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Archive for November, 2007

Roth IRA's for Kid's

November 26th, 2007 at 12:28 am

I have been reading increasing information on starting kid's with their own Roth IRA accounts so that at a young age they can definately benefit from long term return. It didn't even occur to me two years ago that I would be one of the few people around my area to open a Roth IRA account for my daughter. I guess that the ah ha moment just occurred to me to do it and it just made so much sense(Parents open bank accounts all the time for their kid's so why not an IRA).
My reasoning for doing this is, my daughter was and still is in college and has a small part time job which barely covers her living expenses. So, I just thought that it would be a good idea to just get her started. I don't fund her account to the max every year. I put in just about what she earns in a year. I will keep putting money in until she is able to fund her Roth IRA herself. Thereby taking full advantage of her age and her retirement date. She should be able to accumulat a nice sum by then.

Cabin Update

November 25th, 2007 at 04:17 pm

We are waiting for the materials cost of the kit. We should have the quote by this week. Next step is to go to the general contractor and get his quote so that we can apply for a construction loan. I'm a little nervous b/c I have heard that the lending standards have become so tight. We are putting 25% down and we already own the property. I am currenty trying to get my credit score into the 800-850 range so that I look really good on paper in preparation for the loan. Keeping my fingers crossed!

November 25th, 2007 at 04:11 pm

November 25th, 2007 at 04:10 pm

We have received the preliminary drawings for our cabin and have also retained a general contractor for the building of the cabin. I'm waiting to hear what the material quote will be. I should be hearing something this week.
After, I receive this quote then I have to go to the contractor and find out how much it will cost to get the kit together and build the cabin. My husband and I would like the home to be in turn key condition b/c neither one of us is very handy when it comes to carpentry.
I am very excited about this and I am also worried.
From what I have ben hearing, the lending standards have become much tighter and there are only a few places that deal with these types of construction loans.
We intend on putting 25% down and we already own the property that the home will sit on. Right now I am trying to figure out how to get my credit score to the 800-850 range so that I will look really good on paper when I go to apply.

Happy Thanksgiving

November 22nd, 2007 at 01:58 pm

A Happy Thanksgiving to all!