Why a Roth IRA might actually suck for you

Plus, the worst thing you can do if you win Mega Millions No Images? Click here   The Mega Millions jackpot is up to $1.6 billion this week. It’s obviously not a financially sound decision to buy lotto tickets, but I joined a pool with some friends for the fun of it. (My personal rich person dream: a fork and a pool full of Korean pancakes.) Sometimes you just gotta live a little with your money. And it reminded me of what my colleague Noah Michelson wrote about the most unforgivable thing you can do if you win the Mega Millions jackpot. He’s right, you know! So good luck, everyone, and even better luck after taxes. For all of us who don’t win, we’ve got everyday financial advice below. It’s not necessarily as fun as winning the lottery, but it’s a lot more likely to matter. Janie   Take back your life Financial experts always tout the Roth IRA as the best way to save for retirement, but we did the math — and the Roth isn’t a win for a whole lot of people. For example, if you contribute while working in New York state, and then retire to Florida, you will have paid a TON of taxes you didn’t actually have to pay. Here’s why the Roth IRA isn’t a slam dunk after all. 3 big reasons to think twice about a Roth IRA     Deal with it If things are tight, the first step you probably take is to slash your spending. Then you budget. To the death. You cut out all extras and scrimp where you can. And you’re still not getting ahead! Remember that your potential to earn is technically limitless, as Casey Bond reports — and a manageable side hustle can give you that little cushion you need. We’ve got a list of ideas to get you started. Earn extra cash with side hustles you won’t hate Pro Tip: Ever tried to buy something from Amazon, but it’s an “add-on” item you have to spend $25 to be able to purchase? Well, the folks at Lifehacker have a little hack for that — you just have to be willing to live on the edge:    The next time you need an add-on item, go find something you can preorder: a book, a video game that comes out in a few months, a movie, et cetera. Purchase your preorder and your add-on item in the same order, and the latter should ship out to you right away… Then, once you have your add-on item, cancel your preorder. This might not matter, but I typically give myself a month or so to cancel the preorder... I always feel as if Amazon will know I lied if I cancel the preorder the same day I receive the add-on item. There you have it. An ethical dilemma and a shortcut for savings, all in one. Good luck. Want more practical magic? How to find retirement advice you can trust [Considerable] The best time to book plane tickets for Thanksgiving [R29] 5 products that’ll have the biggest Black Friday discounts [US News] Don’t miss out on financial aid with these FAFSA mistakes [HuffPost]    .     HuffPost is now a part of Oath and a part of Verizon. On May 25, 2018 we introduced a new Oath Privacy Policy which will explain how your data is used and shared. Learn More. No moon dust. No B.S. Just a completely essential daily guide to achieving the good life. Subscribe here. Like what you see? Share it. Can't get enough? You'll also love HuffPost's Entertainment newsletter. ©2018 HuffPost | 770 Broadway, New York, NY 10003 You are receiving this email because you signed up for updates from HuffPost Feedback | Privacy Policy | Unsubscribe      . - - Preferences  |  Unsubscribe