The Fri Blog Roundup is here again. Throughout the week, I’ll be posting links to fascinating personal finance articles that I’ve come across, as well as pieces on specific financial topics. My pleasure!
Topic: Massive Roth IRAs Through the Back Door
A Traditional Ira is an excellent way to save for retirement. Growth and withdrawals are not subject to tax. With a grab of $1,000 for persons over the age of 50, the yearly maximum contribution for 2017 is $5,500. What happens if you exceed the monthly donation limit? Is there a way to increase the amount of money I can contribute to my Roth IRA? There is indeed. Enter the Mega Roth IRA. It is possible to contribute an extra $36,000 to a Roth IRA by employing this technique.
Mega Backdoor Roth IRAs are out of reach for the vast majority of us. After-tax payments over the $18,000 annual staff contribution maximum are required, as are withdrawals while still employed. It’s possible to save some tax-free money in retirement if you’ve a plan that meets both of these criteria.
The Biglaw Investor, That White Coat Investor, as well as the Mad Fientist all have excellent insider information.
Roundup of Personal Finance Websites
In today’s consumerist society, it seems as though car payments are a given. Which one do you use? Asks: We’re all poor in this town What’s the Purpose of a Car Loan?
Anyone who is burdened by student debt knows how difficult it may be to accumulate money. Maximize Your Freedom’s essay The Student Debt Curse focuses on this topic and many others.
Couples’ financial planning necessitates cooperation. This is why the book Save, Spend, Deny Debt offers advice on how to create a financial team.
Teen Budgeting, an NC State University engineering student, offers advice on how to save money while attending college. This 18-year-old has a good start on the competition…
Credit card debt is at the top of my list of things I despise. At the age of 23, Broke As B accumulated over $17,000 in credit debt, which they detail in their book, Broke As B.
Finally, Steve from ThinkSaveRetire says it’s okay to be selfish. He’s right, and I’m with him.
