Author: Igor

  • How Much Can I Transfer from a Traditional IRA to a Gold IRA

    One question that keeps on floating online when it comes to making an IRA transfer is “how much can I transfer from a traditional IRA to my gold individual retirement account? Well, Certain factors decide this. This page will enlighten you on all the factors that decide how much money an individual can transfer from their traditional IRA to a gold IRA.

    But First, what is a Gold IRA?

    A gold individual retirement account (IRA) works just like any other retirement depository. However, there are added benefits to this. With a gold individual retirement account, you have the benefit of more control over your investment.

    Also, you get to hold valuable precious metals such as physical gold coins and bars, platinum, silver, and palladium. Keep in mind that all precious metals accounts must be IRS-approved.

    How Does this Work?

    With a precious metal individual retirement depository, you get to invest all your retirement funds based on specific tax treatments. Then in the future, you take the distributions. The specific tax treatment is either pre-tax treatment or after-tax treatment. With a gold IRA, you continue to get beneficiaries. You also get quarterly statements and can check your balances anywhere.

    How Many Accounts are there?

    Just like any conventional retirement depository, the precious metal individual retirement accounts are made up of three types. There are as follows:

    Traditional Gold IRA

    This is a special type of retirement account that is tax-deferred. And, in respect to tax, works in similar ways as a pre-tax traditional individual retirement account. All your contributions and gains wouldn’t be taxed. The annual contribution limit set by the IRS on this depository is $5,500, for those under the age of 50. Whereas, if you are above 50, the contribution limit is set at $6,500.

    Roth Gold IRA

    This works just like any conventional Roth individual retirement account. This means that it is an after-tax retirement savings account. Although there isn’t any tax deduction upfront, the better part remains that when you take distributions, you do not have to pay taxes down the road.

    SEP Gold IRA

    This account is specifically for self-employed individuals and business owners. This savings account is similar to a pre-tax traditional retirement depository in the way it operates. This is because all contributions you make aren’t taxed. However, it offers a much higher contribution limit. So, rather than the $5,550 contribution limit, you contribute about 25% of your income.

    How Do You Set up this account?

    Setting up a gold individual retirement account is quite easy. Several companies can help. The best companies will provide a senior portfolio manager and a specialist to ensure you make the best decision.

    You can choose to complete your setup via the internet. You can also choose to complete the setup using a specialist assigned to you. The specialist will help you fill all the necessary applications, and ensure the process runs smoothly.

    How Much Can I Transfer from my Tradition IRA to my Gold IRA?

    As already stated, certain factors determine your transfer limit. Your age is first and foremost a deciding factor. For example, if you are 50 years or younger, you are legible to transfer up to $100,000 per year. However, if you are older, this increases. At this time, you are legible to transfer up to $200,000 per year.

    What is an IRA Transfer?

    This is when you transfer money from one retirement account to another. For instance, you can move funds from one traditional Individual retirement account to another. You can also switch from a traditional retirement account to a self-directed IRA.

    The transfer takes place between different banks. Your custodian i.e. your bank or broker is responsible for protecting the money in your retirement account.

    When transferring funds from an old IRA to a new one, your old custodian would provide the funds. Once you are provided the funds, you have about 60 days to fix that funds in a new account. 

    Failure to do so at the given time frame will attract a 10% penalty tax. The custodian you choose to work with will take charge of the transfer. This means you wouldn’t have to worry about penalty tax. You can check this link https://www.metal-res.com/gold-ira/how-much-can-i-transfer-from-traditional-ira-to-gold-ira/ for more details on how to make transfers without any hitches. 

    Are There Added Fees on my Gold IRA Transfer?

    There aren’t any rollover fees, or government-sanctioned fees applied to moving your traditional IRA to a gold IRA. Your custodian whether a bank or a broker will charge for their work. Some charge a fee to start the process. Some might charge for the completion of work. However, the transfer fee on average doesn’t exceed $50.

    What are the Benefits of Doing this Transfer?

    There is a lot to gain when you transfer out of your retirement account. And in most cases would depend on if you are adequately guided on making the switch. It is always best to seek financial advice when making such decisions regarding your investments and assets. Some of the benefits of making this type of transfer include.

    Diverse Portfolio

    It is risky to put all eggs in one basket. With a transfer, you get a more diverse portfolio. Precious metals can help to secure your money. It is a lot safer than paper currency as well.

    Protects from Inflation

    If the price of the dollar drops, it affects your ability to buy things. Gold and other precious metals help in this case because the price of gold is much higher than the US dollar. This page has more on how you can safeguard yourself from inflation. 

    Take Away

    You can choose to transfer money from your traditional retirement account to gold. It is a secure way to stay financially solid. The value of precious metals keeps on increasing. This means that your retirement depository will be a lot more valuable.

  • Studio & Shop Visit: Common People

    Studio & Shop Visit: Common People

    A couple of weeks ago, Barclaycard Freedom Rewards contacted us to invite us shopping at one of the local businesses in our city. We chose Common People, a Scottish menswear label which just opened its first flagship store in Edinburgh last August.

    Common People was founded 3 years ago by Kestin Hare, former Head of Design of English label Nigel Cabourn. After working in the industry for 10 years, Kestin decided to move back to his hometown, Edinburgh, to start his own brand.

    Common People focuses on quality, craftsmanship and local sourcing while creating affordable products as the same time. With a small team of three designers and a brand manager and designer, Common People has already made a name for itself in the Japanese and South Korean markets, and is now planning an expansion in the UK.

    The label’s customers are people with appreciation for premium quality and an interest in local sourcing and production, who show a support for British brands. These values are reflected in each of Common People’s designs – with pieces completely made in England and Scotland – and also with the label’s collaborations with other British brands.

    If you’re in Edinburgh, don’t miss Common People store on 46 St Stephen Street, Stockbridge. During our visit and after a few minutes checking all the amazing pieces on the racks, we decided to take home with us a pair of petrol blue brogues similar to the ones on the photos below!

    www.commonpeopleclothing.co.uk

  • Interview: Urbanears

    Interview: Urbanears

    Urbanears is a collective out of Scandinavia founded by Norra Norr, a Stockholm-based industrial design consultancy, and Zound Industries. Created in 2009, Urbanears, has changed the way we look at personal electronics.  

    The Urbanears headphones are made of coloured plastic, steel with aluminium detailing and handmade drivers. They are treated with a rubber coating that gives the headphone a matte look and a smooth feel. The headbands and cables are textile rather than plastic, making the products look and feel more like a fashion accessory rather than a mechanical product. The branding on each model is minimal and the overall design remains true to the Scandinavian design heritage.

    We had the amazing opportunity to speak to Marcus Rudbäck, who is the design director and co-founder of Zound Industries and part of Norra Norr.

    Could you tell us a little bit about your background; how you and your partners met, and started Norra Norr?

    Marcus Rudbäck: I’m the design director and co-founder of Zound Industries and part of the design group Norra Norr. I had worked as a Industrial designer for many different companies and as a consultant before Zound Industries, and mainly together with Norra Norr and Syntes Studio which I co-founded.

    My focus has been on consumer electronics, toys and games and sports equipment. Norra Norr is part of the collective that started Urbanears and founded the company Zound industries.

    Norra Norr is the product design part of the founders that started the company but today we work full time and have a great team of designers and engineers to bring you new products that make people proud and hopefully happy.

    The collective had a shared vision that we could make headphones and audio products relevant to the users and needs of the times we live in. We were pioneers with a inline mic and remote, as well as, the first to introduce legal music sharing through a smart extra socket which your friend can use to plug in an extra pair of headphones and listen together.

    We met through a need to make it our way and the urge to make it real. We came from a 50% fashion background and 50% electronic industry but all of use were determined to make a difference in the headphone world. This is something we have already done and we aim to do for a long time – when we started, headphones where black or fake silver and only a few made you look good in the street or had the modern everyday user in mind.

    How did you and your partners at Zound Industries come up with the idea of Urbanears? What the design process looked like?

    MR: The man with the plan, Konrad Bergström, brought us together as a collective. We wanted to make designer headphones affordable and in many colours but still normal enough and with minimal branding so that people of any age or style can feel good rocking a pair of Urbanears – you can still choose a bright colour if you want to be different but a pair of black should still feel tailored, with fabric headband and a cord with minimalistic design features and some metal accents, real metal, no fake stuff on Urbanears : )

    We strongly believe in design and innovation as well as good quality in everything we do: from the products to the campaigns, movies, etc.  During every product development we try to add some new innovation and not only style to the people that wear them. For example: the friend plug in Plattan, cable lasso in Kransen, turn cable in Zinken and the snap lock in Bagis, washable headband and ear-cushions in Humlan and a DJ equipment in your pocket with Slussen.

    Scandinavian design is praised for its simplicity and functionality around the world. What, in your opinion, influences Scandinavian aesthetics?

    MR: As Industrial designers for Urbanears we strive to make very minimal design and we have a saying: when no one would remove anything else from a design, we try to get ride of three more unnecessary features, split-lines etc. We say internally that we have to design Urbanears products with a small brush keeping close attention to proportions, materials, details and finish.

    Being Scandinavians we are very true to our heritage in engineering, acoustics and functionality, but we hope we bring some new edge and some rebel spirit alive between the lines in the products just by being true to what we believe in.

    www.urbanears.com

  • Studio Visit: Emily Millichip

    Studio Visit: Emily Millichip

    For a while now, we’ve been wanting to visit Emily Millichip’s studio. We met this Edinburgh based designer at the Stitch Lounge and really liked her aesthetics and the bright fabrics she uses in her designs.

    Emily’s studio is based at the Art’s Complex, which used to be a colossal office space now converted into studios for local artists, designers and start ups.

    We spoke to Emily to find out what inspired her to become a fashion designer and know more about her favourite places in Edinburgh. Read the interview after the photos.

    When did you first start designing? Also, who or what inspired you to become a designer?

    I started designing in my early twenties, mainly through an extreme hatred for all of the clothes that were in the shops. Things have improved in the UK but for a while there seemed to be a misconception that the country was populated by 16 year old supermodels. I was really into the style of the 1950s and was ordering clothes from California. Eventually I thought that it would be cheaper and easier to learn to make the clothes myself. It was also probably the result of getting a ‘proper’ degree and doing a string of horrible jobs in admin. I decided I needed more colour in my life and waved goodbye to being able to pay my rent on time.

    What do you draw inspiration from?

    I am inspired by high trash, interesting people, crazy grannies, reading, adventure, music and cheap red wine. When I have time I look at personal style blogs as I find them much more relevant than fashion magazines which bore me to death. I also like to go on solo camping trips and get drunk on rum and concoct new plans around the campfire.

    When you’re designing, what woman do you have in mind?

    I am always designing for myself. I tend to imagine an amazing scenario I want to be in and then go about making the outfit I would need for such a scenario. This involves a lot of imaginary trailer parks and trips to Mars. Frequently it involves ridiculous Hawaiian prints, silver sequins and pink wigs. In reality though I have mostly made some great outfits to go and buy milk from the shop.

    Tell us about your favourite places in Edinburgh.

    My favourite places in Edinburgh are all of the beautiful old graveyards, Portobello Beach, little old man pubs and anywhere in Leith. Leith is amazing. Why would you want all of the dignified grandeur of the New Town when you could have the chaos of Leith?

    www.emilymillichip.com

  • Reaching Your Inner Artist

    Contrary to popular belief, artists aren’t freaks of nature or unusual in our society. Indeed, everyone has an inner artist just waiting to burst out when they finally discover their talents. With that in mind, this article will highlight just some of the techniques you might want to follow if you plan to uncover your skills and become an artist that people respect. As with anything else in this world, you should always follow a path that works for you. So, there is no obligation to try any of the techniques mentioned in this post. They are just here to provide some inspiration and point you in the right direction.

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    Consider an art-related educational course

    There are many full and part-time courses available for people who want to reach their inner artist. In most instances, you just need to get in touch with local schools and colleges and make some inquiries. However, there are also lots of art groups that pay for influential speakers and offer some form of art education. So, take a look at all the options on the table and then work out which is right for you. In some situations, you might spend your days drawing life models or something similar. Still, there are many different types of art, and so it all depends on which niches tickle your fancy.

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    Find work in an artistic industry

    Getting a job in an artistic industry can seem impossible if you don’t have any skills or experience. However, there are some roles for which your talent could be enough to gain the attention of the employer. For instance, you might think about contacting local tattoo shops and asking if they require an apprentice. You’d have to invest in tattoo equipment, and you might not earn much cash during the first few months. Still, that’s a fantastic way to get your foot in the door and work towards your goals. While some people think tattoos are less than artistic; they’re a brilliant option when you’re just starting out.

    Network with other artists

    Creative people need to bounce ideas off each other if they want to hone their skills and improve. For that reason, it’s essential that you take the time to network with other artists in your local area. Maybe there are some social groups you could join that contain lots of like-minded individuals? Perhaps there are some bars of cafes in town where local artists tend to hang out? Your goal is to make as many friends as possible who have the same ambitions and levels of creativity as you. If you struggle to do that, try meeting people using:

    • Social media
    • Internet forums
    • Local colleges
    • Art exhibitions

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    Exhibit your work as soon as possible

    At some point, you will create enough original artwork to host an exhibition. You can usually do that at libraries, colleges, or art galleries in your home country. Some people even decide to try something different. It’s probably wise to avoid charging too much before you build a decent reputation. However, that process will enable you to earn some money from your talents, and you might even sell a few paintings too! If you can’t find anyone willing to display your art; you just need to think outside of the box. Plenty of people exhibit their work on the street or in unusual places with great success. So, think outside of the box until you think of a concept that will work for you.

    Take criticism and learn from it

    All artists have to deal with criticism of their work. Sometimes those reviewers will say some hurtful things, but you can’t let them get you down. You just need to learn from their comments and try to impress them the next time around. However, you should begin that process as soon as possible. So, when you organise an exhibition, it makes sense to invite local journalists or art writers to the show. That way, you should get a mention in their publication regardless of whether they enjoyed your talents or not. When all’s said and done, all publicity is good publicity!

    You should now have a decent idea about the best ways to reach your inner artist and turn your life around. Art is one of the most critical elements in human development, and it holds a special place in most people’s hearts. You just need to tap into their emotions and say something original with your work to ensure it gets as much attention as possible. While you don’t have to become a controversial artist, nothing is wrong with speaking your mind through the pictures you create.