Episode #94 Mailbag: Savings, Roth or Traditional IRA, College Planning

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Today’s Smart Money Question:

Today we are answering some Smart Money Questions that listeners sent in.  Jane wants to know about the preferred interest rate for a savings/money market account. Hector asks about the differences between a Roth IRA and a traditional IRA. Finally, Jim wonders about how to properly save for his kids’ college plans. Matt will answer all these Smart Money Questions and more!

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(Click the featured times below to jump forward in the episode)

Here Are Just A Handful Of Things You’ll Learn:

[:30]– Lots Of Questions From The Last Podcast

  • On the last episode Matt had a guest speaker, Harlan Accola, who talked about reverse mortgages. A lot of listeners had questions so Matt is going to dedicate a whole podcast to answer those questions!  So stay tuned!

[1:49]– Jane Asks: What Is A Good Interest Rate For A Savings/ Money Market Account?

  • Matt talks about the average interest rate you can get with a traditional savings account and a website that you can use to see which bank will give you the highest interest rate.  He also goes over how online banks compare to brick and motor banks.

[6:18]– Hector Asks: Should I Invest In A ROTH IRA Or A Traditional IRA?

  • Matt gets this question on a weekly basis and unfortunately there isn’t a blanket answer. Matt discusses how important tax diversification is. You don’t want to put all of your money into qualified accounts because that is when you run into problems.

[11:06]– Jim Asks: My Kids Are Going To College In 4 years And I Have Everything Invested In Technology Stocks, Should I Diversify?  

  • Matt talks about time horizon risk management and how it applies to Jim’s situation as well as those who are approaching retirement. If you know you need the money, it might be a smart idea to mitigate the risk and put the money needed somewhere with low to no risk, such as a savings account.

[16:25]– Diane Asks- I Recently Got A Very Large Inheritance, Some Of Which I Owe Taxes, Why?  I Haven’t Invested Much In My Life So I’m Not Sure Where To Start.

  • Matt goes over why she owes taxes on her inheritance and how important it is to know what type of money you are inheriting. He then gives some insight on where she should start.

 

 

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