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The Roth IRA Movement {AKA What the What?!}




Did you look at the title and think, "Oops! Went to the wrong place!" Well, not so fast my friends! You are indeed at The Cha Cha Chronicles and I did indeed write a post about a Roth IRA.

For those of you looking for another 17 Day Diet post, I plan on having that post up on Thursday. It completely slipped my mind that today was a day I had already agreed to do a different post and I didn't want to go back on my word.

So, why the heck did I write a post about Roth IRAs?! Well, because a couple of weeks ago my friend Mandy from House of Rose had a post on her blog about helping her husband out with a project he was working on. Jeff is a financial planner and a pretty successful blogger to boot. If I'm honest, I don't check his blog nearly as much as I check Mandy's, mostly because I'm just not into financial stuff.

{All you smart kids feel free to take a break from reading so you can roll your eyes at me now.}

But here's what I remember about the video they included in the post I mentioned above: Jeff was talking about how he had spoken at a local university and very few of the students (if any) knew what a Roth IRA was and he thought that was just crazy. Then I thought to myself, "I don't even know what a Roth IRA is and I'm a 26-year-old married mom of two." The only thing I could tell you is that I thought it had something to do with retirement. Now, I'm going to go hang my head in shame.

In our marriage, my husband does all things financial. A few reasons for this are that a) He enjoys it, b) He's good at it, and c) My brain doesn't do anything number related with ease. In fact, the moment people start talking about math or anything number related my brain starts zoning out... Well, unless you're talking about handing me a specific amount of money in cash that I can go spend at my own free will. I believe that's the only time my ears would perk up. :)

My husband is great about trying to keep me in the loop, but it takes serious work on my part to absorb the information we talk about. I'm pretty sure I've annoyed him many times by having conversations with him about our finances and then not remembering it the next day. It's bad, y'all.

Anyhoo, when I initially saw the post by Mandy and Jeff on House of Rose I didn't really think about participating, I mean, me write a post about a Roth IRA?! But then Mandy mentioned on Twitter how she hadn't really had anyone respond, so I thought, "What the heck, I can learn a little and write a blog post."

So, thanks to Jeff and his Roth IRA movement, here is what I've learned so far. A Roth IRA is indeed a retirement account. {At least I knew something!} It also grows tax-free, which means as the money accumulates or when you take it out at retirement you won't have to pay taxes. There is a limit on how much you can contribute per year dependent on if you have a yearly income and if you're married. *I found this info from the Dave Ramsey website.

The movement also led me to have a brief conversation with my hubby about what we have in place for retirement. I knew we had a 401K set up through his work, but I wasn't sure about the Roth IRA. Turns out we don't have a Roth IRA yet, but it is something we're interested in doing in the future. At this time the 401K is working well for us and our main focus is to continue following the Dave Ramsey plan by paying off the very last of our debt, the last of the student loans that will be looming for another month or two. After that our focus will shift a lot more heavily into savings for our family's future.

Despite my lack of reading Jeff's blog, I can assure you he has a ton of helpful information if you're looking for anything financial. As a bonus his adorable kids and sweet wife sometimes make appearances in his vlogs. (Those are the ones I like!) :) Thanks to Jeff and Mandy for pushing me to learn something new today, and for those of you like me who know little to nothing about retirement accounts, get on it!!

To see more about the Roth IRA movement you can go here!

2 comments:

  1. Somehow I am just now seeing this!! So happy you participated! Love the story you shared! This is what the Roth IRA Movement is all about!! WOO HOO! Way to go Brit!

    ReplyDelete
  2. Thanks so much for taking part! And I'm glad you learned something in the process.

    What the what?! :)

    ReplyDelete

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