Hey, everyone. Happy New Year and welcome to the Stay Wealthy podcast. I'm your host, Taylor

Schulte. And before we get into today's topic, I just wanted to share a quick tip with you

just in case you haven't caught wind of it yet. So the tip is not to abbreviate the year

2020 when you're signing documents or writing checks. This year's abbreviation is interchangeable

and it could possibly be used against you. For example, a scammer could manipulate a document

or a check dated 115-20 into 115-2019 or even 115-20-211.

So let's say you agreed to make a payment and you wrote 115-20 on a check.

If the wrong person got a hold of this check, they could theoretically change your payment obligation to, let's say, 115, 2019.

And they could try to collect some additional money by cashing a backdated check.

They could also change it from 11520 to 11521, making an uncashed or a lost check active again.

Now, perhaps you don't write checks these days, and I don't really either, but you're still

likely going to be signing important documents.

And writing out the full date could possibly better protect you and prevent legal issues on paperwork

if there's ever something in question according to a USA Today article that I'll link to for you

in the show notes. So when possible, spell out the month and just write the full date just to be

safe. Okay, on to today's topic, we are busting myth number four,

the final myth in this myth, myth busting series. Myth number four says that contributing to a

traditional 401k and getting that nice big tax deduction is better than contributing to a Roth

where you don't get a tax deduction and money is deposited after taxes have been paid.

Even if you don't have access to a 401k, you likely have the ability to contribute to a Roth IRA or even a non-deductible IRA.

So stick with me to learn why a current year tax deduction shouldn't necessarily influence your

decision here. For all the links and resources mentioned in this episode, visit you staywealthy.com

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