On week 3 of class we discussed Chapter 4 which was Managing Income Taxes, and Thursday was our first Article Day. Chapter 4 was very interesting especially since I had the accounting income tax class last semester. It was a review of some of the material. I learned that the two biggest threats to someone's finances are inflation and taxes. One of the topics that was new to me pertaining to taxes was the tax implications of IRA's. My income tax accounting class did not cover much about IRA's. A regular IRA has a tax break up-front. A Roth IRA investor must pay taxes up-front, but the funds come out of the account later tax free. The choice between IRAs depends on a person's current and future expected financial position. It also depends on other factors such as age.
My article for this week was titled "How to be Smarter About Buying Cars" from www.fpanet.org. The article interested me because at this time my husband and I are considering buying a new vehicle. One of the points in the article was that an expensive car will make you happy in the beginning when it is new. Later, as you drive to work everyday or run errands, the expensive car does not make any difference in your enjoyment of the ride. Some of the tips from the article include: buy inexpensive cars, buy a used car, pay cash and avoid car loans; if possible, don't lease a car, and keep your car as long as you can. This article made me considered purchasing a used car.
My article for this week was titled "How to be Smarter About Buying Cars" from www.fpanet.org. The article interested me because at this time my husband and I are considering buying a new vehicle. One of the points in the article was that an expensive car will make you happy in the beginning when it is new. Later, as you drive to work everyday or run errands, the expensive car does not make any difference in your enjoyment of the ride. Some of the tips from the article include: buy inexpensive cars, buy a used car, pay cash and avoid car loans; if possible, don't lease a car, and keep your car as long as you can. This article made me considered purchasing a used car.
| how_to_be_smarter_about_buying_cars.pdf |
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