UPSIDE of Money

UPSIDE on Roth IRA Movement Blogroll

admin — Tue, 27 Mar 2012 23:26:40 +0000

UPSIDE has been listed as one of 140 Roth IRA Movement bloggers.

You Do the Math: IRS Pension Plan Limitations for 2012

admin — Tue, 27 Mar 2012 01:11:56 +0000

–UPSIDEofMoney is a proud member of the Roth IRA Movement–

The IRS announced last October the cost of living adjustments (COLA) affecting dollar limitations for pension plans and other retirement items for the 2012 tax year.

Many of the pension plan limitations change for 2012 because the increase in the COLA index met the statutory thresholds needed. Some limitations will remain unchanged. This post highlights the basics of what you need to know.

Here are some of the highlights:

The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $16,500 to $17,000.
The catch-up contribution limit for those aged 50 and over remains unchanged at $5,500.

Traditional IRA
The deduction for taxpayers making contributions to a traditional IRA is phased out for singles and heads of household who are covered by a workplace retirement plan and have modified adjusted gross incomes (AGI) between $58,000 and $68,000, up from $56,000 and $66,000 in 2011. For married couples filing jointly, in which the spouse who makes the IRA contribution is covered by a workplace retirement plan, the income phase-out range is $92,000 to $112,000, up from $90,000 to $110,000. For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple’s income is between $173,000 and $183,000, up from $169,000 and $179,000.

Roth IRA
The AGI phase-out range for taxpayers making contributions to a Roth IRA is $173,000 to $183,000 for married couples filing jointly, up from $169,000 to $179,000 in 2011. For singles and heads of household, the income phase-out range is $110,000 to $125,000, up from $107,000 to $122,000. For a married individual filing a separate return who is covered by a retirement plan at work, the phase-out range remains $0 to $10,000.

Saver’s Credit
The AGI limit for the saver’s credit for low-and moderate-income workers is $57,500 for married couples filing jointly, up from $56,500 in 2011; $43,125 for heads of household, up from $42,375; and $28,750 for married individuals filing separately and for singles, up from $28,250.

Details available, of course, on www.IRS.gov.

Roth IRA Movement Starts Tomorrow

admin — Mon, 26 Mar 2012 12:19:54 +0000

Details for bloggers here.

UPSIDE Named One of the Top 100 Personal Finance Experts to Follow on Twitter in 2012

admin — Sun, 18 Mar 2012 04:55:08 +0000

UPSIDE was named #61 in the March 2012 Top 100 Personal Finance Experts to Follow on Twitter by Evan Carmichael.

Thinking Like a Girl About Your Finances

admin — Thu, 08 Mar 2012 23:33:47 +0000

I have nothing against girls. I was one once. I still throw like one. I was also lucky to be a part of the lives of two lovely stepdaughters,14 and 24. But I do have an issue with grown women who sell themselves short, limit their growth or success, or lose valuable opportunities due to and not-so-subtle thoughts that are more appropriate for a girl. … a thinking and decision-making process that is still immature.

There could be a lot of reasons why so many of the current crop of adult women still “think like girls.” Maybe it is true that this generation, the Baby-Boomers, ARE really late bloomers—at least in this area.

Girlhood, like boyhood, is a mixed time, full of dreams, hopes and wishes, but also hormones, and rash decisions. Don’t let the latter be the main style of influence when you think abour your finances. Instead, think of it as a time of lessons learned, and skills being honed and perfected.

It can happen that a grown man thinks “like a girl,” hence the book with the sadly catchy title released last June, Warren Buffett Invests Like a Girl. The good part of this book shows that women, with their patience and good decision making, are actually emulating the temperament of the most successful investor in history, Warren Buffett. That said, there is a fast difference between a fiscally responsible female who trades successfully, and a girl who knows nothing about her finances. Which one are you? It has nothing to do with age.

How to Tell if You STILL Think Like a Girl
Do you recognize yourself in these statements? Be honest!

Social:
I want everyone to like me; everyone is my friend.
I hope I don’t sound too strong.

Financial:
I won’t charge for this service, OR I’ll know some hours off to be fair and get more work.
I’ll learn about investing later. I have lots of time.
I can’t afford to save for retirement now. Maybe later.
Social Security will be enough for me when I retire. I don’t have to save.

Family/Relationships:
I will pitch in doing more household chores—just this time—my time is less valuable.
My husband/brother/father will help me invest. They know more and want the best for me. I don’t know to fully understand it.

Work:
I might be sticking my neck out too much if I ask for a raise. Jobs are scarce.

School:
Everyone must know more than me. I’ll look stupid if I ask questions.

The Dire Consequences of Thinking Like a Girl About Your Finances
A girl puts things off. The future is always ahead of her. There will be someone there to help her when she gets there. Investing is a scary unknown and she might look “stupid” or “do it wrong.”

If you put off learning, practicing, and perfecting an investment style that works (and works for you), here is what you could be missing out on (from Dave Ramsay via Doughroller):

Summing It All Up
When asked how he made his fortune Warren Buffet said, “To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights or inside information. What’s needed is a sound intellectual framework for making decisions and the ability to keep emotions from corroding that framework.”

That is something I believe most women can do. Easily.

Women’s Money Week 2012

admin — Mon, 05 Mar 2012 17:17:28 +0000

Make a Cool Hundred this January

admin — Wed, 04 Jan 2012 06:01:11 +0000

While Zecco is rolling out the new Zecco Trading Center, they’ve extended their popular Refer-a-Friend offer.

If you share, you get rewarded: $100 for you and $100 for your friends when they open a new Zecco Trading account and fund with $10,000.

There’s no limit to the number of friends you can refer. The offer now runs through February 29, 2012.

The Fine Print:

Friend must open and fund account with at least $10,000, and maintain at least a $10,000 balance for 90 days. Terms and Conditions apply. Questions? Please refer to the Zecco Friends Program FAQs

This offer replaces Zecco’s former $75 refer-a-friend promotion. Accounts opened up until October 25th will still be paid out under the original program terms.

This Holiday Season: Dealybobs and Thingamagifts

admin — Fri, 21 Oct 2011 14:43:31 +0000

Thanks to Matthew over at 8coupons.com, my holiday headache is a little less, well–headache-y. Wait! you say. It’s not even Halloween yet, for ghosts’ sake. Why bring this all up now? Because we all know a bad economy when we see one. Look for Christmas displays starting now, or even in some cases where I live, already starting in late summer. Why risk being enticed? Let’s face it: planning ahead online means spending less, with less stress. Who needs that crazed trip to the mall to look for that special something and paying through the nose for some mediocre gift? See Countdown to Holiday Crazy – How’s the Stress? for ideas on beating the gift-giving head game again this year.

As the holidays approach, consider including daily deals in your roundup of unique gifting ideas. Who doesn’t like Groupon? (OK, maybe those people who have forgotten to use their coupons. I stand corrected.) Anywho, 8coupons collects and organizes deals from every big-name deal source (Groupon, Living Social, Eversave, KGB, BuyWithMe, Gilt, YourBestDeals, DoubleTakeDeals, Dealfind, Dealster, Goldstar, Restaurant.com, Zozi, Weforia, Juice in the City, Signpost, to name a few, plus over 300 others) and delivers them to your (inbox) door.

You can log on to 8coupons or sign up for the email and see all the deals near you… or in the zip code of a loved one/relative/co-worker/favorite pet. Spas, restaurants, or adventures–there are new gift deal ideas out every day.

If you simply must mail something, then check out the new cards app for the iPhone, showcased at the Let’s Talk iPhone event. I think it’s going to make a killing this holiday season. You can send a card (yes, a physical card) all from your living room or couch (or bathroom, den, man-cave, or slinky boudoir). Now you’re a hero! The right card, right message, on time. In the mail.

Well, that’s all for now. I’ll check back in a month or two with some aspirin.

Prosper Running 1-Day Promo: Your 2nd Payment Free

admin — Tue, 18 Oct 2011 03:41:45 +0000

On Friday, 10/21/2011, Bay Area-based P2P company Prosper will be running a one-day promotion offering to make borrowers’ 2nd payment, up to $250.*

If you apply for a new loan before midnight on Friday, Oct. 21, 2011, Prosper will make your second payment for you. To be eligible for the offer, you cannot have posted a loan listing on Prosper.com within the past 30 days, and you must submit your listing between 12:01 AM and 11:59 PM PST on 10/21/2011. The offer is valid for all rates and terms with the exception of 1yr. AA loans.

A simple way to take advantage of the offer is to click on the promotional link on the homepage at www.prosper.com.

THE FINE PRINT
* To be eligible for the second month payment offer (i) you cannot have posted a loan listing on Prosper.com within the past 30 days; and (ii) you must submit a loan listing by 11:59 am PT on October 21, 2011, that loan listing must result in an originated loan, and your first payment must be received by its due date. If you meet these criteria, Prosper will credit your second required loan payment up to $250 prior to the due date of the second payment. This promotion cannot be combined with any other promotional offer from Prosper. Offer not valid for 1 year AA loans. Eligibility for a loan is not guaranteed and requires that a sufficient number of investors commit to fund your loan. Refer to Borrower Registration Agreement for all terms and conditions. All loans made by WebBank, a Utah-chartered Industrial Bank.

31 Cities, Financial Planning Power to the People

admin — Sat, 01 Oct 2011 02:41:20 +0000

No, I’m not talkin’ about a revolution here. Or occupying Wall Street. This is personal.

This October, around the country, Kiplinger is hosting Financial Planning Days where certified planners are giving FREE, no-strings-attached guidance–with no pushy sales tactics.

Watch the Financial Planning Days video:

Each local Financial Planning Day features experts from the Financial Planning Association® and CERTIFIED FINANCIAL PLANNER™ professionals, all volunteering their time and expertise to provide free one-on-one counseling and classroom-style educational presentations addressing key personal finance topics. Best of all, there are no strings attached – volunteer financial planners will not sell products or services, give out business cards or take down names. I say: Check it out!