About a year ago my wife woke up and groggily asked me, “What are you watching?” Her words might have been more colorful, but it was a while ago and I’m fuzzy on those details. I do however, remember vividly, that I had found the original tv show MacGyver on Amazon and I was watching the very first episode of the series.
Remember that show? Richard Dean Anderson as MacGyver. Always getting himself into and then out of these outlandish jams by creating some wildly clever solution. After you watch, you never look at a paperclip the same way again. It’s actually a fish hook, or the needle of a compass!
The world of financial planning doesn’t allow me to be so clever as MacGyver, nor would most clients want me to. There’s no way I can break your money out of your traditional IRA without penalty pre 59 ½. I can’t fill my sock up halfway with pebbles, tie a shoestring to it and lasso some lever to open up access.
Along those same lines though, there is creativity in repurposing what may seem like a single themed financial vehicle or product. A simple example might be the Roth IRA. The Roth IRA is a well known retirement savings option, but it can also be used to help pay for college! Like any option, there are pros and cons, but it is still an alternative use for a seemingly singular purposed account.
Boom, MacGyvered the Roth IRA! What will you MacGyver this weekend?
(many thanks to a new local brew pub for our cover photo)