Investing in a Roth IRA can be smart because contributions are made with after-tax dollars, allowing tax-free growth. When you withdraw in retirement, you keep it all. I retired with 2 million dollars.
@ApBurger3532
9 күн бұрын
I bet you didn't manage that without a financial advisor. Approaching retirement, I've greatly benefited from their guidance. Starting late, I knew index fund compound interest wouldn't suffice. Surprisingly, I've outperformed peers who've invested for years.
@sometimesPimpin
9 күн бұрын
Ha! I didn't bring that in on my own. I was clueless in finance. A great advisor truly makes a huge difference.
@Shirleypos
9 күн бұрын
I'm doubly impressed by this. Could you refer me to who you work with, please?
@sometimesPimpin
9 күн бұрын
"Kristin Amber Landis" is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
@Shirleypos
9 күн бұрын
Thanks a lot for this. I just checked her out now and I sent her an email. I hope she gets back to me soon.
@sarahfletcher01
18 күн бұрын
Amazing. “THIS IS HOW I GOT RICH”
@sarahfletcher01
18 күн бұрын
The first step to building wealth is figuring out your goaIs and risk toIerance - either on your own or with the heIp of a financiaI pIanner, and foIIowing through with an inteIIigent pIan, you wiII gain financiaI growth over the years and enjoy the benefits of managing your money.
@sarahfletcher01
18 күн бұрын
I am fortunate I made productive decisions that changed my finances (gathered over 1M in 2years) through my financiaI planner. Got my 2nd house in Feb, and hoping to retire soon.
@sarahfletcher01
18 күн бұрын
researvh this, if you care
@sarahfletcher01
18 күн бұрын
FinanciaI-PIanner Rebecca Mart-Watson (in fuII
@yung1448
18 күн бұрын
l’m amazed to partake on this, lt has rekindled the fire to my goals.
@NicholasBall130
27 күн бұрын
Biggest financial mistake I ever made was with my 401k. My company had a Roth 401k when my kids were in college, but I didn't actually start contributing until year 3 of the 6 years I had kids in college. Because I was helping them with expenses, I was entitled to the tax credits, so my effective tax rate was extremely low. That is the time you NEED to be in a roth! i still retired with about $350k in my 401k.
@RafuqueAhmed117
27 күн бұрын
People don't really know this, You need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving.
@StacieBMui
27 күн бұрын
I totally agree; I am 66 years old, recently retired, with approximately $1.2 million in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, I didn't do all this alone, but with the help of a financial advisor. Having one is currently the best way to trade in the stock market, especially for people nearing retirement.
@JerryOrion
27 күн бұрын
My portfolio has been in the gutter for the entire year, so I started researching new ways to profit in the market, but everything I tried just seemed to miss the mark. Please let us know the name of your financial advisor.
@StacieBMui
27 күн бұрын
Credits goes to " Sonya lee Mitchell" one of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
@VictorBiggerstaff
27 күн бұрын
I looked her up, and I have sent her an email. I hope she gets back to me soon. Thank you
@travispaul5149
Жыл бұрын
ROTH IRA isn't a bad idea. No doubt, A good way of growing and saving your money is through investing. You don't need to have much before you can invest. "That little money you have now can make you millions if you invest it wisely". I wasn't financially free until my 40's and I'm still in my 40's, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn't matter if you don't have any of them right now, you can start TODAY regardless of your age INVEST and change your future! Investing is a grand choice I made.
@vicvic1595
Жыл бұрын
Nice one , Any investment tip for me? Would like to know how you came this far.
@travispaul5149
Жыл бұрын
@@vicvic1595 Generally, investing requires higher knowledge. For this reason, It's important to have a solid support structure (financial consultant) to guide you through, especially in asset picking. I operate with William Alex Jude an investment advisor who partners with a licensed wealth management firm.
@travispaul5149
Жыл бұрын
@@vicvic1595 For the record, the experience has been the best for my finances. He is quite popular for his services so you might have heard of him. I earn on a monthly basis through passive income with his Financial aid
@vicvic1595
Жыл бұрын
@@travispaul5149That's great, your investment advisor must be really good. I have seen testimonies of people using the help of investment advisors in making them more financially stable. Do you mind sharing more info on this person?
@travispaul5149
Жыл бұрын
@@vicvic1595 You can easily find his details online and leave him a message by searching his name "William Alex Jude". He even got featured on CNN and Bloomberg recently, he's quite easy to work with irrespective of your location.
@user-bro0921
4 ай бұрын
I really needed to know this right now 🙏🏼❤️❤️❤️
@santarosahero
10 ай бұрын
Finally first YoutTuber I've seen mention this. Most incorrectly say you will get penalize no matter what. I had to correct a lot of them since I don't want people getting the wrong advice. I only found out last year while doing my own research. Even many financial website don't know this or fail to mention this important distinction.
@onmywayberlin
3 ай бұрын
It was my case, I fought more than 3 months for and all agents keep saying the same stupidity “ you have to pay penalties “
@kevinuriarte5895
25 күн бұрын
I have a Roth IRA, and I brought this up, they said no, I'm subject to 10 percent penalty, who can I talk to about this because there telling me I'm wrong!? Fidelity that is. Simple Roth ira
@AanyaDarika_
10 ай бұрын
I’d be retiring or working less in 5 years, and considering this financial recession, I’m curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $250K per year but nothing to show for it yet
@_davidturner
10 ай бұрын
Do you have a 401k? you should contribute to your retirement diligently, or better still look into financial planning
@ClaudiaRom
10 ай бұрын
Very true, I find myself lucky enough exposed to money management at an early age. Worked full time when I was 19, purchased first home at 28, fast forward time... I'm 50 now, got laid off March 2020 amidst lockdown, a blessing in disguise. At once, I consulted an advisor to stay afloat and with subsequent investments, I'm only 15% short of $1m as of today.
@Javier_Rodri
10 ай бұрын
@@ClaudiaRom this is huge! would love to grow my reserve regardless of the economy situation, my 401k has lost everything accrued since early 2019, at this point, i'm in need of guidance, can you point me?
@ClaudiaRom
10 ай бұрын
@@Javier_Rodri I’ve shuffled through a few experts in the past, but settled with ‘LOREN LENA WALKER’. The strategy they use is recession-proof, more specifically profit-oriented, and most likely, you'd find her basic info on the net, she's a renowned advisor.
@Javier_Rodri
10 ай бұрын
@@ClaudiaRom thanks for info! curiously copied and pasted her full name on my browser, spotted her page easily, she actually looks very distinguished
@annagrace1159
Жыл бұрын
Rich BFF is the BEST FRIEND 🎉
@kyleknapp6029
6 ай бұрын
Omg I love her channel so much
@melforjesus
4 ай бұрын
I didn’t know this. Thank you! Great info.
@lasurfette7830
4 ай бұрын
Yep. I just took out several thousand dollars because I’m unemployed and running out of savings.
@ZavHustles
5 ай бұрын
What happens to my Roth IRA account if in a few years I start earning more than the max allowed for the Roth IRA?
@RUMBLEF15H
Ай бұрын
Purchasing a primary residence has a tax reduction for the earnings also.
@CessnaPilot99
4 ай бұрын
Love your sassy hands
@andreavanda5402
4 ай бұрын
Great tip ❤
@lucasasselmeier7825
11 ай бұрын
And you can use Ira to compound dividends and take distributions when we you would need. Works well for higher yielding assets
@bloxer9563
10 ай бұрын
Yeah
@jeanebomfim8972
9 ай бұрын
You did not mention that need to wait 5years after contribution to withdraw
@CessnaPilot99
4 ай бұрын
That doesn't apply to contributions. Google the five year rule Roth.
@veronicagraves5621
9 ай бұрын
Thank you.
@blakecherry4914
Жыл бұрын
Wow. Thank you so much for this!
@kevinulmer9409
4 ай бұрын
Can you do covered calls in a robinhood roth ?
@GoldCardHunt
9 ай бұрын
Hello, thanks for your content! What company did you start your IRA with?
@sage2163
9 ай бұрын
How do I know when I have reached my Roth IRA limit on Vanguard?
@bridgecross
8 күн бұрын
Since all Roth growth is tax free, why on earth would you want to take the money out earlier? Draw from your other sources first, maximize the amount of time you hold the Roth. Holding a Roth for an additional 5 or 10 years into retirement might mean an entire year tax free at some point.
@tristanmolina894
4 ай бұрын
Sucks that the banker doesn’t know the rules in this video.
@marythetallone02
2 ай бұрын
I'm trying to figure out the right way to take my contributions out of my robinhood roth, do I have to sell off the exact amounts I bought of different ETFs?
@alwaysachance217
6 ай бұрын
Does it matter where you start your Roth IRA?
@TheeOnlyDerrick
Жыл бұрын
I wish I knew this 5 yrs ago
@hondas8447
2 ай бұрын
Is it possible to to convert Roth IRA asset to broker acc without selling it once you retired
@HugoBergmann-lu4nd
12 сағат бұрын
Recently retired and unsure if my 401(k) and IRA will provide a stable future. i need an approach that will align with my risk tolerance and financial goals, i set aside $1m to achieve this. Do you suggest i get into stocks or buy a rental property?
@jmar385
11 ай бұрын
ROTH 401k
@WEFAbender6
Ай бұрын
So the $80 i put in thats just sitting there as cash value can be withdrawn without tax penalty? Because im doing my taxes right now and its saying i might have to pay taxes on the money, granted im still trying to figure out my basis amount
@kikitaylortay972
7 ай бұрын
Can you withdraw dividends in your money market account in a Roth IRA? If so, is that tax free?
@jkjokerlol8871
Жыл бұрын
So (for a fellow part of the dummy club to understand) if you had to, you SHOULD only sell LESS than what you originally put in? Did I understand that correctly because I always wondered this question
@soothingdreams4461
Жыл бұрын
What is the best company to get your Roth IRA from
@jmar385
11 ай бұрын
Just get ROTH 401k at your job
@MoneyFlix.
9 ай бұрын
hello I made a video explaining that and how the Roth IRA works 👍🏼
@neophytestacker9471
10 ай бұрын
If i sell a position in my roth ira that was originally $250 and grew too $750. and i reinvest the total into a new position, do i pay for anything? How does taxes work on that sale?
@lotto5742
9 ай бұрын
You dont pay taxes at all as long as you dont take the money out. For example, you put $250 and made capital gains of $750. As long as the money stays in your account, you wont pay taxes on it and you can reinvest it.
@jeffreywilliams9220
Жыл бұрын
🌹🔥🔥🔥🔥
@sundrisworld
Жыл бұрын
Good advice Vivian 😍
@alishagarcia5150
6 ай бұрын
My husband's company is closing. He is 58 and he has 45,000 in a 401K. What should he do with that money?
@TexasCoffeeBeans
4 ай бұрын
He should give it to me.
@stavyjoe
3 ай бұрын
Hi, I had a question, and if anybody in the comments could help me out, that would be great! so I put down 6% to my 401(k) which my company matches at 6% but should I take that 6% and use it towards a Roth IRA instead? That way if I do have a milestone, I do have the option of using those contributions?
@stavyjoe
3 ай бұрын
Also, when I started doing, at least I started today was 6% in my 401(k) and 2% in a Roth IRA, I’m just looking for advice
@evejoe02
Жыл бұрын
Bestie! You don’t have to pay this back?
@kipbrenchley2436
8 ай бұрын
But isn’t the earnings like .001% ?
@KhanhNguyen-bx2cr
Жыл бұрын
Im slow. Somebody please help me. So you can take out your contribution the money you earn however you cant get the earning which is the money the grows in interest... Right?
@dontme5670
11 ай бұрын
Correct. You cam take out the contribution, no taxes or penalty fees. You can take out whta interest you earned too, but those will be hit with a tax and early withdrawal penalty fee. Which is highly not recommended, plus kind of defeats the purpose of a roth ira. So never take out your earnings!
@johnvu7151
11 ай бұрын
Is 10k is the max contribution I can take out without penalty?
@lotto5742
9 ай бұрын
No. You can withdraw up to the contribution you put in your Roth IRA penalty free because the money already been taxed.
@johnvu7151
9 ай бұрын
And I don't have to wait 5 years to take my contribution out at penalty free?
@lotto5742
9 ай бұрын
@@johnvu7151 correct. You don't have to wait 5 years to withdraw your contributions. Only your earnings on dividends and capital gains.
@jeanebomfim8972
9 ай бұрын
@@johnvu7151have you figured this out?
@lindapreston2417
Жыл бұрын
So mentally where to go to buy?
@bedazzledmisery6969
4 ай бұрын
God this just makes me more confused
@phyllisthomas1500
Жыл бұрын
I got questions
@frankharris6136
Жыл бұрын
❤
@jorad4887
3 ай бұрын
most of the youtubers talk alot of B.S. because they don't know the rules and regulations but she does!
@wl6279
10 ай бұрын
lol 😆
@ofsoundmind143
Жыл бұрын
How did you contribute $25k into Roth IRA when limit is $6000 for 2022? Was that over more than 1 year?
@waynecsmith5145
Жыл бұрын
Can be a one time rollover or over time…
@bloxer9563
10 ай бұрын
Ot
@kellymehta4656
Жыл бұрын
UWU
@BlakeC341
11 ай бұрын
Straight up copied Erika lol.
@strangergranger10
10 ай бұрын
1)As a single tax filer, if I make $200k short term capital gains, no job, can I use that to fund a Roth IRA account??? 2) Or if I have a job making $40k a year and make $200k on short term capital gains, will it affect my qualifications to open up a Roth IRA???
@fosterthesose
8 ай бұрын
1) You must have earning income (W2 Salary). 2) The IRA contribution limits for 2023 are $6,500 for those under age 50, and $7,500 for those age 50 or older. 3) For 2023, as a single filer, your modified adjusted gross earned income (MAGI) must be under $153,000 to contribute to a Roth IRA. As a joint filer, it must be under $228,000
@BruceJSkelly
Жыл бұрын
Don’t forget to track your after tax contributions on IRS Form 8606. Otherwise you may not be able to prove how much your Roth IRA is after tax money.
@SingingAesthetician
Жыл бұрын
What is that? Do you turn it in? I started my IRA at 38 two years ago and invested in the Fortune 500 and lost $2,500 and made nothing in interest only lost .. and I never had a job with a 401k so if I had never invested I would be better off.. cry😢
@the-fantabulous-g
Жыл бұрын
@@SingingAesthetician keep buying and holding- the market trends upwards over time. if you just buy VTI or VOO, you’ll have a comfortable retirement nest egg. just throw $500 (or any amount you’re comfortable with) into your IRA monthly into VTI. No joke, that’s it, that’s all you need fam
@SingingAesthetician
Жыл бұрын
@@the-fantabulous-g thank you for your help, but starting at 40 is it too late for me?
@darrell_dee97
Жыл бұрын
@@SingingAesthetician No it's NEVER too late to start. Research Index funs with low expense ratios a "G" mentioned previously. The markets always come back.
@enigmathegrayman2953
Жыл бұрын
The down side…..and it’s a BIG ONE, you can’t get those Roth IRA contribution years back unless you know Doc Brown from the movie Back To The Future and ride in his DeLorean Time Machine! 😂
@waroftheworlds2008
Жыл бұрын
This!! A 401k loan is better and how good that is depends on the market.
@AnnelisR
Жыл бұрын
You’re a MVP Viv 🏆
@fantasticdjmover4017
Жыл бұрын
I’m already retired and you do have to still pay taxes at the end of the year when you withdraw the money. Please tell me how I don’t have to pay taxes twice when I do that I have to pay taxes when I take it out and I have to pay taxes at the end of the year. Can you help me with that?
@ramindarbari
Жыл бұрын
Wrong! You can't just withdraw your "contributions". It will be prorated-e.g. if have 300k in total in roth (and assume no employer match), 100K contributions and 200K gains, if you withdraw 60K, 40K of that automatically will be gains and subjects to taxes and early withdrawal penalties. I was in the same boat, worked multiple CPA and they told me the same thing. You can claim that you're just withdrawing contributions on your tax returns (as she suggests) but if you get audited you end paying taxes and penalties and additional interest and penalties. Gains are not separate assets on their own, they are just the increase in the value of your investment. At the end you are selling the same asset (e.g. stock) which happens to have higher value (it is ridiculous to claim this part that I'm selling doesn't include0 gain).
@RayRx84
Жыл бұрын
Doesn’t the Roth have to be 5 years old before you can even take out contributions?
@verenisenunez119
Жыл бұрын
I agree with you
@le9051
Жыл бұрын
I came here to say the same thing.
@TheRealOnceCoveted
Жыл бұрын
No! It doesn’t.😊
@le9051
Жыл бұрын
@@TheRealOnceCoveted did something change? And for clarification purposes, I recall the contributions need to be in the fund at least 5 yrs before you can take it out penalty free. Perhaps this applies based on age, and is for anyone under retirement age?
@TheRealOnceCoveted
Жыл бұрын
@@le9051 you are right about the 5 year part if you’re looking for “penalty free” withdrawal but you can 100% withdraw at any time. Sorry for the vague first response.
@AFRICATOAMERICAPODCAST
Жыл бұрын
Bro she is smart
@chucalissa9231
Жыл бұрын
I know it's a serious video ' but I get the laughs when you do the bank representative 😅🙌🏼🌟🌟🌟
@brianreynosa6763
Жыл бұрын
Penalty free when you buy your first house at a max of 10,000 unfortunately not a lot of other things they do have penalties
@marylinda
Жыл бұрын
You can also do this for traditional IRA
@somanrama5923
Жыл бұрын
more like financial advisor bff because judging from your vids, you aint that rich
@matthewdeanl5884
Жыл бұрын
You're so beautiful on this post cutie
@emilyboyer9211
Жыл бұрын
I'm so excited that I'm starting to understand all of this!!
@goldieswitzerlox4771
Жыл бұрын
Wheres the drool?
@carriecoutino1015
Жыл бұрын
Thank you so much for the advice the information you are very helpful talented smart and kind I appreciate that more than you will care or know I don’t know what to do next in my life and I’m only getting older I have a house but I don’t know much on where to go next I got a really good deal and I want that to be a good thing not bad I want to step another step but I’m not sure I’m good on doing that yet I really don’t know what to do
@starilight_productions1636
Жыл бұрын
I have dual citizenship and where I live most places won't let me invest since I have US citizenship. But I don't make USD to invest in the US. What do you think is my best option?
@waroftheworlds2008
Жыл бұрын
Do you need your US citizenship? It's expensive, but it might be worth getting rid of.
@starilight_productions1636
Жыл бұрын
@@waroftheworlds2008 I definitely do. My family lives there for the most part and I find myself being their caretaker for months at a time sometimes and a vida wouldn't allow me to stay that long
@waroftheworlds2008
Жыл бұрын
@@starilight_productions1636 there are foreign stocks that can be invested in (a good chunk of my portfolio is foreign) but I don't have a clue how to invest in stock. I just add to my 401k
@fantasticdjmover4017
Жыл бұрын
BTW also when you do your taxes, is it as part of your income, so your income will be raised when you take out money. You are definitely being put in a higher tax bracket. How do you not count this as income?
@fantasticdjmover4017
Жыл бұрын
That’s higher tax bracket is really no way around it. If you have a way, please let me know. Thank you.
@anson1141
Жыл бұрын
Because the money you contribute is already taxed. So if you withdraw the money, it won’t be taxed anymore
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