How I Saved $90,000 in a Roth IRA over 3 Years

The Mega Post on the Mega Backdoor IRA

You’ve heard of the Roth IRA.  Your income determines whether you qualify to contribute or not. If you make too much to contribute to a Roth, you’ve heard of the backdoor Roth IRA.  This is a perfectly legal way to contribute to a Roth IRA even if you make too much income.  However, the mechanics can get complicated if you have any money in a rollover IRA, traditional IRA, or SEP-IRA. Enter the mega-backdoor IRA.  This bypasses any income limits AND bypasses the issue of having money in pre-tax retirement accounts (rollover, traditional, SEP).  This technique has the potential to

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The Pros and Cons Of Front-Loading A 529 Plan

Pros and cons of front-loading a 529

Mrs. Financeforthefamily and I want to pay for our 4 children’s eduction.  Our parents helped pay for most of ours.  We have decent incomes so we feel that we should be able to help. We also think that our incomes and assets may pose challenges in getting loans in the future.  Our children are currently 9, 7, 3, and 1 so we have 9, 11, 15, and 17 years, respectively, to fund their college savings accounts. Will Our Children Even Go To College?   College is not for everyone.  However, we anticipate our children will likely go to college.  Our

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9 Simple Family Finance Rules

9 Simple Family Finance Rules

Remember the story of that dude who wrote 9 simple money rules all on 1 index card? If not, here’s a brief summary.  Harold Pollack, a University of Chicago social scientist, mentioned on his personal video blog that all the best personal finance advice can be found for free in the library and can fit on an index card.  Problem was, the index card didnt’ exist. He went home, wrote up 9 rules on an index card, and posted it online.  IT WENT VIRAL. I’ve read a lot of things in personal finance over the last 15-20 years.  His 9

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The First Post – Hello World

Welcome to Finance for the Family! My name is Jake.  I’m in my early 40’s and live in a suburb located in the Northeast part of the United States with my wife and four children ages 9, 7, 3, and 1.  My wife and I both have steady, high-income jobs in the healthcare field.  Mrs. Financeforthefamily is a practicing physician and I am a pharmacist working in the corporate setting. As a family, we’ve accomplished many financial goals.  Although we have a mortgage on our primary home, we have the ability to pay it off right now.  We keep it

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