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

A new law in Mississippi will require welfare recipients to undergo drug testing if their answers on a questionnaire indicate possible drug abuse. Do you like or dislike the new law?

     View Results
Twitter Updates
Follow us on twitter
AP Video
Six Indicted in StubHub Hacking Scheme Former NTSB Official: FAA Ban 'prudent' EPA Gets Hip With Kardashian Tweet Bodies of MH17 Victims Arrive in the Netherlands Biden Decries Voting Restrictions in NAACP Talk Broncos Owner Steps Down Due to Alzheimer's US, UN Push Shuttle Diplomacy in Mideast Trump: DC Hotel Will Be Among World's Best Plane Crashes in Taiwan, Dozens Feared Dead Republicans Hold a Hearing on IRS Lost Emails Raw: Mourners Gather As MH17 Bodies Transported Robot Parking Valet Creates Stress-free Travel Raw: Fight Breaks Out in Ukraine Parliament Disabled Veterans Memorial Nearing Completion Last Mass Lynching in U.S. Remains Unsolved Home-sharing Programs Help Seniors Ex-NYC Mayor: US Should Allow Flights to Israel
Hyperlocal Search
Premier Guide
Find a business

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