Fawcett’s Favorites 3-21-22

Every week I find a few great articles I feel are especially valuable. Following are this week’s best. I hope you find them as useful as I did.

This week’s favorites include a 101 year old physician who is still working, a collection of articles on what insurance you need and why, money saving tips for families, keeping your kids safe online, and prohibited IRA investments.

Happy reading!

I started feeling my age after 50. I no longer recovered from all nighters as well as I did when I was 30. I retired from medicine at age 54 and found a new purpose in order to have a less stressful life. This week I read on Yahoo News about a surgical pioneer who is still working at age 101! This article was originally reported by the Los Angeles Times. I’m not sure I will even be alive at age 101, let alone still working. I guess he didn’t need to save anything in his retirement account or even think about his safe withdrawal rate. 

I am frequently fielding questions about what insurance is needed and how much should one have. XRAYVSN has put together a collection of articles to answer that question in Expect the Unexpected. Some heavily sold insurances are clearly not needed, others are controversial, and still others are indispensable. If you are not sure how much life insurance you should have, check out Calculating the Right Amount of Life Insurance

Saving money becomes harder as the family size increases due to the accompanying expense increases. Imagine the expense of four kids in college at the same time! Leisure Freak shares with us Eight Money Saving Tips for Large Families. Which of these tips made a difference for your family? There are lots of things we can do as a family that are both fun and free. We enjoy taking our grandson to the park and playing on the swing and slide. We all have fun and it doesn’t cost us a dime. We even get a little exercise walking to the park.

Everyone is online today, even small children. But there are some things on the internet that are not safe for kids to be exposed to. Allconnect shares how we can help keep our kids safe while they surf the net with All You Need to Know about Internet Safety at School and Home. You can’t prevent every danger, but you can reduce the chances; just like using a helmet when you ride your bike.

I love my IRA, but as an investment vehicle, it comes with restrictions. The White Coat Investor helps us by supplying a list of the Prohibited Transactions and Investments in IRAs. You definitely don’t want to do something prohibited or you could face a very stiff penalty, up to and including a cancellation of your entire IRA account! But there are some things that you are allowed to put into an IRA that should not be, such as investment property. The profits from investment property are already protected from taxes, therefore the tax protection of an IRA is wasted on this investment. Better to use your IRA for things that generate taxable money so you can avoid or postpone those taxes.

I hope you enjoy these articles as much as I did. I look forward to updating you again next week with a few more articles I find especially interesting. If you read an especially good article, send me the link so I can share it with others. 

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