Roth IRA

Welcome to Money Diaries where we are tackling the ever-present taboo that is money. We’re asking real people how they spend their hard-earned money during a seven-day period — and we’re tracking every last dollar.What do you do when your friend owes you money but isn’t paying you back? How do you approach the convo? Have you ever just forgiven your friend’s debt? What happened … [Read more...] about A Week In Pittsburgh, PA, On A $201,000 Joint Income

If you’ve got more bills than money, the usual advice is to trim expenses and find additional income. But some ways of raising cash can be a lot more expensive than others. Here are four that should be avoided, if possible, and what to consider instead.BEWARE RAIDING A RETIREMENT PLAN A big chunk of the money contributed to retirement plans leaks out as hardship withdrawals, … [Read more...] about 4 cash-raising pitfalls (and better options)

Dear Liz: I have a Roth 401(k). Are withdrawals from it the same as from a Roth IRA? And how do I move it to a Roth IRA?Answer: Roth 401(k)s are a type of workplace retirement plan that, like Roth IRAs, allow tax-free withdrawals. But the rules for Roth 401(k)s are somewhat different from those governing Roth IRAs.For example, a Roth IRA allows you to withdraw an amount equal … [Read more...] about Liz Weston: Some rules governing Roth 401(k)s are different from those of Roth IRAs

In 2019, the National Endowment for the Arts reported that artists were almost four times more likely to be self-employed as others in the labor force. Many of those 2.5 million artists also work a second job, or consider their artist work secondary to another job. In 2020, the North Adams Artist Impact Coalition conducted its first artist census, collecting data from 213 … [Read more...] about BUSINESS MONDAY: How do artists make a living?

Of course, there's risk involved in buying stocks in an IRA, but the good news is that if you have a savings window spanning multiple decades, you're likely to come out ahead in the long run, even if there are years during which your investments lose money or underperform. Furthermore, if you're really not comfortable hand-picking stocks, you can always revert to stock-focused … [Read more...] about 3 Ways to Make the Most of Your IRA | Smart Change: Personal Finance