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Bamrak · 03-02-2004, 04:43 PM

Hi again

One of the first places I found for very sound financial advise is Dave Ramsey. He has a syndicated radio show and has some very common sense stuff. He does not believe in debt, and has been a very big bard of making me understand anything financial. With any advise, he provides the reasoning behind it.
Anyway, On his website he has what are called ELP's which are endorsed local providers. He enlists local people in your area that are willing to take the time with you to sit down and TEACH you how to invest properly. Last year I used ours and it was a fabulous experience. Dave's Website is www.daveramsey.com.

Here's some quick bullet points on Roth's taken from http://www.bradenton.com/mld/bradent...ss/7629009.htm

If you are single and have adjusted gross income of $110,000 or more, or married with adjusted gross income of $160,000 or more, you are not eligible for the Roth IRA. But for about 95 percent of the working population, features of a Roth IRA include:

• Maximum annual deposit is $3,000 (or $3,500 if you are over 50) in 2003.

• Flexibility to combine a Roth account with other tax-deferred retirement accounts, such as a 401(k), SIMPLE IRA, SEP or TSA

• Earnings inside a Roth are generally not income taxed.

• No required minimum distributions when you reach Age 70½. Since the IRS can't tax the distributions, it doesn't require withdrawal at a given time. Your money can continue to grow tax-free until you need it.

Other Roth restrictions include possibility of paying income taxes or a 10 percent penalty, or both, if you take distributions less than five years after you establish your first Roth account or before you reach age 59½.

03-02-2004, 04:43 PM	#3 (permalink)
Bamrak Enter Title Here Location: Tennessee	Hi again One of the first places I found for very sound financial advise is Dave Ramsey. He has a syndicated radio show and has some very common sense stuff. He does not believe in debt, and has been a very big bard of making me understand anything financial. With any advise, he provides the reasoning behind it. Anyway, On his website he has what are called ELP's which are endorsed local providers. He enlists local people in your area that are willing to take the time with you to sit down and TEACH you how to invest properly. Last year I used ours and it was a fabulous experience. Dave's Website is www.daveramsey.com. Here's some quick bullet points on Roth's taken from http://www.bradenton.com/mld/bradent...ss/7629009.htm If you are single and have adjusted gross income of $110,000 or more, or married with adjusted gross income of $160,000 or more, you are not eligible for the Roth IRA. But for about 95 percent of the working population, features of a Roth IRA include: • Maximum annual deposit is $3,000 (or $3,500 if you are over 50) in 2003. • Flexibility to combine a Roth account with other tax-deferred retirement accounts, such as a 401(k), SIMPLE IRA, SEP or TSA • Earnings inside a Roth are generally not income taxed. • No required minimum distributions when you reach Age 70½. Since the IRS can't tax the distributions, it doesn't require withdrawal at a given time. Your money can continue to grow tax-free until you need it. Other Roth restrictions include possibility of paying income taxes or a 10 percent penalty, or both, if you take distributions less than five years after you establish your first Roth account or before you reach age 59½.