When you turn 70 ½ you reach the required minimum distribution age (RMD). That means you must withdraw a certain amount from your IRA and most other retirement accounts as well. That’s right. Even if you don’t need or want the IRA income, you must take out a minimum amount or the IRS will become […]
How to Use Your Credit Card to Become a Millionaire
If you use your credit card intelligently, you could be well on your way to a 7 figure net worth. No, I’m not suggesting that you lean on your credit card to invest in Facebook. What I’m saying is that you can emulate the credit card habits of millionaires (and avoid credit card tricks) in […]
Cost-Efficient Ways to Improve Home Value
When it comes to reselling your property, you might find yourself scrambling to figure out what you can do to improve home value in the eyes of others. Unfortunately, a number of the home improvements you make to your home don’t even come close to increasing the value of your home enough to make up […]
Roth IRA Recharacterization – What Your CPA Doesn’t Know
Even if you consult your financial advisor or CPA, she might not have all the answers when it comes to a Roth IRA re-characterization. That’s understandable. The world of IRA restrictions is vast. But if you have a clear understanding of this issue, you might be able to make some extremely helpful financial moves. What […]
Why Your Spending Leads to Risky Investments
Do you ever wonder why you or people you care about repeatedly make risky investments? We both know it isn’t because risky investments pay off – they don’t. So why are people drawn to these schemes even though they have plenty of experience that tells them to stay away? I’ve noticed that the same individuals […]
What Is Included in a Taxable Estate?
Have you ever wondered what is considered part of your taxable estate? If you haven’t ever thought about it, you should. That’s because the size of your estate determines your estate tax liability. Currently, estate tax only kicks in if your gross estate exceeds $5,000,000 per person. Any amount above that gets taxed at 35%. […]