...... secret that is worth your time reading this article. When I taught investment at the University of South Carolina I gave 10% credit of the course grade for the simple act of opening a Roth IRA. I was amazed when a few students would not open one because their parents had told them it was illegal to if they did not have a job. I told them that they were going nowhere fast if they could not think creatively enough to just go mow a lawn somewhere for ten bucks and put it into the account. I made it clear to them that wealthy people become so by taking action nut just thinking about taking action! The best application of this concept I ever learned was a real estate investor that wanted to open a Roth for his newborn son. The problem of proving that a newborn makes money in a job is a tough one even for my noodle but this fellow came up with a great idea. He took a photo of the baby and put it on the business card with the words; 'Help my dad finance my education by buying a home from him'he is the best dad in the whole world!' Then he paid the baby, get this'modeling fees! He put those fees straight into the account and filed a return for the baby with the IRS. I love that story! Talk about creative that is the kind of person that will go far in business. This is also the only newborn I have heard of with a tax free stock portfolio from earnings off his own job! The second Roth IRA contribution limit has to do with how much you can contribute to your account. Below outlines the contribution limits established for the next several years: '2004 - $3,000 ($3,500 if you are age 50 and above) '2005 - $4,000 ($4,500 if you are age 50 and above) '2006 - $4,000 ($5,000 if you are age 50 and above)
'2007 - $4,000 ($5,000 if you are age 50 and above) '2008 - $5,000 ($6,000 if you are age 50 and above) If you need more information about Roth IRAs, you should consult a tax professional such as a Certified Public Accountant or Certified Financial Planner. You can also get more information directly if you take a look at IRS publication 590 - Individual Retirement Arrangements. Using a Roth is the very best trading account to use while investing in the stock market.
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7 Secrets To Sticking To Your Low Carb Diet You've read the books, you've watched the infomercials, and you've tried your best, but you just can't seem to make the low carb diet thing .....
ABOUT THE AUTHOR: Dr. Scott Brown, Ph.D., the Wallet Doctor, is a successful investor. Dr. Brown holds a Ph.D. in finance. The Wallet Doctor is sought after for investment advice and coaching. For more information visit Dr. Brown's site at www.BonanzaBase.com or sign up for his investment tips at www.WalletDoctor.com
