<< Back to all Blogs
Login or Create your own free blog
Home > Sunday Rambling

Sunday Rambling

June 9th, 2019 at 02:43 pm

Just some Sunday rambling. I checked my accounts and earned a total of $3.59 in interest last month. Interesting, I pay 100x this in interest each month. Baby steps.

My grocery cash envelope has about $4 in it for groceries. I have chicken I can prepare and I’ll go pick up some strings beans to go with it. I still have a few meals in the freezer, so I should not go over. I’m impatiently waiting on pay day.

I called Fidelity and found out that I can set up direct deposits to my rollover account through my employer, Vanguard doesn’t allow this, I thought this was cool. I’ll set this up tomorrow.

I also completed the rollover/transfer form to transfer the $74 from the traditional IRA at Capital One 360 to Fidelity. I should have close to $3K once I get everything all rolled over. Then it’s up from there.

CC10 was bugging me, so I paid the $185.85 to bring the balance to $8,000. Friday is pay day and I’ll be throwing about $200 at it, then two weeks later I can throw another $1,000 at. Can’t wait to get this baby paid off. I’m anticipating 8 months to pay off but I really think it will be paid by Christmas.

9 Responses to “Sunday Rambling ”

  1. AnotherReader Says:

    In general, it's better to keep a rollover IRA separate from a contributory IRA. You can move a rollover IRA into a new 401(k) plan if the new employer's options are better. Before you transfer any new contributions to the rollover account, talk to the Fidelity representative. You may be better off putting the money in a different IRA, called a contributory IRA.

    The rollover IRA is a pre-tax IRA. You did not pay tax on the 401(k) money when it was deducted and put in the 401(k) account. For contributory IRA's, you can have a pre-tax or a Roth account. Roth accounts are after after-tax accounts and there are no taxes when you withdraw. Pre-tax IRA's give you a tax deduction today, but you pay taxes when you take the money out instead. The Fidelity representative can explain this and there is information on the Fidelity website about this as well.

  2. creditcardfree Says:

    Oh, good I'm glad you stated that to Amber Another Reader! It's true that it is best to leave contributions to IRAs, seperate from Rollover IRAs. Someday you may want to roll it into another 401K or eligible employer sponsored plan. Keep your options open! This is where moving too fast or not understanding fully what you are doing can cause you to make mistakes. Education before investing is important. Still glad you are motivated, but slow down and make sure you have really done all your research!!

  3. Amber Says:

    I called and spoke with a rep and he stated it was okay because I had the same questions, now I’m wondering if why he told me was accurate. Ugh. I’ll call back tomorrow

  4. AnotherReader Says:

    What the Fidelity rep said is technically correct. It's possible to do that, but you would have more options for the money you rolled over if you set up a separate contributory IRA for new contributions. Once you co-mingle money, you lose that option.

    Ask the Fidelity rep to explain the difference between a contributory IRA and a rollover IRA. Pretty sure you will get the same explanation that CCF gave you.

  5. rob62521 Says:

    You've discovered something very important....we earn far less interest than we pay if we have debt. That is one reason so many people have problems getting out of debt. I'm not faulting the lending institutions entirely, because they are in the business of making money, but people don't look at the bottom line of how much they will pay if they borrow.

  6. fireandi Says:

    I'm like you - uneven amounts bug me. It's nice that it's an even $8000 now. You'll have to update your sidebar. :-)

  7. Amber Says:

    Thanks I’ll follow up with Fidelity

  8. VS_ozgirl Says:

    Nice work on CC10!! πŸ‘πŸ‘πŸ‘

  9. Bluebird Says:

    Great job on CC10! Just wanted to mention that I don't think your net worth on your side bar is correct. You need to add in the market value of your home πŸ˜€

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
Will not be published.

* Please spell out the number 4.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]