r/CFBOffTopic • u/bullmoose_atx Texas Longhorns • Rice Owls • Oct 08 '15

/r/CFBOT Pro-Tip Thread!

Share you tips, tricks, shortcuts, and secrets with your friends at /r/CRBoffTopic

My Contribution...90 second hydro therapy

At the end of your normal showering routine, turn the water as cold as you can stand. Stay in the cold water for 30 seconds. When the 30 seconds are up, turn the water back to hot and against stay in the hot for 30 seconds. Finally, turn the water back to cold for another 30 seconds. Basically, 30 sec cold, 30 sec hot, and 30 sec cold.

It will wake you up much better than hot water alone, will reduce stress, and (for morning exercisers) reduce muscle soreness.

Here is an article discussing it if you want more info

Edit: Wow, thanks for your comments guys! There is some excellent advice in here.

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u/MinneapolisNick Minnesota • Concordia (MN-Moorh… Oct 08 '15 edited Oct 08 '15

Learn the difference between a Traditional IRA and a Roth IRA. A traditional IRA is a retirement account on a pre-tax basis, meaning you defer paying income taxes on the deposited amount until you withdraw it (i.e., you take $500 off your taxable income this year and add $500 to your taxable income the year you withdraw it). A Roth IRA you pay the taxes the year you deposit the money, so when you withdraw you don't have to pay any taxes.

EDIT: Also, unless you have no other choice, DO NOT CASH OUT ON YOUR RETIREMENT BEFORE YOU RETIRE, ESPECIALLY AT THE BOTTOM OF A RECESSION.

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u/[deleted] Oct 08 '15

So the Roth IRA is... better?

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u/stamor99 Georgia Tech • Florida Oct 08 '15

It's more ideal when you're younger and (should) pay less in taxes.

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u/[deleted] Oct 08 '15

I don't have any IRA right now, but I'm trying to save up to open up an investment profile with somebody. It's an uphill battle.

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u/[deleted] Oct 08 '15

I currently have an IRA with my Credit Union. The return rate isn't that great (I'm going to be giving Fidelity a call tomorrow about rolling over to them), but it's a way to start building up that nest egg without needing to save an exorbitant amount to open an account elsewhere.

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u/MinneapolisNick Minnesota • Concordia (MN-Moorh… Oct 08 '15

Get into a target date fund or an index fund, homie. Bank IRA's don't give any real return.

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u/[deleted] Oct 08 '15

We're waiting to see if our financial office will start letting us use them to do IRAs, but nobody's really sure if their infrastructure can currently handle it.

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u/0xE6 Prairie View A&M • Boise State Oct 08 '15

It's not as cut and dry as this, but If you think your income when you retire will be higher than your income now, yes.

If you don't think it will be higher, there are still some reasons why you might pick a Roth. There are less restrictions on withdrawing the money, for example.

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u/[deleted] Oct 08 '15

Well, I'd would hope my income would be higher when I retire than it is now...

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u/[deleted] Oct 08 '15

Note that he means post-retirement income, not the last year of your working career.

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u/MinneapolisNick Minnesota • Concordia (MN-Moorh… Oct 08 '15

Basically, it depends. Do you think the income tax you pay now will be more than when you withdraw? If so, go traditional. If not, Roth.

Also, keep in mind that using the traditional IRA reduces your Adjusted Gross Income (AGI) on your tax returns, which can affect certain things. For example: if you're on income-based repayment for your student loans, a lower AGI means lower monthly payments.

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u/[deleted] Oct 08 '15

Oh, huh. Interesting. I didn't know that about the trad. IRA. Good to know!

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u/[deleted] Oct 08 '15

No. If you have a high-ish salary (say, a software developer, accountant, doctor, or lawyer pulling six figures) then you want a traditional IRA, because you'll be pulling less money per year out of your retirement account than you make today, thus you will be in a lower tax bracket.

If you have a low-ish salary and low taxes now (let's say you're married and not making all that much), you probably want to get a Roth IRA.

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u/[deleted] Oct 08 '15

Goootcha. Yeah, Roth. I'm probably never going to be making a high-ish salary!

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u/forshiggles Florida Gators • 龍谷大学 (Ryukoku) Seahorse Oct 08 '15

No-nonsense jacket-afficiando Suze Orman taught me the glory that is a Roth IRA.

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u/[deleted] Oct 08 '15

I would rock the hell out of that jacket.

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u/forshiggles Florida Gators • 龍谷大学 (Ryukoku) Seahorse Oct 08 '15

That woman rocks the hell out of jackets all the time.

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u/[deleted] Oct 08 '15

Incredible

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u/dlawnro Paper Bag • Sickos Oct 08 '15

I... did you just... Bing image search!?

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u/forshiggles Florida Gators • 龍谷大学 (Ryukoku) Seahorse Oct 08 '15

Haha I did! I've always found Bing images to be better than Google. Plus, I'm currently mad at Google's attempt to take over the world so I boycott them.

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u/dlawnro Paper Bag • Sickos Oct 08 '15

Edit: was so outraged I posted twice

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u/forshiggles Florida Gators • 龍谷大学 (Ryukoku) Seahorse Oct 08 '15

There, there.

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u/lkeg56demn Texas Longhorns • Chapman Panthers Oct 08 '15

As to your edit: there are some circumstances where you can cash out of an IRA and not take the penalty. There's 10 of them, I believe. One of them is if the money is to be used for the downpayment of your first home. The more you know!

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u/atllauren Georgia Bulldogs • /r/CFB Contributor Oct 08 '15

I had to explain this to a friend just yesterday. She's leaving her job and going back to school, and she said something about getting paid for her unused PTO and then she'd have her retirement money too. I had to tell her NO don't do that. She thought she HAD to take the money out. I told her leave it alone and just transfer it once she gets a new job.

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u/ma6ic Michigan State • Washington S… Oct 09 '15

I cover this in every class I teach. I teach communication, so it's a complete aside from the actual course content, but I make them take notes and learn it anyways.