While it isn’t very sexy, James & I are plugging along towards our goal of maxing out our ROTH IRAS before moving on to other more exciting goals of saving for real estate and redoing our website.

Thus far James has managed to make it up to $2,650 in his 2008 ROTH account. Six hundred fifty of this has come from extra savings on his behalf, and another $2k has come from extra savings from Miel. James will need another $2,350 to max out on his ROTH IRA contributions.

Miel has been set up for a long time to plunk away at $25 a month towards her ROTH, and then topping it off before tax season. Now she has just added another $1,000 in a one time payment and upped her regularly contributions to another $200 per month (in addition to the other $25). This should mean that she will need another $3,400 to finish off her yearly contributions.

Ideally we’d like to start next year with an automatic deduction plan that will make contributions to maxing out our ROTH IRAs a bit more like doing the same with 403(b). This will mean that we’ll need to auto deduct $917 a month to max out on both of our accounts. While we’ve managed to max out on our ROTHs over the last several years, this will hopefully make it a bit more seamless and easy to not notice big chucks of money missing.

Cheers,

Miel

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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