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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! :)


Wednesday, February 01, 2006

Throwing in the towel for 05 ROTH

This stems off the idea from another PF blogger that is reducing her income down to 1 to have massive savings. When I read this I got excited and wanted to open another seperate account for my income to see if we can live off just one, but soon realized that I had too much wrapped up at the moment and paying down the mortgage is going to take a joint account. One day that will seem like a great idea, but not now.

Currently I'm thinking, I need to have enough socked in an IRA since we only contributed 2000 of the 4000 limit to 2005. Should we finish the 2005 or move on and keep saving as much as we can for 2006. I'm thinking that tax time will allow s to put even more to 2005 Roth, but I'm not banking on it.


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