about $1,000.

Save money. In addition to an emergency fund you will want to save money for other things. Maybe you want to buy a car in the near future, plan a vacation, or buy that special girl a ring… It’s up to you. But it’s better to have some money saved so you don’t have to go into debt.

Avoid Debt. Once you have your basic budget working, try to stick to it to avoid getting into debt. Debt can have a negative impact on your financial future, and excessive debt can get you discharged from the military. If you can’t afford it, then wait until you can. Remember, the key to financial success is spending less than you earn.

Be careful with credit cards. Credit cards are good when used as a tool, but they can get you into a lot of trouble very quickly if you are not careful. Learn how credit cards and debit cards work and learn about the pros and cons of using credit cards. Be sure to only charge as much as you can pay off each month.

Build a good credit score. Responsible use of credit and credit cards can help you establish a good credit score and save you thousands of dollars later in life, because you will be able to obtain loans at more favorable interest rates. When I was in the military, a friend bought a car at almost 20% interest because he didn’t have good credit. That cost him several thousand dollars more over the life of the loan than it should have cost. That is several thousand you can use for more important things.

Start saving for the future. The military pension plan is one of the most generous retirement systems you will ever find. But you may not stay in the military long enough to earn military retirement (20 years). in the mean time, start saving and investing for your future by opening a Roth IRA or participating in the Thrift Savings Plan (government version of a 401k plan). Even a couple hundred dollars in savings per year can grow into thousands of dollars by the time you reach retirement age.

Bonus tip: How to handle a military bonus

Many new recruits or military members who reenlist will receive a bonus. There are a lot of things you can do with your bonus, but before you spend it, remember this: you can only spend it once. It is common to think of all the things you can do with the money and then trick yourself into believing you can do all of them.

Before spending your money thing about any debts you might have, your needs, and your wants. I would recommend putting a large portion of your bonus toward any debts you have. If you don’t have any debt, then I would recommend using a large portion of your bonus to start an emergency fund (say $1,000 or so), then I would consider saving for things you may need, such as working toward a large ticket item like a car, or something similar. The last thing you want to do is not have anything to show for it because you spent it all on video games and bar hopping. You can read more ideas about your bonus in this article: Reader Question: “What Should I Do With My Reenlistment Bonus?”.

For more tips on building a solid financial future, I recommend reading and beginning Dave Ramsey’s Baby Steps, a plan to set you up for financial freedom including getting out of debt, starting an emergency fund, investing, and more.
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