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I'm putting my $ 600.00 in an IRA...

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WCGreen Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-25-08 03:35 PM
Original message
I'm putting my $ 600.00 in an IRA...
That way I'll get the money and a tax deduction next year.

Pay off debt, if you can, or invest that money in your future.

It's a gimmick so make it serious instead of spending it on more consumer junk that you really don't need.

Beside that, most of the stuff that $ 600.00 will buy is probably made in China anyway.

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Avalux Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-25-08 03:37 PM
Response to Original message
1. MIght be better off putting that money under your mattress.
;-)
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DaveJ Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-25-08 03:39 PM
Response to Reply #1
3. In the form of Euros too.
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54anickel Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-25-08 03:39 PM
Response to Original message
2. I'm donating mine. Most charities are also hurting during these hard times. Besides, I just may
be in need of their services down the road here if things turn real ugly....
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WCGreen Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-25-08 03:43 PM
Response to Reply #2
4. That's a real good idea.
Save your receipts, they could be a tax deduction for next year.

I just might put half of my money toward the local food bank and but the other half in the IRA.
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soothsayer Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-26-08 09:10 AM
Response to Reply #2
13. Lend out your money through Kiva.org, and then you'll do good PLUS get your money back!
I just stumbled onto it today and ended up donating $700 to 7 different people/groups. They'll pay me back over the next year (some sooner) and then I can either take my money back, or relend it, or whatever I want to do. Very cool! www.kiva.org
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54anickel Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-26-08 08:37 PM
Response to Reply #13
17. Wow, never heard of that before....You're right - very cool! I'm sure it's not
exactly what this mal-admin had in mind for their "Economic Stimulus Package" though.
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bicentennial_baby Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-25-08 03:43 PM
Response to Original message
5. Same here
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Catherine Vincent Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-25-08 03:46 PM
Response to Original message
6. I'm using mine to buy Rice!
j/k
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uppityperson Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-25-08 04:40 PM
Response to Reply #6
11. I'm using mine to buy shark repellant. nt
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DFW Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-25-08 03:50 PM
Response to Original message
7. I was told I wouldn't be getting any money back.
Halliburton already got it, I have to assume.
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BigDaddy44 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-25-08 04:05 PM
Response to Original message
8. Buy stock in an oil company
If you can't beat 'em, join 'em
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CTyankee Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-25-08 04:06 PM
Response to Original message
9. Mine and hubby's will go into our house sinking fund.
Household maintenance is horribly expensive and we're getting too old to do a lot of things we did before. Plus, the kids in my neighborhood don't need to mow lawns for money. Or if they do, it's kinda hard to pin them down.

That $1200 will be gone in no time, after the next appliance breaks down and the next plumbing/electrical/younameit needs repair/replacement....
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David__77 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-25-08 04:34 PM
Response to Original message
10. Paying off dental work.
That's my big plan.
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CaliforniaPeggy Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-25-08 06:18 PM
Response to Original message
12. We're not getting any...
:cry:

We're not eligible...

I think we have too much income...

Never mind...:yoiks:

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Octafish Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-26-08 09:12 AM
Response to Original message
14. The Greektown Casino.
It's in Detroit. And one gets a chance to make something out of it.
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Xenotime Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-26-08 09:14 AM
Response to Original message
15. IRA = Bad Idea right now. I'm donating my to Clinton's campaign
Why would you put your money in a market that is failing?
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A HERETIC I AM Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-26-08 09:52 AM
Response to Reply #15
16. What makes you think the money has to be put in the market?
Just because the OP wants to put his $600 in an IRA, it doesn't mean that cash automatically gets invested in the stock market.

You can buy CD's in an IRA too.

Putting money in a tax deferred account is NEVER a bad idea.
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