Author: Greg Phelps

IRA vs. Roth IRA vs. 401(k) vs. Roth 401(k) – Which Is Better?

Traditional 401(k), Roth IRA, traditional IRA, Roth 401(k)—with so many options, how do you know which one is best for you?  Anyone who knows me well knows the answer I’m about to give:  “It depends!” Long-time readers have seen this recurring theme throughout RetireWire.  Depending on your financial situation and on what stage of life you’re in, one account will be (or MAY be) more beneficial than the other.  The one commonality among these tax-advantaged retirement plans is that they can serve as a great way to get started saving for retirement.  To appreciate the differences between the two...

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The Best Travel Credit Cards

Best Credit Cards for Travel Rewards While many people have become fearful of credit cards, they can actually provide surprising benefits for the frequent traveler.  This RetireWire post reviews the key bonuses and features of 5 different travel rewards credit cards.  I noticed several commonalities among the majority of the top credit cards that appeal to travelers: companies want you to use it significantly within the first few months there are many different tiers or levels of credit cards that offer varying features and amenities several cards wave fees the first year of use no foreign transaction fees instead...

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Year End Money Checklist

It’s no secret that the end of December is one of the most stressful times of the year for many people.  Whether you’re getting the house ready for the relatives, stressing out about what to get your significant other for Christmas, or not-so-patiently waiting to see how big that holiday bonus will be, suffice it to say you probably don’t want to add on any additional financial burdens.  By checking off the items on this list, you can set yourself up for a more peaceful and prosperous financial future.   1. Max Out Contributions While 401(k) contributions must be...

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My Las Vegas Shooting Survivors Story, 58 RAOK Manifesto, and #LOVEWINS

I’ll start by saying this is by far the most difficult thing I’ve written in my life. The emotions and stress and anger have forced me to take a full two months to piece my thoughts together. Many times I’d write a couple of paragraphs and walk away. I’d simply lose focus and/or didn’t want to relive what happened. Every single time I’ve worked on this story I’ve wiped away tears. Today December 1, 2017, the shooting will have been a distant (yet seemingly recent) two months ago. I felt compelled to get this done by the two month...

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What is a Homestead Exemption?

When you hear the term “homestead” an image of 19th century pioneers heading west in a covered wagon to claim undiscovered land might come to mind.  However, legally a homestead is defined simply as a person’s primary residence.  Now, what does a homestead have to do with your financial well-being?  A “homestead exemption” serves two purposes:  creditor protection and tax exemption.  It can prove to be a valuable tool in helping you achieve financial freedom. Creditor Protection A homestead exemption typically protects your primary residence from a forced sale.  If you default on a car loan, the lender financing...

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