I need help with this finance stuff?.html

Question by My midpt. in life.: I need help with this finance stuff?
I was reading a book about finance and investing in this book called ?the girls guide to everything and finance?. Im still trying to get this stuff.

what does tax deductable mean? What?s so great about Tax deductable?

what the diffrence btw IRA and ROTH IRA ?
I need something I can remember, any tricks or rule of thumb?

what does accure mean?

what?s Fico and what are the major credit beaures? (they watch your credit right?)

Thanks much!

Best answer:

Answer by gotcha212
So many questions?

Tax deductible means you can deduct the amount from your salary before calculating taxes on your tax forms. So if you made k last year, and had k that was tax deductible then you would only pay taxes on k. This can make a HUGE difference.

Traditional IRA = money put in before you tax it, you are taxed on the money when you take it out.
Roth IRA = money put in after taxes, not taxed on the money if you leave it in long enough.

Accrue is a term that?s kinda like added up. So how long would it take for to accrue to 0 at a 10% interest rate means how long would it take the interest earned at a 10% interest rate to add up to 0

FICO is the term used for the score created on your credit. The credit reporting agencies help create this and then the number is used when you apply for credit. The higher the score the better, with 850 being the highest. Any FICO over 670 and you will have little trouble getting credit. Credit reporting agencies are Experian, TransUnion, and Equifax.

Give your answer to this question below!

presidential debate pga tour argentina train crash nancy pelosi