A few months back I opened a Roth IRA with $200 with ING Direct because they offered to add an additional $50 if I did. I received an email with an offer from them yesterday that if I opened a Roth IRA with $1000 they would give me $76. Because I already open one I cannot take advantage of the offer but my DH has not opened one with ING Direct so he can.
Just like the last ING deal, I am pulling the money for the deal out of my emergency fun (EF). However, unlike the last deal I am not sure when I will be able to pay it all back. I put away $420.90 every month, $400 from the rental and $20.90 from the 2% reduction in social security. However, the lease for our rental expires in September and it can take a few months to find another tenant. It is possible that our current tenants have not found a place they want to buy yet, but I like to assume the worse.
If I do not get a tenant by December I still will owe $74.60 to my EF. I hope to find a tenant, within a month or two but I am a new landlord so who knows what will happen. This also means that after next month my millionaire updates will probably be pretty boring and unchanging.
However, I will be making a 7.6% on my money before even putting it in the stock market, and its associated risk. Owing myself, not others, is a risk I am willing to take to make 7.6%.
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