No More Bags!

Jan 10, 2006
3,907
5
Noriko said:
Add me to that list as well lol, I'm going to open an IRA within the next month as well :biggrin:
If you open your Roth IRA ASAP, you'll earn the interest ALL year long and your money will go so much farther than if you wait until the end of the year to contribute. Just so you know, you can contribute up to $4k to a Roth IRA for 2006--that's ONLY two Spy bags and you'd even have some money left over to put into a savings account.

So I'm adding you to the list too :lol: NO MORE BAGS FOR YOU.
 

moe

Member
Jan 10, 2006
801
2
I can't stop i can't stop i agree with your gaucho and onatah reasoning so maybe i'll hold off for a week.....lol
 
Jan 10, 2006
3,907
5
ayla said:
Haha.. my arguement is always just one more though, just one !

But you're right, I do eventually want to put my money away so it can do some work for me, rather than me working for it !
Always a good idea to put away some money when you're young. I only really started when I turned 30. If I had just started a few years earlier, it's amazing how much of a difference it could make... Think about how it'd be nice to be a millionaire by 55 vs. 67. :amuse:
 

Irissy

Balenciaga's lover
O.G.
Oct 29, 2005
10,948
69
California
wickedassin said:
DEFINITELY NO BAGS--private student loans must disappear pronto. The interest on those things is TERRIBLE and you can't consolidate them. If you haven't consolidated your gov't loans (assuming you have them), you might want to check that out if the rates are still low. They used to be something in the 3-4%.... And if you expect to buy ANY RE in CA, unless you're in Bakersfield or Fresno, you need to start saving ASAP. The money won't grow on trees for you and you can't assume that you'll marry a guy who can help your income. What if he wants to stay at home and write the great American novel?

So no bags--even an extra hundred here and there, even $20 a month towards the private loans make a HUGE difference.
YES MADDAM!!! :biggrin: I already consolidated my fed loans last year. ::whew:: The interest rate is a nice 2 point something percent and it's locked in! And I know real estate price in Cali is a total *****.
 

star3777

Fellow "Passionista"
Nov 20, 2005
4,166
31
wickedassin said:
If you open your Roth IRA ASAP, you'll earn the interest ALL year long and your money will go so much farther than if you wait until the end of the year to contribute. Just so you know, you can contribute up to $4k to a Roth IRA for 2006--that's ONLY two Spy bags and you'd even have some money left over to put into a savings account.

So I'm adding you to the list too :lol: NO MORE BAGS FOR YOU.
AAAAAAAAAAAHHHHH the voice of reason, I am melting....MELTINGaaaAAAAAAAAAAAAAhhhhhhhhh.... ....melting....ah...ah...hh.
 
Jan 10, 2006
3,907
5
moe said:
I can't stop i can't stop i agree with your gaucho and onatah reasoning so maybe i'll hold off for a week.....lol
Especially if you get the double Gaucho--people are going to ask if you're THAT big a fan of Brokeback Mountain--that'd just get old. And the dirty suede flowers would suck, then they won't look like flowers, they'll just look like dirty puffs of suede coming off your bag.
 

addicted

O.G.
Jan 17, 2006
3,684
37
wickedassin said:
Especially if you get the double Gaucho--people are going to ask if you're THAT big a fan of Brokeback Mountain--that'd just get old. And the dirty suede flowers would suck, then they won't look like flowers, they'll just look like dirty puffs of suede coming off your bag.
Wicked...you're so funny! I'll also get back to this later!
 

moe

Member
Jan 10, 2006
801
2
wickedassin said:
Especially if you get the double Gaucho--people are going to ask if you're THAT big a fan of Brokeback Mountain--that'd just get old. And the dirty suede flowers would suck, then they won't look like flowers, they'll just look like dirty puffs of suede coming off your bag.
Girl you rock you are making perfect sense!!! i bow to you. hehehe
theres no roth ira here in canada i think its rrsp here retirement funds right?
 

Irissy

Balenciaga's lover
O.G.
Oct 29, 2005
10,948
69
California
wickedassin said:
If you open your Roth IRA ASAP, you'll earn the interest ALL year long and your money will go so much farther than if you wait until the end of the year to contribute. Just so you know, you can contribute up to $4k to a Roth IRA for 2006.
Wicked, what's the deadline to put in money for Roth IRA to have it count towards the 2005 income tax? Is it before we file taxes this April?
 

B. Jara

O.G.
Oct 30, 2005
4,306
13
wickedassin said:
If you open your Roth IRA ASAP, you'll earn the interest ALL year long and your money will go so much farther than if you wait until the end of the year to contribute. Just so you know, you can contribute up to $4k to a Roth IRA for 2006--that's ONLY two Spy bags and you'd even have some money left over to put into a savings account.

So I'm adding you to the list too :lol: NO MORE BAGS FOR YOU.
Isn't there some rules about who can open an IRA? I seem to remember that our FA told us we can't. :evil: 401K or something? I can't remember.
 

loren

O.G.
Nov 9, 2005
1,721
7
washington
I am the worst of all of us. I loved Star's pics so I bought the dior gaucho today and I bought Inky paws balenciaga - ink and the red trigger is on its way but I have resisted the spy. Now someone did just post where I can buy the chanel gray large re-issue and I think that is my last conquest for sometime. Just one more, the bordeaux balenciaga. Not a sickness not at all. We are collectors remember. but my student loans are paid off.
 

star3777

Fellow "Passionista"
Nov 20, 2005
4,166
31
star3777 said:
AAAAAAAAAAAHHHHH the voice of reason, I am melting....MELTINGaaaAAAAAAAAAAAAAhhhhhhhhh.... ....melting....ah...ah...hh.
hh.......hhhhh......hhhh. *hears faint breathing*
 
Jan 10, 2006
3,907
5
moe said:
Girl you rock you are making perfect sense!!! i bow to you. hehehe
theres no roth ira here in canada i think its rrsp here retirement funds right?
Hmm, I'm a lawyer--not a financial planner... But this is what a quick google search revealed:

"A Registered Retirement Savings Plan (RRSP) is a legal trust registered with the Canada Revenue Agency and used to save for retirement. RRSP contributions are tax deductible and taxes are deferred until the money is withdrawn. An RRSP can contain stocks, bonds, mutual funds, GICs, contracts and even mortgage-backed equity.

RRSPs have two main tax advantages:

1) Contributors deduct contributions against their income. For example, if a contributor's tax rate is 40%, every $100 he or she invests in an RRSP will save that person $40 in taxes, up to his or her contribution limit.

2) The growth of RRSP investments is tax sheltered. Unlike with non-RRSP investments, returns are exempt from any capital-gains tax, dividend tax or income tax. This means that investments under RRSPs compound at a pretax rate."

I'd, of course, recommend that you consult a professional or a banking institution to get more accurate info. But do check into one!
 
Jan 10, 2006
3,907
5
Bjara said:
Isn't there some rules about who can open an IRA? I seem to remember that our FA told us we can't. :evil: 401K or something? I can't remember.
A Roth IRA is completely separate from your 401k. If you have a 401k through work, it's always good to contribute ESPECIALLY if your employer matches a percentage. By NOT contributing, you're losing out on saving money AND getting MONEY FOR FREE FROM YOUR EMPLOYER. That's huge! You can't contribute 401k money into a Roth though--maybe that's what you were thinking?

A Roth is something completely separate. It's nice b/c the Roth IRA's earnings are ta free and you have the choice as to what to contribute. You're just limited on a particular dollar amount per year. For 2006 the max is $4k. This isn't the golden truth, but my quick research listed the following requirements to open a Roth (HOWEVER, I RECOMMEND YOU CONSULT A PROFESSIONAL):

Any individual who has taxable compensation or self-employment income (earned by sole proprietors and partners) for the year may establish and fund a Roth IRA. To be eligible to make a participant contribution, the individual must have a modified adjusted gross income (MAGI) that is less than a certain amount, depending on the tax-filing status of the individual. Here are the MAGI limits:
  • $160,000 for individuals who are married and file a joint tax return.
  • $10,000 for individuals who are married, lived with their spouse at anytime during the year, and file a separate tax return.
  • $110,000 for individuals who file as single, head of household, or married filing separately and did not live with his or her spouse at any time during the year.