Monthly Archives: December 2007

15 Resolutions And Goals For 2008

Here are my resolutions / goals for 2008 –

Personal Finance Goals

  1. Fully-fund 403b
  2. Fully-fund 2 Roth IRAs
  3. Fully-fund 3 ESAs
  4. Increase Non-Retirement Savings
  5. Stay Out Of Debt

Blogging Goals

  1. Post twice-daily to No Credit Needed
  2. Release a new No Credit Needed Podcast Episode every week
  3. Improve the functionality and reach of the No Credit Needed Network
  4. Establish relationships with bloggers outside of the personal-finance community
  5. Support my fellow personal-finance bloggers with comments and links

Health Goals

  1. Post daily to No. Calories Needed
  2. Lose 50 pounds
  3. Limit fast food trips to once a month
  4. Go one year without drinking a single soft drink
  5. Walk 30 minutes per day, at least 4 times a week
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Charity Spotlight 2007 – Modest Needs

I recently asked my fellow personal finance bloggers (and my readers) to contact me and let me know about their favorite charities. Several bloggers and readers have responded – but I’d still love to hear from you! So, read the original post about the Charity Spotlight 2007 and let me know about your favorite charity.

Today, the spotlight shines on a charity mentioned by two of my readers –

Modest Needs

Website: Modest Needs

A quote from the Modest Needs website –

Founded in 2002, Modest Needs is an award-winning public charity with a simple but critical mission: we work to stop the cycle of poverty BEFORE it starts for the low-income workers whom conventional philanthropy has forgotten.

We do this by empowering compassionate members of the general public to safely and securely help hard-working, low-income households to afford the kinds of short-term emergency expenses that we’ve all encountered before: the unexpected car repair, the unanticipated visit to the doctor, or the unusually large heating bill, for example.

Modest Needs looks like a very interesting organization.  It seems that their goal is to keep folks from hitting ‘rock bottom’.  I love the fact that they take efforts to verify the validity of a need.  Take a few minutes and check out their site.

If you have a charity that you’d like me to ’spotlight’ – please read this post.

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Opening A Coverdell Education Savings Account For My Child (Coverdell ESA)

I just downloaded the forms for opening a Coverdell Education Savings Account for my son.  I opened an ESA for my daughter a few years ago, when she was four.  My son will be four in a few days, and I am ready to begin funding an ESA for him.

Contributions to a Coverdell ESA grow tax-free.

Total contributions are limited to $2000 per year, per child.

Contributions can be made by parents, grandparents, friends, etc.

Our goal, in the next 14 months,  is to fully-fund my son’s ESA for 2007 (by April 15 of 2008) and for 2008 (by April 15 of 2009).

As is the case with most retirement or education savings accounts, there are contribution limits, income limits, and tax implications associated with the Coverdell Education Savings Account.

Contribution limits – $2000 per child, per year. (Information current as of December 30, 2007)

Income limits – $2000 can be contributed as long as modified adjusted gross income is less than ($190,000 filing joint or $95 filing single).

Tax Implications – Distributions are tax-free, as long as the money is used to pay for qualified education expense.

(Side note:  Unless Congress acts, certain benefits may expire in 2010.  I’m not really worried about this, because I expect that Congress will act.  But, it is worth noting.)

For more information about the Coverdell Education Savings Account, visit Savingforcollege and the IRS website.

Please note, I am NOT a financial planner or tax professional.  PLEASE, consult a qualified financial planner and / or tax professional if you have any questions about opening or funding an Education Savings Account.

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