What is a Traditional Spousal IRA?

What is a Traditional Spousal IRA?

Financial
Yes, it is deductible! No Personal Income needed! My world turned upside down when I learned about the Financial Independence community.  I have mentioned briefly about it.  More to come.   One of the biggest benefits to the community is learning about the Traditional Spousal IRA.  I had no idea! I'm a SAHM (Stay At Home Mom) so I personally don't have a 401k plan at this time, my husband does. Yes, the Traditional IRA contribution can be tax deductible and no you don't need personal income to contribute to it. What?! Really?  Yes! I have mentioned the Spousal IRA in my post  Financial Independence - Step by Step Guide on Contributing to Retirement Accounts: What is a Traditional Spousal IRA contribution? Let's look at the source the IRS.  Per their website…
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What if your 401k plan stinks. What should you invest in?

What if your 401k plan stinks. What should you invest in?

Financial
When I started investing in my first 401k I was so excited.  I couldn't believe it.  I had the opportunity to invest.  I was young 21 years old and I couldn't believe it.   I knew that a 401k was a big deal and I knew that investing is ...scary!  My parents didn't know about investing and I wasn't taught in high school or college.  Personal finance was not taught.  That first 401k had very few options and to this day I'm not sure which ones I picked I think I did Large Cap, Small Cap and even the company stock?!  Oops!  Bad idea!   I want to teach others the lessons I learned. The first steps to remind everyone about saving: Pay yourself first! This is key. Automatically invest.  Make it…
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You don’t need $10,000 to invest at Vanguard

You don’t need $10,000 to invest at Vanguard

Financial
VTSAX - What is that? VTSAX is a common term heard around the Financial Independence community. It is an index fund called the Vanguard Total Stock Market Index Fund Admiral Shares and many believe it is the best index fund to own. I have to agree. Per Vanguard's site "since 1992, Vanguard Total Stock Market Index Fund is designed to provide investors with exposure to the entire U.S. equity market, including small-, mid-, and large-cap growth and value stocks." It holds over 3,000 stocks.   Yes, you read that right it has over 3,000 stocks.  It is one of the most diversified index funds out there. What are index funds? Why index funds? In short, an index fund per Vanguard's website:  "Instead of hiring fund managers to actively select which stocks or…
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Financial Independence – Step by Step Guide on Contributing to Retirement Accounts

Financial
Welcome!  So, you want to gain financial independence but don't know where to start investing your money. A question you might have includes: Which retirement account should I contribute to first? What should I do with this money that I have saved up?  Roth vs. Traditional vs. Taxable? The amount of information out there can be daunting so I thought I would put together a simple introduction. (Standard disclaimer: This is my opinion. Consult a financial advisor to discuss your specific scenario.) Look closely at your budget and decide how much you can cut back to fund your investments. Common wisdom is to pay yourself first. This means put money into savings or investments before it sits in your checking account and you spend it on something. Live on your…
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Finance Goals 2012-2016

Financial
What happened since 2012? If you go back and look at my Financial posts you will see my goals for 2012 and prior.  I enjoy looking back and seeing what I did.   So I thought I would write up a short description of what we did since then. Financial Goals 2013 In 2013, we succeeded in maxing out my husband's retirement accounts.  We also continued to save in our emergency fund.  We also made a decision to find an hire a financial advisor.  At the time it seemed like a great idea and it seemed like a good match.   Later, I will explain that wasn't exactly the case.  That was a financial mistake we made.  Please be warned! We decided to update our kitchen and replace the floor, and replace…
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ING Direct Offering Specials on 7/1/10-7/2/10

2010 Savings Challenge, Financial, Uncategorized
I'm a huge fan of ING Direct.  It is simple to use and it is the best way to save automatically.  I'm a firm believer of paying your self first by automatically saving from each paycheck or per month.  Then I pay the rest of the bills with what I have. That way I can't overspend. In my email this week, I got a hint to a new sale ING Direct Financial Independence Days Sale that ING Direct is going to offer July 1-2. Check out  Netbanker.com who wrote an article with more details about the sale.  Back in November last year they had a great Thanksgiving Sale that offered money after signing up for their FREE e-checking account.  Super easy to do and a great account to use as…
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DIYPlanner.com – Check it out! Get Organized for 2010!

DIY, Financial, Uncategorized
Organization is a never ending battle.  No matter what life throws at you, you will be disorganized at one time or another.  There have been times I have been so organized it felt great, but life does happen and that planner gets left at home, or the monthly to-do list gets misplaced on the kitchen table with the mail.  Now, that I'm a working outside the home Mom, being organized is a dream!  Even in my About Me I mention my struggle with organization - "I hope as time goes by I will have the opportunity to learn to organize my time better and post deals as well as shopping trips." I was a Day-Timer fan for years.  I still have a place in my heart for the Day-Timer concept,…
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2010 Savings Challenge

2010 Savings Challenge, Financial, Uncategorized
I'm a huge fan of so many bloggers including Mrs. MoneySaver and Frugalfriends.wordpress.com.  It is so inspirational to read about each of their goals for 2010! I'm so excited because if you read my earlier post from last year about our financial goals 2009 I'm excited to say that we've done everything on the list and then some!   We've done a lot and we continue to stay on track! This is what we did in 2009! 1. Continue to pay our credit cards each month! 2. 6+ months of expenses for emergency fund 3. Increased each of our life insurance policies! 4. Got an umbrella policy. 5. I'm super excited to say that we maxed out on our retirement accounts! 6. We started a 529k for our daughter and family…
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Free Download of David Bach’s New Book –

Books, Financial, Freebies, Uncategorized
Click HERE to download David Bach's New Book - Start Over, Finish Rich 10 Steps to Get You Back on Track in 2010 for FREE!  Today only - started 1/4/09  and will stop sometime today - 1/5/09!   Hurry! From David Bach: Why am I Giving this Book Away? Now that is a great question! And the answer is I truly want to help millions of you make 2010 your best year ever. I know many of you may not be able to afford a book at this time and this was my best way to give back in 2010 and help as many of you as possible. We know that giving away this book five days after it is released is risky and may hurt book sales, but I’m willing…
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