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What's the Difference Between a Roth and a Traditional IRA?


Here are a couple of my favorite money books: For the beginner… The Total Money Makeover: For the experienced… The Millionaire Fastlane: Financial wellness programs are supposed to help people become more financially confident and secure. We want to help people get fully invested in themselves and their future. The Expedition Money financial wellness program is unique. First, I have designed it based on my personal journey from financial stability to failures to success. I have built the programs and content to share step-by-step processes to solve the most common financial challenges and delve into subjects that most programs don’t want to tackle. Second, I have designed this program to help people take massive action. Instead of simply trying to slowly and slightly improve on some metrics, Expedition Money aims to move people out of financial struggles into financial stability. And for those that achieve stability, this program will help propel them to financial success and focus on realizing the dreams that are often forgotten. Last, often the people that need help the most are those that can least afford it. That’s why my aim is to make this one of the most affordable and yet effective programs available. Much of what I’ve developed here is free for people with a desire to learn. Some courses and content are available for purchase at low costs so that just the people that desire and can benefit from specific content can get. And when an employer, bank, credit union, agency, church or other institution wants to subscribe to the program, all of the content and lessons are free to their membership. We want to provide a way that your organization can be fully invested in the wellbeing of your people. At Expedition Money, I believe that financial wellness is a journey, one that can last a lifetime. That’s why I want to help as many people as possible have access to ideas and tools that will create massive change in their lives. Because financial wellness isn’t about being wealthy with money - it’s about being wealthy with life....(read more)



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When it comes to retirement planning, one of the most important decisions you can make is whether to open a Roth or Traditional IRA. Both types of IRA offer tax-advantaged savings that can help you save for retirement, but they have different features and benefits. A Traditional IRA is an individual retirement account that allows you to save pre-tax money for retirement. Contributions to a Traditional IRA are tax-deductible, meaning you pay no taxes on the money you contribute. The money in the account grows tax-free until you withdraw it, at which point you pay taxes on the money you withdraw. A Roth IRA is also an individual retirement account, but it is funded with after-tax money. Contributions to a Roth IRA are not tax-deductible, but the money in the account grows tax-free. When you withdraw the money from the account, you do not pay taxes on the money you withdraw. The main difference between the two types of IRA is how taxes are handled. With a Traditional IRA, you get an immediate tax break when you contribute to the account, but you pay taxes when you withdraw the money. With a Roth IRA, you don’t get a tax break when you contribute, but you don’t pay taxes when you withdraw the money. Another difference between the two types of IRA is the eligibility requirements. With a Traditional IRA, anyone under the age of 70½ with earned income can contribute. With a Roth IRA, the eligibility requirements are a bit more complex. Generally, you must have a modified adjusted gross income below a certain level in order to contribute. When deciding which type of IRA to open, it’s important to consider your individual situation and goals. A Traditional IRA may be a better choice if you need the tax break now, while a Roth IRA may be a better choice if you think your tax rate will be higher in retirement. It’s also important to consider the eligibility requirements for each type of IRA and make sure you meet them. Ultimately, the best choice for you will depend on your individual situation and goals. It’s important to do your research and speak with a financial advisor before making a decision. https://inflationprotection.org/whats-the-difference-between-a-roth-and-a-traditional-ira/?feed_id=73025&_unique_id=63f6fbaf5e1b9 #Inflation #Retirement #GoldIRA #Wealth #Investing #education #fi #financialeducation #financialfreedom #FinancialIndependence #financialliteracy #financialtools #financialwellbeing #financialwellness #FIRE #income #investing #investmentmanagement #lifehacks #money #passiveincome #productivity #realestateinvesting #Retirement #stockmarket #success #wealth #TraditionalIRA #education #fi #financialeducation #financialfreedom #FinancialIndependence #financialliteracy #financialtools #financialwellbeing #financialwellness #FIRE #income #investing #investmentmanagement #lifehacks #money #passiveincome #productivity #realestateinvesting #Retirement #stockmarket #success #wealth

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