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Every week I’m becoming more and more comfortable in my blogging skin.

Each day I’m becoming more and more comfortable with the responsibility that goes along with writing this blog. And trust me it’s a responsibility, but one I am more than happy to accept.

This blog is now officially my baby! And like having a baby there comes a few little side effects…

Most nights I go to bed with email requests, post titles and blogging ideas swimming through my head, often waking up in the middle of the night. But I’m learning to deal with the sensory overload and I realize it can only get better as time goes by. (I hope;)

I’m here to help

One of the blogging responsibilities, that I hadn’t thought of early on, is reading and answering email. For me, it certainly sets me back (time wise) but it’s also what I enjoy doing most; it makes me feel good to know visitors are getting something out of Chance Favors and that I can genuinely help them.

Continue Reading “From a Reader: A Roth IRA Excess Contribution Question”

(On January 9th, 2008 I updated all the Roth IRA contribution limits and eligibility information changes for 2008.)

Believe you me, it wasn’t easy finding the updated, inflation adjusted numbers, for 2008. I spent quite a bit of time tracking down (and verifying) the below numbers.

Here are the income restrictions associated with 2008 Roth IRA contributions:

The amount a single taxpayer can contribute is phased out if your AGI is between $101,000- $116,000 for 2008. Which means if you earn less than $101,000 in 2008 you are welcome to make a full Roth contribution. If your AGI exceeds $116,000 for 2008 then you can not make any Roth contributions.

Continue Reading “Missing From the IRS Website- 2008 Roth IRA Eligibility Phaseouts”

Today is the first post, in a series of posts, where I’ll be reviewing the functionality of 6 financial calculators. I will explain, in plain language, how each of these calculators works and how to integrate the results of each, into your personalized ‘down home’ financial plan.

As promised, I will be creating a lot of hypothetical scenarios to use as references, too. I will also be adding more calculators as time goes by.

Roth IRA v Traditional IRA Calculator

The purpose of this Roth IRA calculator is to figure out which type of IRA is best for you. Now, as you may know, I’m a big fan of the Roth IRA and tend to favor it over a traditional IRA. Below is a screen shot where I’ve inputed some data and calculated the results…

Continue Reading “Roth IRA vs Traditional IRA - Calculator Explained”

I want to go into a bit more detail on the income restrictions associated with Roth IRA contributions.

In the previous post I gave a very generalized view, here’s a bit more…

The amount a single taxpayer can contribute is phased out if your AGI is between $99,000- $114,000 for 2007. Which means if you earn less than $99,000 in 2007 you are welcome to make a full Roth contribution. If your AGI exceeds $114,000 for 2007 then you can not make any Roth contributions.

Continue Reading “Valuable Tidbits About Roth IRA Contribution Eligibility”

I have made a lot of references so far to the mighty Roth IRA. I’ve stated before that the advent of the Roth IRA is one of the most beneficial pieces of legislation to ever come out of Washington D.C.

In my mind, Uncle Sam has given the American public a gift here, its time to take that ball and run with it, especially those of you in your 30’s and 40’s.

Because of the importance of the Roth IRA I plan on covering it thoroughly here… probably over the course of many many many posts. Lets start with the basics…

What is a Roth IRA?

Continue Reading “What is a Roth IRA? and Why You Need To Own One”