Comparison of Traditional IRAs and Roth IRAs

Another Women and Money conference question that is often asked is “What is the difference between a Traditional and ROTH IRA?” Lots.

A few of the more important considerations to keep in mind when choosing the right vehicle for your IRA contributions include:

• Tax Treatment (both at time of contribution and distribution)
• Income Limitations
• Age Limitations
• Required Minimum Distributions
• Early Withdrawal Penalties
• Contributions after 70 1/2
• Beneficiary Tax Consequences

IRA Comparison Chart

This handy comparison chart should help you answer questions you didn’t think to ask and help end some of the confusion.  Read more

Women and Money Mistake #2

Danger – The Monthly Payment Can Be Hazardous to Your Wealth

“I can afford that!”

Ahh, the dreaded monthly payment trap has placed more than a few buyers onto a trecherous financial tightrope. One false move, one unexpected life transition, and you are thrown into a chasm of debt with no safety net. Owing more on a car or house than it is worth, you can’t get out from under the debt. You have no equity … just an “affordable” payment that has you bound. You have voluntarily given up your future power of choice.

Want to avoid that trap? Here is what you need to look for:

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Women and Money Mistake #1

You Don’t Know Where Your Money Goes?

Do you have more bills than money at the end of the month? Do you wonder where your money disappeared? Are you afraid to open your credit card statements for fear of what you will find? When you do, are you shocked by how much you owe, knowing there must be a mistake?

The number one money mistake people make is also the easiest money mistake to fix. Awareness.

Awareness is the first principle of successful living and is the foundation for building a strong, secure financial future.

Money affects every facet of your life. Every single life transition (changes in career, health, marriage, retirement, inheritance) impacts your money and your future.

Not being aware of exactly how much you owe, what you have in available savings, what interest rate you are paying or receiving, or your life priorities, puts you at a huge disadvantage.

Let’s fix that. Right now.

How to Get Started on the Path to Financial Peace

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Are you making these Money Mistakes?

The inconvenient reality is that money mistakes are made daily that have a dramatic affect on both your present and future financial security. Often, you aren’t even aware the mistakes are being made.

Needless money mistakes are made either because you don’t know what you don’t know or you practice the art of self-deception through the Ostrich Syndrome. There is a simple solution.

• Become aware of the issues.
• Transform information into knowledge; knowledge into wisdom.
• Make an action plan and dare to begin.

We can help.

Solid Information – Guidance You Can Trust

Our goal is to provide you with solid information you can trust without fear of someone trying to sell you an investment or an insurance product.

Over the next few months, the Swan Journal for Women will provide you with resources and information to end deadly debt and beneficiary blunders; to provide strategies for reducing retirement risks and dealing with sudden money. Credit cards, insurance coverage, beneficiaries, inheritance, retirement rollovers, IRAs, sudden money issues, security sandcastles and banking bloopers cause untold problems that we will help you avoid. So, it is your choice. Who are you?

The Ostrich?

The Ostrich continues to practice the art of self-deception by avoiding the obvious and pretending the problem doesn’t exist; or

The Swan

Secure and wise, you have aligned your values to your life. You know how to navigate from where you are now to where you want to be: financially secure and spiritually strong. You are free.

Sign up for the Swan Journal for Women

If you haven’t done so already, be sure to sign up for the Journal so you don’t miss a single post! The sign up form is in the top left corner of the blog. Learn more about the Journey to Swan decision-making process. Discover who you are, what you want, and how to get there. This SWAN decision-making process provides clarity, answers and empowerment for your future which can be applied to all facets of your life: money, relationships, health, career, and life-balance issues.

Resource: You Need a Budget

The Journey to Swan is the ultimate journey of self-discovery and awareness. Until we meet again, this is Lynn Shepherd, with Guidance You Can Trust.