Sunday, October 02, 2005

Birthday Cash Transferred to Roth

Yesterday I initiated an electronic transfer of the money I received for my birthday into my Fidelity Roth IRA. I had moved it into ING while deciding what to do with it and my ING account has become like a psychological lockbox for me. Once money goes in there, I will do anything to keep from taking it out (including not taking it out even when I intend to!). This is a good thing to know about myself and I can use it to my long as I don't turn into a modern equivalent of a mattress stuffing nut.

All that is to say that I challenged myself to BOTH leave the money in ING and make a matching contribution to my Roth...and I did that. So I successfully "matched" my birthday cash savings.

I now have contributed $880 to my 2005 Roth and intend to meet the maximum before the deadline in April 2006. Starting in October, I switch over to making monthly $520 contributions which should get interesting.

1 comment:

  1. Congrats on your saving discipline...I am impressed. I "hope" that once I am debt free, I will have the same discipline to save as I have had to pay-off my debt...

    I made your post one of my posts of the day...

    Good job!


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