I Fried My Bangs (really)

iraI was in Kauai with my fam a few years ago.  Great day in the sun.  We couldn’t motivate to go out for dinner.

So I decided to grill some chicken on one of those outdoor barbecues.  Can you see where I am going with this?  Yes…. Oh man.

I put the chicken on the grill.  I hit the ignition switch.  I turned the knob.  No flame came on.  I did it again.  Nothing.  Oh jeez.  So I leaned in just a little to check.  I tried it again.

And bam!

The flame came on, just enough to go through the grill to… burn my hair.

Disco inferno.

My hair was up in smoke.  I now had no bangs.  Or… the bangs I had left were fried.  My kids were right there.  They saw the whole thing.  Thank g-d it just got my hair.

As soon as everyone saw that I was ok – my kids were like : dad – did anyone get that on video?  We need to get that on Americas Funniest Home Videos!  We would win!

What a rookie move I made.  I leaned in too much and got too close to the grill.

Talk about rookie moves.  I see many people making rookie moves with their money year in and year out.

One of THE biggest mistakes I see people make is that they don’t put money in their IRAs (or other retirement accounts).

For IRAs, you have 2 choices.

The deadline is April 15th.

You can do a regular (traditional) IRA.

You (usually) get a tax deduction for the amount you contribute.

  • You can contribute up to $5500 if you are under age 50 and $6500 if you are over age 50.
  • You (or your spouse) need to have earned income (meaning you are working).
  • The money grows tax deferred and you pay taxes when you take out the money.
  • You need to leave the money in until age 59 ½ or there are penalties.

You can do a Roth IRA.

  • You are contributing after tax money. So you get no tax deduction.
  • You can contribute up to $5500 if you are under age 50 and $6500 if you are over age 50.
  • You (or your spouse) need to have earned income (meaning you are working).
  • The money grows tax deferred and you DON’T pay taxes when you take out the money.
  • You need to leave the money in until age 59 ½ or there are penalties AND taxes on any gains.
  • There are also income limitations on Roth IRAs.  If you are single and make over $129,000 you are ineligible to contribute to a Roth.  If you are married and make over $191,000 you are ineligible to contribute to a Roth.

All of these details can be tricky.  Review this stuff with your CPA.  Or check out this link from the IRS.  There are many little rules on IRAs.

 

Doing a little poll: you going to do a regular Ira or a Roth?  Tell me right here in the comments.

Important Disclosures: These blogs are provided for informational and educational purposes only, represents our views as of the date of the posting only, and may change without notice.  Some of the information has been obtained from third parties and believed to be reliable, but is not guaranteed.  We have not considered any investment objectives or financial situations of any investors and we are not responsible for consequences for any decisions made based on the information in the blogs.  There is risk of loss from investing in securities, which varies depending on different types of investments. Forward looking statements are based on assumptions only and no reliance should be placed on such statements.  We do not guarantee the accuracy or completeness of the information displayed.

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I Fried My Bangs (really)

  1. Heya just wanted to give you a quick heads up and let you know a few of the
    images aren’t loadiong properly. I’m not sure why but I think its a linking issue.
    I’ve tried it in ttwo different web browsers and both show
    the same results.

    • Hi Valerie,
      Thanks for the feedback. Which images are you having trouble with and what do you see in place of the image? I did see that the IRS changed the location for the documents linked to at the bottom, so I’ve fixed that link.

      Thanks again.

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