Meridian Star


January 9, 2010

Some financial new year’s resolutions

Okay. It’s that time of year - the time for New Year’s resolutions. They can include financial resolutions. Here are some possibilities for 2010.

Control non-mortgage debt. Experian says the average American carries about $17,000 in debt unrelated to home loans. Too much of this is simply credit card debt. So how about paying down, paying off and maybe getting rid of some cards?

How much financial ground can you lose to plastic? Well, if you have a credit card with a $17,000 balance and 10% APR and you pay $200 monthly on it, it will take you 12 years to pay it off.

You may have so-called “good debts” as a consequence of your business or your professional career. Yet ultimately, debt is debt. You can certainly plan to build wealth and control debt at the same time, and why not plan to do both?

Play catch-up if you’re older than 50. Everyone over 50 have the chance to make a catch-up contribution to our IRAs and 401(k)s. If you have a 401(k), you can defer up to $22,000 of your 2010 salary into it if you’re over 50 (an extra $5,500 above the usual limit). You also have the chance to contribute an extra $1,000 to your IRA (or among multiple IRAs if you have more than one). And if you’ve got an IRA, there’s no point in waiting until April 15, 2011 to make your 2010 contribution – if you wait that long, you’ll potentially lose 15 months of interest.

Look into the possibility of a Roth IRA conversion. 2010 presents investors with a prime opportunity to convert traditional IRAs into Roths. The IRS has removed the income limitations on Roth conversions this year, and it will let you spread the taxes due on a 2010 Roth conversion across 2011 and 2012. However, you should definitely talk to a tax professional before you make this move. As income tax rates could be raised for 2011 or 2012, you may want to take the tax hit on a Roth conversion in 2010 instead.

Text Only
  • Oil Oil Prices

    NEW YORK (AP) — Oil prices continued their two-week slide on Wednesday after a government report showed demand for crude products dropped even further from the weak levels of a year ago when the recession's grip on the economy was strongest.

    January 27, 2010 1 Photo

  • woods.jpg God's Encounter With Man

    Retired Pastor Thomas Wood wrote a book about a divine encounter with God. That was back in 1976, and at the time, Wood says he was unable to find a publisher.

    February 6, 2010 1 Photo

  • Religion News

        You can submit your religion briefs to The briefs are published every Saturday, and must be received every Monday by 5 p.m. in order to be published that Saturday. You may also fax briefs to (601) 485-1275.

    February 6, 2010

  • We apologize

      I had a conversation with a friend the other day. They recounted an experience they had where a driver cut them off, then gave them "hand signals."

    February 6, 2010

  • Being missions minded The earthquake in Haiti has turned a lot of people to those in need, but there are some who still feel like Americans should put forth more effort in aiding those in need.

    January 22, 2010

  • images_sizedimage_023002536 For Haiti

    January 22, 2010 1 Photo

  • Whose mission? The great theologian Paul Hewson once said "I had a mentor that once told me that I should stop praying for God to bless all the things I was involved in and find out what God was doing.

    January 22, 2010

  • Religion News

    January 22, 2010

  • (10:16 a.m.) Economy December wholesale prices edge up 0.2 percent

    January 20, 2010

  • Business Beat

    January 16, 2010

Biz Marquee
New Today

Do you think the city of Meridian should aggressively enforce the city's code enforcement laws on litter, abandoned homes and overgrown lots by issuing tickets and stiff fines?

     View Results
Twitter Updates
Follow us on twitter
AP Video
Netanyahu Vows to Destroy Hamas Tunnels Obama Slams Republicans Over Lawsuit House Leaders Trade Blame for Inaction Malaysian PM: Stop Fighting in Ukraine Cantor Warns of Instability, Terror in Farewell Ravens' Ray Rice: 'I Made a Huge Mistake' Florida Panther Rebound Upsets Ranchers Small Plane Crash in San Diego Parking Lot Busy Franco's Not Afraid of Overexposure Fighting Blocks Access to Ukraine Crash Site Dangerous Bacteria Kills One in Florida Workers Dig for Survivors After India Landslide Texas Scientists Study Ebola Virus Smartphone Powered Paper Plane Debuts at Airshow Southern Accent Reduction Class Cancelled in TN
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide