You Should Max Out Your Retirement Accounts As Early and Often as Possible

We came across a piece in Bloomberg claiming the 401(k) "crisis" is getting worse.  To wit: Tim Egan has been working since he was 14. He’s now 56 and has spent most of his career as a restaurant manager. He has virtually nothing saved for retirement and, until last month, never had a 401(k) account. It's true: 401(k)s aren't a universal option … [Read more...]

September 2014 Goal Assessment

At the end of last year, I stated that I wanted to pay down ~$34,000 in consumer debt (outside of my mortgage). I am writing today to report on both a level of success and a switch in strategy. How am I faring? In short: decently. I am not currently on track to hit my $34,000 this year. As of today, September 17th, I have ~$16,000 left to go. … [Read more...]

How Long Should Debt Be a Responsibility?

We became aware of a particularly interesting Government policy about 2 weeks ago (along with the rest of America) when the Washington Post wrote about the Social Security Administration attempting to collect debts that were generations - quite literally - removed. Am I My Father's Keeper? For the first time in the history of the internet, that … [Read more...]

How Much Would Your IRA Be Worth if You Invested As Much as Mitt Romney?

In a case of great timing, DQYDJ's article guessing how Mitt Romney has so much money in his IRA is now the third most popular article on the site!  While I hold no belief that this situation will continue past November of this year, I think that, in the moment, it's interesting to ask how a retail investor (read: the rest of us) might have fared … [Read more...]

The Roth IRA Movement

If you read a lot of Personal Finance, you've probably noticed a similar theme on your favorite websites this morning: they are all talking about Roth IRAs.  As dues-paying members of the blogosphere (and three writers who felt you wanted a break from graphs, if only for one day...), we also joined Jeff Rose's Roth IRA Movement slated for this … [Read more...]

How Did Mitt Romney Get a $20.7 Million IRA?

You've got an IRA, right?  This site has been preaching the tax benefits of both traditional and Roth IRAs since the beginning... and we aren't going to stop now.  So hopefully you've been diligently saving in your IRA, with the hope that some day you'll have a couple million dollars in there (or at least a good amount of funds you can tap in … [Read more...]

Paying Down Student Loans Versus Paying Down Other Investments

Tying to an article earlier that my colleague PKamp3 wrote, personal finance seems to have taken a dive in popularity in more recent years. As a writer for a confessedly self-aware personal finance crowd, this assertion may seem irrelevant, surprising, or, at worst, alarming. As a young college graduate, many of my fellow coworkers (as well as I) … [Read more...]

The Roth IRA and Why (Most of) You Need One Yesterday

It's a topic we've covered here at DQYDJ before, and we'll definitely do it again in the future. Every once and a while everyone needs a reminder: if you qualify, open a Roth IRA. If you have one and you aren't funding it: do it.  Here's a rehashing of why! Tax Diversification Most people reading this (traffic spikes during working hours!) are … [Read more...]

How Does Your 401(k) Stack Up?

Do you get a match?  What's the average management fee on your fund choices?  Does your plan have all of the necessary asset classes?  If you've got a 401(k) at work, no doubt you've been pressured to sign up (or automatically enrolled).  How does your 401(k) stack up? The Employer Match With very few exceptions, you should be contributing to … [Read more...]

If You Don’t Have One… Get One

There's No Such Thing as a Free Lunch If you saw $1,377.71 lying on the ground, would you pick it up? I hope you would.  That's the sort of savings you could find from opening a Roth IRA.  Any increase in your future tax rates means you made money simply from choosing the right account to invest in.  Sound good?  Read the article. Well, Maybe … [Read more...]