2013 is going to be full of surprises but don’t let your lack budgeting be the biggest surprise that you come across. In order to achieve financial success you need to create a road map on how you are going to get there.
Yesterday I had the pleasure to be on the Hurdie Burk Radio Network. In the last seven years in mortgage lending that was probably one of the coolest things I have done. You would think that talking about finance and mortgage lending for an hour would be boring but Hurdie kept it very entertaining.
Needless to say, I am very impressed and if you didn’t get a chance to listen HERE is a copy of the recording.
In the last post we talked about how everything we have been taught regarding the residential finance process isn’t working. Over the next five weeks we will be talking about the 5 Phases to achieve Financial Success.
The IRS and Congress have eliminated the limits on how much you can earn and how much you can have in retirement accounts before you can convert.
Little does anyone know, you can convert any amount of money to a ROTH IRA.
The reasoning behind this idea is to convert the money now. Pay taxes on it now. Let the account increase in value and withdraw the money later on without having to pay taxes on it.
What is a Roth IRA?
If you are not familiar with a Roth IRA, it is a retirement account where you invest after-tax dollars, and withdraw the funds tax-free. In other words, you invest your money in the retirement account after you have paid taxes on it. Being that you paid taxes on the money before you invested it, you do not have to pay taxes when you withdraw the funds from the Roth IRA.