How to Choose the Right IRA for You

If you are looking into retirement planning, you might have come across Roth IRAs and Traditional IRAs. Here are a few tidbits of information on both and how to choose which one is best suited for you!
Instructions
Step 1
One of the main differences between the 2 types of IRAs is the way they are taxed. Traditional IRAs are tax-deferred, while Roth IRAs are tax-sheltered; Meaning you pay no tax upon withdrawing at retirement age with a Roth and tax is deferred until withdrawing with a Traditional.
Step 2
There are some income requirements for a Roth IRA. A single tax-filer can't make any more than $95,000 a year, and no more than $150,000 a year for married couples. However, there are no income requirements for a Traditional IRA.
Step 3
When using a Traditional IRA, withdrawals begin at 59 1/2 and become mandatory by age 70 1/2. There is no mandatory distribution age with a Roth IRA. If you withdraw your funds from a Roth IRA early, there will be no tax on the principal contributions. Pulling out money early from a Traditional IRA means a 10% penalty on your total.

P.S. I prefer pre-taxed, that way I don't have to worry what taxes will be in the future.

How to Start Living Off Internet Income

Although hard, it is possible to live off of your internet income if you play your cards right. There are many sites online that pay you to advertise for them, write articles like eHow, etc etc. Here's a few ideas on how to get started living your dream!
Instructions
Step 1
Find a baseline income that is supplemental at first. For example, if you make 400-500 dollars a month writting articles, then use that to supplement your job income each month.
Step 2
Begin searching for other ways, like blogs, that will reward you for time put in to helping their cause. Affiliate marketing is becoming big nowadays. This is where you agree to promote a product a company is selling, and in return, when a customer buys the product, you get a hefty percentage of the profit.
Step 3
Once you have a couple of online cash cows churning, you can begin looking for bigger fish to fry, such as investing in the stock market, buying timeshares, renting out condos, etc. You must first have money to make money. Being an entrepreneur means taking risks but the rewards can be well worth it!