If you would like to save money and make money at the same time, this is a neat little strategy I came up with years ago.
Assuming you qualify for contributing to an IRA and you have not already done so, try this:
Borrow the $5,000 from a bank for one year at, say, 8% and invest it in your IRA. If you are in the 28% tax bracket you immediately save $1400 on your taxes. But you will only pay the bank $191.60 in interest. You have popped $5,000 into your retirement and saved a total of $1208.40
Are you married? You can double the savings by investing in an IRA for your spouse, as long as he/she qualifies.
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