Archive - July 27, 2012

1
Nonworking Spouses Hurt By Credit Card Rule
2
Financial Planning For Career Switchers
3
The Difference Between IRA Contributions And Rollovers

Nonworking Spouses Hurt By Credit Card Rule

A long-standing advantage for couples that choose marriage is the combining of their assets, along with the financial history. For nonworking spouses, the ability to claim their combined financial account history was a benefit to their own personal credit history. The biggest perk associated with sharing the history of their credit accounts was, that lenders did not need to consider who earned the money when reviewing a credit application, the household income was enough. A stay-at-home spouse could open a credit card account in their own name without involving their mate, allowing for a degree of financial independence.

However, the …

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Financial Planning For Career Switchers

Are you thinking about changing careers? If so, have you done some financial planning to prepare for this change? In our self-help obsessed culture, it can be easy to get excited about changing your life but more difficult to take the time to research and plan out a career switch.

While money certainly isn’t everything, a number of career switchers may find that they need to invest a lot of money into getting a job in a new field. Peace of mind is priceless, so after some initial adjustments, people who change careers may find that they are quite happy …

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The Difference Between IRA Contributions And Rollovers

Often there is confusion about what constitutes a “contribution” and a “rollover” into an IRA.  This post is intended to clear up the difference.

While both activities are technically contributions, there’s a major difference between the two.  The most significant of the differences is that with a regular annual contribution there are several limits imposed that can be quite restrictive.

Annual Contribution Limits

For an annual contribution to a traditional IRA or a Roth IRA, you are limited to the lesser of $5,000 or your actual earned income for the year.  If you have no earned income, you’re not allowed …

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