cash advances credit cards
Should I use a credit card check to fund my Roth IRA contribution?
I typically save enough money every year to make the maximum contribution to my Roth IRA. However, due to buying a new home and poor budgeting on my part, I don't have $4,000 to put into my Roth IRA. I am 28 years old and I know having the money in my Roth IRA for the longest period of time will give me the most payoff when I retire. Should I use a cash-advanced credit card check to fund my Roth IRA contribution for 2007? The fee for using the check would be 3% plus I probably can't pay it off right away so I would pay 3.99% interest. Is the amount I will make in the long-run in my Roth IRA worth it? I invest in mutual funds that pretty much track the S&P 500. Thanks!
That is the most terrible idea ever. What if your Roth tanks and the introductory rate goes away? You could see a 10-20-30% loss.
Borrowing to invest is a bad idea, except in the case of student loans one could argue.
Over the course of the last year, the SP500 has gained approximately 7 percent. That is the same as the 3%+3.99%. So you would owe the credit card bank 4000 dollars plus 280 in interest. If the SP stayed on the same pace, it would a year until you recouped the 6.99 fees. And, then you still would not be able to touch it - because you cannot touch the earnings in a Roth - except for certain circumstance. And, this is not one of them.
Payday Loan BAD CREDIT OFFERS - Credit Cards Cash Advance Loans - By Your trusted Source home
We appreciate you taking the time to visit our website
and hope that we were able to help you in your search for the information that you are looking for.
We do realize that with so many articles written, it is possible
and even likely that you will find mistakes along the way.
We would greatly appreciate you using the "contact us" page to let us know if you come across any mistakes
in our articles or if you simply have some ideas for articles that you would like to see in the future.
Thanks again for taking the time to visit,
we hope you have enjoyed you stay and hope that you will visit us again someday very soon.
