October 22, 2010

Featured Retirement Articles This week at Faith and Finance we covered a few topics on retirement.  If you didn’t catch our posts, here’s a few of the latest relating to retirement: From Faith and Finance – What is an IRA? – Retire Well: 7 Ways to make the most out of your employer retirement plan – Why a Church Should Use a 403(b) – Should I Convert to Roth? The Good/The Bad From the Community Here’s a list of some… Read more

October 21, 2010

2010 Roth Conversion Rules As you may already know,Congress passed a law in September that allows for in plan Roth conversions for 401(k) and 403(b) plans.  The new rules allow for account holders to convert eligible funds into Roth (eligibility may vary between plans).  Just because the conversion is allowed doesn’t mean that it’s right for you. Pros and Cons of in-plan Roth Conversion: The Good – 1. Regardless of income level, eligible account owners can convert to Roth.  (Prior… Read more

October 20, 2010

First, What is a 403(b)? A 403(b) is a retirement account similar to a 401(k) – the biggest difference is that non-profits generally use the 403(b) (hospitals, churches, schools, public foundations). The account name 403(b) is taken from the section “403(b)” in the Internal Revenue Code. The 403(b) is similar to a 401(k) in many ways: – Both allow employees to contribute pre-tax (ROTH if your plan allows) directly from your paycheck. – Both have contribution limits: 2009+ is $16,500… Read more

October 19, 2010

This week is retirement week at Faith and Finance and we’re going to touch on some issues that some people just don’t want to think about now. There will come a time when (believe it or not) you will start to slow down in work and may even retire.  When this time comes, you’ll want to have enough assets to let you live comfortably and most of all – continue to reach others for Christ.  Making the most out of… Read more

October 18, 2010

Welcome to the first giveaway for Faith and Finance! We started the site just last month and have had a blast so far building content for you. As a way to say thank you for supporting Faith and Finance, we are giving away two (2) $10 iTunes gift cards. Here’s how to enter You can be entered up to six times by doing all four options! 1. Leave a comment below and include a finance topic you’d like to see… Read more

October 14, 2010

Getting out of debt can be tough, but these principles can help you get through it much easier. 1. Start with a plan. Everyone’s debt load is different, so the plan you take may not be the same as your friend next door.  The one thing you DO have in common is that you will both be on the path to become debt free if you start with a plan. It’s good to start by listing out all the debt… Read more

October 13, 2010

What’s the deal with IRA rollovers? We’ve heard the phrase, but what does it mean? A rollover is a process used to move a retirement account to another provider.  For example, a 401(k) or 403(b) can rollover to an IRA when the person meets the right criteria (listed below).   An IRA can even rollover into a 401(k) or 403(b) if a person wants to move it to their employer sponsored retirement plan. Why would someone do a rollover? A person… Read more

October 11, 2010

Often called Individual Retirement Accounts, IRAs actually stand for Individual Retirement Arrangement.  The IRA is a retirement plan that allows individuals to save for their future.  IRAs can be opened at banks, brokerage firms, and mutual fund companies.  You can open multiple IRAs if you really wanted to but I don’t recommend it because it can be a hassle to keep track of all the accounts.  Regardless of the number of IRAs you open, you must adhere to the contribution… Read more

October 8, 2010

The debate about minimum wage and the varying income classes in the world is a fascinating economic topic.  Interestingly, this topic is one that we can find Biblical references to guide us with our thinking. We know that pay is essentially determined by the combination of supply and demand – the same supply and demand that determines the price of goods and services we use.   These wages guide us in utilizing the scarce resources of capital and labor – which… Read more

October 7, 2010

Last weekend I saw Wall Street: Money Never Sleeps last weekend and thought it was a pretty entertaining movie. It’s a sequel to the 1987 movie Wall Street and picks up when Gordon Gekko is released from prison. I won’t go into detail about the movie’s plot, but Gekko definitely loves money and isn’t afraid to sacrifice almost everything for it. I was taken back by one line that Gekko had in the movie – “Time is the greatest asset… Read more

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