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From: jgpo@iwu1a.UUCP (John, KA9MNK)
Newsgroups: net.invest
Subject: Re: Interesting IRA Idea
Message-ID: <191@iwu1a.UUCP>
Date: Thu, 6-Sep-84 13:59:10 EDT
Article-I.D.: iwu1a.191
Posted: Thu Sep  6 13:59:10 1984
Date-Received: Sun, 16-Sep-84 12:06:04 EDT
References: <1031@ucla-cs.ARPA>
Organization: AT&T Bell Labs, Naperville, IL
Lines: 24

I believe it *is* legal to borrow money to finance your IRA.  At least I
*hope* it is, 'cause that's how I started mine.  When I applied to borrow
$2000, I put "funding IRA" in the purpose-of-loan space on the application.
The loan officer looked at it, said "That looks like a worthy cause," and
approved the loan.

The confusion may stem from the All-Savers certificates offered a few years
ago, where it *was* illegal to borrow money to buy one.  I just wonder how
many "vacations" and "home improvements" magically turned into All-Savers
once the money was in hand.  "Gee, Marge, I've got a hangnail.  Can't go on
a world cruise in this condition.  Well, as long as we've got all this money
not doing anything, let's buy an All-Savers."



	I'd like a cell with a view, please,

		John Opalko
		AT&T Bell Labs
		Naperville, IL
		{just about anything}!ihnp4!iwu1a!jgpo