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If You Make Over $154,000 Per Year, Cavuto Feels Your Pain

Reported by Melanie - October 29, 2008 -

Dave Ramsey, the folksy talk show host who dispenses financial advice on both the radio and on the Fox "Business" Network, was a guest today (October 29, 2008) on Your World.

Ramsey was on to give advice as to what people should do if their employer stops matching their 401K contributions. Here's his piece-of-cake, what's-the-problem, quit-your-whining advice:

"You do not want to do a non-matching 401K until you've fully funded a Roth IRA because a Roth IRA grows completely tax free. Picking out a good mutual fund with a long track record, you want to fund the 5,000 each, if you're married, that'd be 10,000 a year into that, which is 830 bucks a month; that's a bunch that you can..."

Though the ability to save $830 a month is, more than likely, beyond the reach of the vast majority of Cavuto's audience, he had the gall to interrupt with this: "But there's an income limitation on that, right?"

Ramsey: "Oh yeah, yeah. The evil rich people are not allowed to do this. If you make over 154, married, filing jointly, you can't do the Roth."

Comment: This really ticked me off. One of the biggest things happening in our country right now is that people are hurting financially and they're scared. Many people are dipping into their 401K's - never mind actually adding to them - to the tune of $830.00 per month no less. Yet these arrogant elitists come on and express indignation that couples making over $154,000 per year are getting screwed. Unbelievable. If course, this was done in the context of Obama's tax plan, which Cavuto is obsessing about because he and his buddies will have to pay more if Obama wins (and if the tax plan is enacted into law) and you can be sure that's the demographic he's looking out for. Certainly not "the folks." Rule of thumb: if Fox is against it, chances are, you should be for it.