So I’m going to lay out the history of how I came to consolidate a decent portion of my money at Chase, and various others banks where I currently have money – whether banking or investment accounts.

CREDIT CARDS: I started out in 1993 with my first Chase credit card in college, using it to build my credit and paying it off every month.  I distinctly remember being proud to have that credit card in hand, knowing that I needed to pay it off full in every month.  This was before many rewards programs existed.  Now I have 3 credit cards with Chase – two personal (Freedom and Sapphire) and one for business (Ink).   They all go to the same Ultimate Rewards program bucket, which I like very much.  The Freedom and Ink are my primary cards for person and business, and  the Sapphire has become a back, just in case.

If I were to recommend a card right now from Chase it would be the Freedom Card – with no annual fee and cashback rewards on every purchase plus great bonuses for rewards points, it’s pretty awesome.  I personally use this card almost every day. Here is the Chase Freedom offer below.

Now, I still pay those cards off in full every month, that’s the only way to fly with credit cards.  If you want to do it any other way, then you should use cash only.TRADITIONAL BANKING: When I moved from Colorado to New York in 2000, I signed up for Chase as my primary bank and I’ve never looked back.  I’ve heard horror stories about Chase, but twice they prevented fraud on a debit card then credit card I had, and took care of everything immediately, canceling my old card and reissuing me a new one.

INVESTMENT ACCOUNTS: Over the years Chase has treated me right and I’ve just moved some investment money over to them to give it a shot.  They’re waiving all fees both personal and business because I’ve got a decent stash of cash with them now.  Good boy Chase, sit, rollover.  Very good boy.

Now I can’t say the fees at Chase were the lowest for getting into their investment funds, but they were one and done fees for the funds I chose to invest in – Class A funds I do believe.  So I’m giving them a shot with some of my IRA money, yet I also realize that low-fees on investment accounts is a very important factor too and recently I’ve been reading about how Vanguard has great low-cost investment funds, particularly index funds.

ONLINE BANKING ACCOUNTS: I’ve also got an online account with HSBC, in hopes of getting better interest rates on my savings money, and I’ve watched it dwindle from 1.5% two years ago to.   Lately I’ve been seeing a lot of these Ally Bank commercials on TV have been piquing my interest as of late however, and they seem to have a good deal going with online bank accounts.  

Below is a review and link to check out the Ally Bank online savings account.  They offer savings accounts, money markets and CDs – which you can access through the offer below.

WHY IT’S GOOD TO CONSOLIDATE:   Fees, or lack thereof, plain and simple.  I’m a frugal guy, and I can’t stand banking fees they drive me insane.  I feel like I’m paying for nothing.  So I think it’s great to put a fair share of money in your bank if you love it whether Chase, Citibank, HSBC, Wells Fargo or whoever you fancy – especially to get fees waived and additional perks.  But not TOO much money.  That’s why I’m spreading some of it to Vanguard and going to give these index funds a shot.  The rest is at Schwab for now, though I can’t say I’m pleased with Schwab, as whenever I get an “advice” (ahem, sales) call from Schwab it sounds like the guy is out at McDonalds, ordering a Big Mac and is barely listening to me.  The verdict is still out on Schwab, because I haven’t been a very active investor.  Though I’m starting to take the reigns on it more, since I’ve become an entrepreneur and can’t follow what everyone else at work is doing.

So who do you use for your banking and money management?  How do you have your money spread amongst different institutions?  What are your good and bad experiences?  Post comments below and let’s jam on it.

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What is a Roth IRA?

Over the last 10-15 years, there have been many, many sub-types of tax qualified savings and retirement accounts created by Congress. A Roth IRA is one of them. Put simply, a Roth IRA allows you to place POST TAX dollars into a retirement account, which then grows 100% tax free. This means when you withdraw the money after 20, 30 or 40 years, you will owe no taxes on the entire amount. This includes all gains achieved over this time, and the savings can be substantial in the long run.

What are the rules for a Roth IRA?

Before you start an IRA it is important to know all of its rules. Since a Roth IRA uses after tax dollars, it cannot be used to lower your adjusted gross income like a traditional IRA can – meaning no tax write-offs. As the tax rate goes higher, you will have less after tax dollars in which to put into a Roth IRA. There is also a limit on the maximum income one can earn on a yearly basis to qualify for a Roth IRA, which varies over time, so you should consult an accountant or tax planner for assistance on the exact number. One good thing is individuals are allowed to contribute both to a traditional and a Roth IRA – providing the contribution between the two is $5000 or less. The maximum contribution to a Roth IRA per year is your income for the year or $5000, whichever is less. You cannot contribute more than your income to a Roth IRA.

How Do You Convert To A Roth IRA?

If you have an existing IRA, you can choose to convert it over to a Roth IRA beginning in 2010. Funds converted to a Roth IRA from a traditional IRA will become income declared for the next year. If your income is above $100,000 you can spread the tax due over the next 2 years. Remember, if you are over the income limits, you cannot convert to a Roth. A last bit of advice – only convert if you can afford to pay the taxes without dipping into the IRA funds themselves – after all, you are trying to grow your retirement and that is a major step backward.

How To Choose Roth or Traditional?

The choice between the two types is not that hard. If you have too high an income, you do not qualify. If you need the tax write-off to pull you down into a lower tax bracket, then contribute to a regular IRA instead. Monies placed into a Roth IRA must be there at least 5 years before you can pull them out – so if you are less than 5 years from the 59 1/2 beginning withdrawal date, and you will need to start withdrawing money, it’s not for you. Lastly, since all dollars grow tax free, the longer you have to grow them the better off you will be. Starting a Roth IRA at 20 is far better than at 40, the tax advantages grow enormously upon withdrawal, because the balance will be substantially higher.

For more information on what kind of Roth IRA is right for you, check out RothIRA.com.

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Whether you decide to invest or save your money, there are several ways to use your money. You can either decide to invest your money into a business, the stock market, real estate, a retirement savings account (401k or Roth IRA), bank account, or simply spend the money to pay bills or buy doodads. It’s all about balancing the benefits of short term versus long term growth. Do you need money now or can you afford to leave your money alone for a while? The longer you can leave your money untouched, the longer it has to grow. Of course, you would eventually need to take it out in order to use it, but knowing when to do so can help reduce your taxes. For example, taking money out of your 401k too early will leave you with lots of penalties, so you should look for ways to avoid that. If you have problems with bills, either learn to spend less or make more.

Spending less money is easier said than done for most people. Most people just absolutely need the latest fashions, the biggest televisions, and the fastest cars. But if you want a better financial future, you are going to have to sacrifice for a little bit. How important is all of this stuff anyway? In the long run, can toys buy you happiness? Maybe for the short term, but for the long term, it will end up falling by the wayside and not get used anyway. Your milage may vary. But what is normally more important? Your family, friends, and relationships or all of the material things in life?

Only you can decide what is more important. Once you do, make a plan and be a good financial planner. As much as possible, avoid getting loans like private personal loans.  Otherwise, you can opt to go through life haphazardly, just don’t be surprised when you become overwhelmed by debt. Having no control over your life can be a horrible feeling but its your own fault when that happens. Take control of your life right now. Find out what is important and create a plan for the sake of your future. You deserve it.

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Before you sign up for a fixed annuity plan make sure you know the basics. Are you looking for immediate return or a deferred return? While an immediate return will start paying out immediately you won’t have the opportunity to earn as much interest. A deferred return works similarly to a retirement fund and depending on when you wish to commence payments, you’ll have usually many years of compounding interest to add to your pay outs. Once you’ve commenced your payments you will not be able to access the lump sum. Other forms of investment can be much more flexible with regards to this. If there is a chance you may need this money in an emergency then this may not be the best idea for you.

Researching the market is so important. Researching not only what the economy is doing but also who is offering what you need. Is this the right time to be investing in this way? Entering into an annuity plan, especially a fixed one when interest rates are low is showing poor judgment. Speak with several different companies about their annuity plans and what restrictions they carry. They should also be able to offer advice on what is best for your individual situation. Read over any feedback you can find online about other people who have invested this way and how happy they are with their plan and its returns. Other people especially close and trusted family and friends who have had similar experiences are good to take advice from. They may be able to tell you of pitfalls they have encounter and avoid you possibly making the same mistake.

Lastly the company you choose to sign up with is just as important as all the other choices you have. A fixed annuity plan is a long term plan, often life long. You need to be happy with the reputation of the company you are working with and you need to be confident they are honest and hold your custom in the highest possible regard. This is true when getting any type of plan or loans like private personal loans. There are plenty of undesirable companies out there offering what seem like similar investment opportunities. Once you are locked into their contract you suddenly discover a range of clauses that weren’t earlier apparent to you. It is up to you to take a closer inspection before making concrete decisions and make a choice that is right for you.

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However, there are some 401(k) plans that allow employees to get money from this account for some important reasons. There are no income or interest in the deferred amount of your 401(k) hardship withdrawals, these are only limited to the portion of the deferred amount which is elective. You must remember though, that you can only withdraw from this source during hardships and other severe circumstances.

Some of the hardships where you can have 401(k) hardship withdrawals are medical emergencies, primary home down payment, and national disasters. There are many more circumstances that can be considered as hardships like potential evictions and foreclosures. You can get vital information on how to avail from this source from a portfolio manager.

Rules for a 401(k) may vary, but they are usually available when one needs financial assistance urgently. Also, 401(k) hardship withdrawals may also be available if there are no other sources of funds to address your financial problems.

If repaying your debt is your financial problem, this may not be a valid reason for withdrawal. There must be another hardship greater than just simply repaying the money you borrowed.

There is a 10% penalty subjected to your 401(k) hardship withdrawals so that taking money out of your 401(k) plan will be discouraged. However, there are some certain severe circumstances that may allow borrowing from your 401(k) plan without penalty.

The three ways wherein you can get money from your 401(k) plan without penalty are termination of employment at the age 55 and above, distribution through an alternative payee on divorce issues, and withdrawals of dividends from stocks the employee own.

With this information of an overview of 401(k) hardship withdrawals, you may also be able to get an idea of what IRA hardship withdrawals are. IRA is also preparations for your retirement, but during important and urgent financial problems, you may able to borrow funds from this source.

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• Property in Nicaragua is significantly cheaper than elsewhere in Central America. Analysis by RevealRealEstate covered by the International Property Journal indicates that asking prices are lower than in Costa Rica, Panama and Belize.
• Nicaragua is only a short direct flight away from major US airport hubs such as Miami, Houston and Atlanta.
• The majority of the property on offer is a available under fee-simple freehold title.
• Title insurance is available from major US companies such as Stewart Title and First American.
• There are no restrictions on foreigners purchasing real estate in the country (with the exception of property close to international borders). Foreigners can also own businesses with equal rights as Nicaraguan citizens.
• The country has a very attractive retiree residency program. The recent revision, made in 2009, made it one of the most benefit-laden in the region. And “retirement age” in Nicaragua is considered to be just 45 years of age.
• As a foreigner you are not taxed on any income that you earn outside the country.
• Nicaragua has a very low cost of living. Talk to any expatriate and they’ll boast about having a full-time maid or gardener, an enormous house with a fantastic view and a lifestyle full of eating out, visiting tourism attractions and nightlife – often for under $1000 a month. Try and do that in the US!
• Lonely Planet recently issued its top 10 best value destinations for 2011 and Nicaragua was one of the countries on the list.
• AARP, the US Association for retirees has rated Nicaragua is one of the “best places to retire abroad”. They talk about the easy-going lifestyle as well as the affordability and breathtaking beauty of the country.
• Nicaragua’s economy is doing well and beating many of its regional competitors. Exports are on the rise breaking the 1.9 billion barrier in 2010.
• Another record-breaking number concerns tourism visitors to the country. In 2010 Nicaragua passed the 1 million mark. The growth trend seems set to continue.
• Visit the country and you’ll notice a number of large-scale infrastructure projects underway. They are road upgrades going on across the country including in the paving of the coastal road between San Juan del Sur and the border with Costa Rica.
• Nicaragua is one of the most beautiful countries in Central America. Period.  Its beaches easily rival those of Costa Rica, it’s got world-class surf breaks, towering volcanoes (one of which you can surf down), the 10th largest freshwater lake in the world and the oldest continually inhabited colonial town in the Americas.  See this article from the New York Times on Granada for example.
• There’s world-class health-care available in the capital Managua. And prices for treatment are far less than in the US or Canada.
• A piece of Nicaraguan property can be a great financial asset to leave behind for your loved ones in your will (check out these online wills if you don’t have one already) - as long as you choose wisely and strike a solid investment deal.

To recap:

In your financial planning & goal setting for international real estate investing – whether for retirement planning or a lifestyle vacation approach – you always want to think about the bottom line and your ROI.

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As you are in the planning stages of setting up your SEP IRA, the first thing you need to do is look for a financial institutions that would act as your trustee for the entire exercise. The trustee will hold the contributions that you make to SEP IRA. Check out the services of a prospective trustee before entering into any form of deal with them to make sure you are on the same boat when it comes to the types of investments they allow.

When you do set up the IRA, the main thing you should consider is that to start the process of setting up early in the year. That way, you will be able to make tax deductions on the same year.

The first thing you need to do is to provide a written agreement that connotes the benefits to the eligible employees of your company. Then, you must inform your personnel about the implementation of the said plan and ask them to fill in the requirements. And the last step in knowing how to set up a SEP IRA is to open the IRA account for each individual personnel.

Now that you know how to set up a SEP IRA, you will have a better chance in attracting great talents for your company.

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The 401k is the investment vehicle used by corporations which gives employees a number of mutual funds to choose from to invest in. Many 401k plans also allow the employees to invest their money directly into the stock of their employer (if it is a public company) so that their money can grow along with the company. This is all great, but people change jobs often, so what are they to do with their 401k money when they do.

If you are changing from one job to the next, then you are going to want to use a 401k rollover in order to make sure that you retain all of the money you have put into it. Remember, your 401k is your retirement money, so you do not want to lose any portion of it.

You may not be able to receive the portion of the money that your previous employer had put into the account if you were not with that employer long enough, but you should be able to get all your money out. You will also get the benefit of any gains that you have made on your investment. You need to check with your new employer to make sure that everything will roll over into their 401k offerings. Their may be some slight differences in the offerings, but they should be generally comparable.

Your 401k is one of the most important things in your financial life, and letting it rot away with your previous employer is a decision that you never want to make.

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The best place to start is one of the many online travel insurance comparison websites. There are lots of them and some of the cater specifically for getting travel insurance for the elderly. This is only the first step in the process however. Once you have a good five or ten quotes print out the details including the phone numbers of the insurance companies. Don’t be too worried if the initial quotes are quite high as this is to be expected.

The way around this is to use the quotes given to you to haggle with the insurance companies and get a cheaper price. Take the cheapest quote on your print out and then start calling up the insurers who provided you with the other quotes. Tell them in great detail about the wonderful quote you have and then sit back and wait for them to make you a counter offer. If they do, great you are on to some great savings. If they don’t then no harm has been done. The only thing it’s cost you is the price of the phone call and five minutes of your time. Maybe ten if they put you on hold.

Following the steps above can not only get you an insurance policy for the elderly but get you one at a great price too. These companies want your business even if you are over 65 so don’t be afraid to haggle the price down.

Please check out our other insurance articles and guides:

“Finding A Car Insurance Broker”
“Car Insurance Brokers And Agents”
“Find A Good Home Insurance Broker “

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It’s important to hope for the best, but plan for the worst. If you’re like most people, you’re already behind on saving for retirement–even if you’ve been careful to try and stay on track. This is because most people don’t take rising costs into account when they for retirement, or they don’t place enough importance on this factor.

There are several major factors at play with regard to rising costs as you enter retirement. One is inflation, which in the United States will erode your spending power by roughly 2% to 4% per year on average. Another is an increase in your health-care costs due to the natural complications of aging. And yet another is: You know all those retirement plans you have? They’re darn expensive.

Finally, if you’re more than 5 years away from retirement, you should probably assume that Social Security isn’t going to help you. That isn’t to say that the system is definitely going to crumble, but the fund is currently being depleted much faster than it’s being added to. Therefore, you’ll be best prepared for the worst if you assume it won’t exist while you plan out your savings.

There are many great resources available on the web to find useful money savings tips and even investing tips for fueling your retirement fund, and you should certainly check them out to come up with a solid investment plan. This can include buying an investment property or two if you’re really ambitious and want to get into real estate assets.  But making the right choices as to where you put your money can only help so much; just as important, you’ll need to make sure you save enough in the first place to retire comfortably.

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