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Author: gofsguy Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76390  
Subject: Re: HELP! DID I WAIT TO LONG? Date: 10/27/1999 1:18 AM
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1. Stop paying triple on your cards.....

WHAT! I've never read anything so ridiculous in my entire life.

My point on this is simple. With 20k in credit debt you give me the impression that either 1) you are a spend thrift, in which case it will be hard to overcome this, but you can do it...or 2)You are living above your means and need them to live. Elsupremo took me to task. We will agree to disagree. I think you may be able to make more in the market with that money than you save in finance charges. Your call.

2. You need to start living "below your means".
Absolutely!

Glad we agree here. this is essential.

3. Obviously, your IRA will start growing Tax-deferred.
OK, I'm no CPA but you need one! You need to take full advantage of every deduction. Depending on your CPA's advice, check out the Roth IRA, with 15 years it could be a good move.(After the CC debt is history of course) On the other hand you may be better with the regular IRA deduction, ask your CPA.

I agree, ask a tax prefessional. In terms of your roll-over, my guess is do not convert it into a Roth. You may lose valuable principal and affect performance due to the taxes you will pay immediately. On a 15 year horizon it is tough to say, but check out that possibility. In terms of your contributory IRA, I would guess Roth is right, but again, get another opinion on it. Run a comparison between them and see which is the best scenario. Good luck
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