My little girl

Born 6-30-10

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A little nibble for what's to come...

Learn About the 2010 Roth IRA Conversion Rules

The year 2010 opens the door for many individuals to consider converting from a Traditional IRA to a Roth IRA.  On January 1, the new Roth conversion rules became effective. You have probably heard of this opportunity by now, and may have some questions about the new rules and implications. While the decision of whether or not to convert your IRA is one you should make with your tax advisor, we would like to share the answers to most commonly asked questions about the new Roth IRA conversion opportunity.

What is the 2010 Roth IRA Conversion opportunity?

For the first time since the Roth IRA debuted in 1998, individuals with an Adjusted Gross Income (AGI) over $100,000 can convert all or part of their Traditional IRA into a Roth IRA. This means that higher wage earners now have the opportunity to convert their current tax-deferred retirement dollars to tax-free status upon retirement.  The conversion may be a good option for those who think they’ll be in a higher tax bracket when they withdraw, don’t see themselves withdrawing funds for at least 10 years, and can pay the taxes due from sources other than the IRA.

When do I pay taxes on the conversion?

You have the option to pay the tax in full in 2010 or to claim 50% of the conversion amount in 2011 and the remaining 50% in 2012 – but keep in mind that this special provision is only for those that convert in 2010.  For conversions after 2010, taxes would be paid in full for the year in which the IRA is converted.  If you decide to convert in 2010 and opt to split the taxes in 2011 and 2012, there are a couple of things you may want to keep in mind— the tax rate you pay would be determined based on your tax bracket for 2011 and 2012, and the current tax cuts are set to expire at the end of 2010.

Can I still contribute after the conversion?

That’s the part that did not change.  The phase out limits still apply when determining whether an individual is eligible to contribute to a Roth IRA for 2010.   Individuals may make a partial or full contribution (up to $5,000; $6,000 for individuals age 50 and over) to a Roth IRA as long as their AGI falls below or within the phase out range.  For single filers in 2010, the phase out limit is $105,000-120,000.  For those filing jointly in 2010, the phase out limit is $166,000-176,000.  Individuals above the limit are not eligible to make Roth IRA contributions.

What if I convert and later decide it wasn’t right for me?

Those who convert and then later change their mind can do a recharacterization. This allows the IRA owner to reverse the conversion completely and can be done until October 15^th of the calendar year after the year the conversion took place. So, if you decide to convert in 2010 you would have until October 15, 2011, to recharacterize.  IRA account holders are not allowed to reconvert back to a Roth IRA within the same tax year or within 30 days of a recharacterization.

Converting to a Roth IRA can get tricky, especially if you have multiple IRAs or only want to do a partial conversion.  That’s why it’s important to discuss this with a tax professional to make sure you fully understand what the tax implications would be for your specific situation.

The above information comes from http://www.sdiraservices.com/blog/2010conversion/

I just wanted to give people a perspective on where I am leading them...more to come later this week...I promise the ideas shared in the future will be worth your time!

Until then my friends...Brian from the San Leandro marina on a hot summer day 

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Coming Soon...How to use your IRA to invest in solid growth and stable investments

Looking for 10%+ returns on your money? Looking for tax advantaged investments with those kind of returns? Stay tuned...this week I will have the answers!

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How to be Wealthy...

This is something I truly have been studying for 10+ years.  I have read books, watched videos, listened to tapes, and CD's, and can honestly say that until recently, I never truly understood what it all meant.  I always believed that money was what created wealth.  I was focused on the creation of the almighty $.  Then when I wasn't focused on that, I was focused on keeping and sustaining whatever $ I may have or have in the future.  Sounds great doesn't it?  Build up a fortune and learn how to keep it as safe as possible and still grow in taxed advantaged ways.

Wealth isn't just financial.  Wealth is so much more than just having money.  Literally in the last 2 years of my life I have met more financially wealthy people than I ever thought I would have ever dreamed of meeting, but until recently I didn't realize how many of them were truly wealthy.  The funny thing is, I have learned more in the last 3 months than I did in the entire last 10 years pertaining to wealth.  Now, don't get me wrong, you have to have some money to be wealthy, but you can have all the money in the world and still not be wealthy.

The truly wealthy people of the world can have very little money on the grand scheme of things compared to the richest people on Earth, but if the richest man on Earth doesn't have Love, Time, Emotional Intelligence, then they are not wealthy.  You have to have the correct mindset to be wealthy...you have to have the time to be wealthy...and you have to have Love to be wealthy.

First and foremost you have to have the mindset:  choose to be happy...choose to get up in the morning....choose to do what is necessary...choose to do this or that, but understand that most things in life are a choice, unless you choose to be happy you never will be.  

"Life is not about ME, it's about WE."  ~ Tony Robbins

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Getting ready for my little one

Today we are in "class" for what to expect for birth.  After doing some video watching, I am getting more excited for the day to come.

While I am watching all these birth videos in the back of my mind is how real all 'this' is.  I am not worried at all how our birthing process is going to go, I am becoming more and more aware that I am going to be responsible for this little person.

I know "best laid plans..." but I am thinking more about the needs and responsibilities which are so quickly approaching.  In my mind I am wondering more and more about the 'paperwork' and not much else.  I know we can handle it all, but I worry about missing filling out the proper forms.

With my background and knowledge, one of the first things I want to get started is her financial future.  Again I am reminded of how wonderful the peace of mind of having life insurance is.  

I cannot wait to educate my child, and use my life as an example of choices.

-Brian Todd

- Sent from my Palm Pre

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My first investment property

357 Eastman St. Hayward, Ca
This is an exclusively listed home, and if you are interested in this home or many other's that are similar, let me know.

-Brian Todd

- Sent from my Palm Pre

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Video: "Life Insurance - You Do It for Love"

Life Insurance - You Do It for Love This short video displays the winning photos and descriptions submitted to the Crazy4Love Photo Contest sponsored by the LIFE Foundation. The purpose of the contest was to get Americans thinking about life insurance and how it can protect the ones you love.

© 2010 YouTube, LLC 901 Cherry Ave, San Bruno, CA 94066

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Looking Forward to Meeting My Daughter

The days here in Livermore are getting hot enough to keep the door open at night and that must mean one thing:  Summer is finally coming!  After just celebrating my 32nd birthday, I have come to the realization that in short time my daughter will be born.  Sometime in the next month I will be rushing to the hospital to welcome who will surely be the twinkle in my eye.

I cannot believe it is so close!  I am not ready...well I am ready, I am looking forward to it, but somehow those months that we had to get everything done in have flown by.  I have the thought that even if we felt like everything was done and accomplished, there would still be things forgotten about.  With that being said, there is not a moment that goes by that I do not think about how I want to provide for her, not only emotionally, financially, but I want to provide her new opportunities, and responsibilities. 

I want to teach her so much!  I want her to be able to make choices in her life, but not just choices because she feels like it, but because she has an intelligent and mindful discussion on why she would do one thing over another.  I look forward to holding her when she's little, consoling her when she's older and get's her heart broken, but what I look forward to most is being able to hopefully be able to discuss so much with her.

The funny thing is, the older you get the less you worry so much about what other people really think of you as long as what you are doing is good for you and your family.  You know that from experience you have little to lose by trying or by asking someone some questions, but everything to gain by asking the right questions.  Sometimes the 30 seconds worth of embarrassment are worth much more than you even could imagine.  As I have gotten older I have begun thinking more and more about what it is I will one day leave behind, and I hope my daughter will be the center of it all.  She immediately will represent my legacy, which is why I owe so much of my time and thoughts to her.  

This is just a beginning...there is so much more to come

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