The American Dollar
OUR FAMILY. OUR MONEY. ONE PERSONAL FINANCE BLOG.
One industrious American family's focus on a financial goal of freedom. Through worldly personal finance education, here is our story.
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Our Story: Both my wife and I are 27 years old and have gone through financial hell and back. Now we are on track to financial freedom, however we are not financial advisors or professionals, just everyday people. Share our journey from a negative networth and email us if you have questions or comments! :)



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Monday, January 09, 2006

Confirmed: Jan 2006 Savings

At least for this month, Ive decided to postpone the extra $2000 house payment towards principal because it is going towards the previous year's Roth IRA. I want to make a concious effort to get 2006 IRA maxed out (after I max out 2005). Seeing those compounding tables and realizing that "the earlier you start, the more compounding that will be done later" made me wake up to the fact that the mortgage will be around at least for the next few years. Since my wife and I are 25, thats plenty of time for other investments like the tax free ROTH IRA contribution to grow. Plus we are both filing jointly so it helps in getting another tax credit as well.

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Emergency Fund
40%
$25,000
2007 Roth Contributions
$8,000 Total



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