If you are in the 15% tax bracket, this may be the year to convert your IRA to a Roth, according to http://www.kiplinger.com/, which is where I got the following information.

First, to be eligible for a Roth IRA conversion, your adjusted gross income can’t exceed $100,000 regardless of whether you are single or married.

If you convert your IRA by December 31, you’ll owe taxes on your 2008 return at your regular rate on the entire amount you convert. “A market decline gives eligible taxpayers a chance to convert a traditional IRA invested in beaten-down stocks or mutual funds to a Roth IRA at a much lower tax cost than would have been possible when stock market values were high,” says Bob Trinz, senior tax analyst with the tax and accounting business of Thomson Reuters. Continue Reading »

Our local NBC affiliate, KNBN, did a great segment on “The Financial Wisdom of Ebenezer Scrooge,” now out in paperback. While the message of the book is for all seasons, it’s an especially timely message during the Christmas Holidays and the current economic environment. You can view the feature here and order your copy from www.amazon.com.

I recently was a guest on my brother’s radio program, hosted by KOTA radio in Rapid City, South Dakota. I think you may enjoy us discussing the current economy and the relevance that real estate plays in a diversified investment portfolio. You can listen to the complete program by clicking here.

This Monday, December 15th, join Rick and his host, Paul Guggenheimer on South Dakota Public Radio’s “Dakota Midday.” The program covers important issues and subjects of interest to South Dakotans. This Monday’s program will feature Rick’s latest book, “The Financial Wisdom of Ebenezer Scrooge,” which just came out in paperback. Rick’s segment will air at approximately 11:40 am. SDPR is at 89.3 FM on your dial.

This time of year, family budgets are already strained by holiday giving, travel, and entertaining. The last thing anyone needs is an extra bill for the furnace going out, a big car repair, or an expensive trip to the emergency room.

Payments like these are common budget-busters. They come under the category we usually think of as “unforeseen,” “one-time,” or “unexpected” expenses. We tend to be surprised by them. I hear clients say things like, “These are the expenses I feel are out of my control.” Continue Reading »