The ROTH Strategy The Rich Use To Make $1M TAX-FREE
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- Опубликовано: 13 сен 2024
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I usually watch your videos for updates! Our government has no idea how people are suffering these days. I feel for people with disabilities who don't get the help they deserve. Thank you John Preston, imagine investing $20,000 and getting $210,000
Please how do I go about it, am still a newbie on investment trading and how can I make profit?🙏🙏
HE’S MOSTLY ON TELEGRAMS APPS WITH THE BELOW NAME.
@hoodsignal ⭐⭐⭐
Thanks for the information... I will contact him as soon as possible. I also want to gain good knowledge and stop losing..☺🙏
Ich stimme zu, dass es Strategien gibt, mit denen sich unabhängig von der Wirtschafts- oder Marktlage solide Gewinne erzielen lassen, aber solche Umsetzungen werden normalerweise von erfahrenen Anlageexperten oder Beratern durchgeführt..
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Amazing video, you work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $20K into trading from just few months ago and now they are multimillionaires
I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you
Dorian j Townsend.
Good day all from Australia . I have read a lot of posts that people are very happy with the financial guidance she is giving them ! What way can I get to her exactly ?
YES!!! That's exactly her name (Dorian j Townsend ) so many people have recommended highly about her and am just starting with her from Brisbane Australia🇦🇺
she's mostly on Telegrams, with the user name.
With a Roth IRA my income is around 8.4K a month. Now when I put money into the Roth IRA what do I do from there? Buy specific stocks etf etc.? Or does the account automatically invest your money how specifically does that work?
Reminder: you can convert a total of $35k from your 529 to Roth IRA if you have the account open for 15 years and have contributions older than 5 years (iirc). You can max out your kids' ROTH IRA and save for college.
I opened up the 529 the day my kid was born and add $7900 per year until 10 years (min). The key to financial success isn't hard work, it's discipline. Most people don't have that discipline.
Hi Mark I’m a retired correctional officer (54) in California,I’m collecting Calpers retirement.Can I open up a Roth account and if so can I do a back door Roth?Thanks
Mark, I liked the content and watched the video twice. At 9:34 into the 33:01 video, the diagram indicates that for individuals aged 50 and above, the total allowed contribution is $84,500, broken down as $8,000 for Roth IRA, $31,500 for 401(k)/Solo, and $45,000 for after-tax EE contributions. Should these amounts instead be $8,000, $30,500, and $46,000?
What you are suggesting is essentially just paying the difference of what an employer could match you in the 401k but don't.
What I am confused about, though, is how exactly to use a Roth IRA to fund things like businesses outside of the market while the money remains in the Roth IRA. Like, how can I start an LLC with the money in the Roth IRA without actually taking the money out?
The process would be to engage Mark's IRA team to tee up the process for you. It's totally doable. You just need to make sure you have the right experts on your team. I'm one of Mark's Certified Tax Advisors so I know first hand that it can be done...
$7,000 a year is like $583 a month. A lot of people just cant do that. Maybe after their kids are grown and they are 50+ years old.
Anybody can do that..just make an extra 20 bucks a day.
@@steve99912 No if your in your 20s or 30s with kids its hard when there are so many other things are needed to use that money first. If it was easy everyone would be doing it.
$20/day is equal to removing just one fast food meal each day - doable.
That's easily doable. I did that while making 40k. That's just matching the 20% savings rate recommended by finance experts, and most people make more than 40k now.
It can be done if you use your income tax return at the beginning of each year.😊
The problem is is this is all someone with an employer that actually offers a 401(k). What about us that our self-employed or at a job that is well paying but does not offer for a 401(k)? Are we stuck with the $8000 contribution every year?
Probably not going to be a problem. I recommend you consult with Mark's IRA team to see how your particular situation fits into this strategy. Self-employed people have lots of options...
Thanks for giving single and married. So tired of people focusing on numbers for married only. After learning about basis a few years ago, I contacted my mutual fund company and they told me they only keep so many years of records, it's my job to keep up with that. Now I've transferred almost everything into ETFs, I have no idea what the original basis was. Am I stuck not being able to convert to Roth?
You can convert any time you want up to the contribution limit for the year (depending on your salary).
Hi Mark, I am 50+ and need to catch up. I have a pension that doesn't have 401k or matching, only deferred comp, which charges 20% tax and fees. Can I still do the strategy, after tax employee contribution. 84,500 backdoor?
This sounds like good information for anyone under 50 who is working in a salaried job that allows for employer/employees Roth/IRA contributions. Not sure if retired people or those doing only side hustle can take advantage of this method - correct me if wrong?
All it takes is a consultation with Mark's IRA team to find out if this will work for your particular situation. If you have a side hustle you are "self-employed" which opens up lots of opportunities for you assuming that your numbers will work.
10% is a conservative rate of return? I would say 6% is a conservative rate of return. American Greed says anything over 10% is a scam. And why do salesmen like to use their own first name so much???
My employer only offers pre tax 401k, which I max out and they match a %. I also do Roth IRA. Am I still eligible for mega Roth? If so, how?
I was told by the IRS that my Roth contributions were disallowed because I didn't have enough earned income. That is, the opposite of most high earner's problem. Can you speak to this issue? I have no earned income because I have not been employed for some time, but I have a decent pool of income in brokerage account (some of which is in a traditional IRA). Is this true what the IRS has told me (and that I must withdraw my contribution) and is there a way to move money from my IRA and individual brokerage accounts to a Roth?
There isnt a tax pro in MN when i looked. I trying to find a new mn cpa who can help me with directed ira/llc where i use my hsa balance to invest in crypto using cold wallet and tax preparation for w2 employee. Any tax pro who is licensed for a Minnesotan?
Do we just talk to our broker to move the 401k to backdoor roth after we pay the taxes?
will this work with a Simple Plan?
I have a w2 where I could do this but not a business, how can I do this?
Mark great show! Can I do mega Roth my investment firm? Their service is slow, it’ll take so many hours or days for the money to show up in the account. Or do I do it with my local bank?
I work in Mark's Main street certified tax Pro. reach out and I can help you. Plus I am an investment advisor. Reach out and we can set up an quick call to review. Peter
What if MFJ and make less than $200K: so $8K Roth is after tax; then 401k is pretax- if you convert to Roth next day you have huge tax debt; then addl Empee after tax - what is your position if HR refuses to comply?
KNOWING that you are going to do this you plan by setting aside the money.
@bobmonson6432, your plan admin should allow this. So first talk to HR if doing through employer.
Thank you both
For this - when you invest into your 401k, should you invest in your regular/traditional 401k or your Roth 401k?
John, I work in Mark's Main street certified tax Pro. reach out and I can help you.
Mark, is there a strategy to put any money in a Roth IRA when you’re retired and not working (meaning any ‘front door’ or ‘back door’ methods). We’ve been told we can NOT contribute any money to any form of IRA if you are not receiving job income in some way. For example, can a stock fund making money be used to contribute to a Roth IRA, or a) is there an any kind of minimum or maximum contribution? Or b) is this stock method not legal to use as a contribution source if you are retired, without a regular job and income?
You need earned income to qualify. Or you need your spouse to have it (for a spousal contribution if you file together)
Assuming 10% a year is not that easy.
I'm under 50 and my income is below the phaseout limit. Can I do the mega backdoor Roth as well? I max my Roth IRA and 401k every year. I also max out my HSA and fund my taxable brokerage. I have additional funds I'd like to put into a Roth, but not sure if and how I can. I'm a W2 employee and don't have a side hustle.
You can if your work plan supports it, I do mega backdoor, regular backdoor and traditional 401k
Hallelujah!!! I’m blessed and favored with $60,000 every week! Now I can afford anything and support the work of God and the church. For Your glory, LORD! HALLELUJAH!
Oh really? Tell me more! Always interested in hearing stories of successes.
I know Ana Graciela Blackwelder, and I have also had success...
Absolutely! I have heard stories of people who started with little or no knowledge but managed to emerge victorious thanks to Ana Graciela Blackwelder.
Wealthy don't choose this way.. They open business expenses.. Roth was made for working class
Tell that to Peter Thiel, they guy who invested in Facebook and other companies using his IRA and now has over 5 billion in the IRA now!!!
@@dadada396I guarantee you he didn’t do so only putting in 7k a year. If you believe that then let me tell you all about these twin towers that a third world country was able to hijack American planes and without one fighter jet going up take out these itty bitty buildings -
7k in crypto following the 4 year cycle and you can have millions in 10 years - whose behind these ROTH IRA’s and guaranteeing your money sits with them for the next 20 to 30 years -
Your seascape mirrors my situation...Very helpful teaching.
Why doesn't everyone have $76K-88K to put away?
You can begin with 7K or less .. Mark talked about the snowball effect too.
So im home maker who is 50 and a part time tax preparer with about 12000 net income of my own I will have my first million in seven weeks
Ool😅
what did you invest in
Can you have a self directed 401k and each spouse have a personal backdoor IRA?
Yes, I have done it for years with my wife via Fidelity. She has her own Back door Roth and I have my own. :}
The Fidelity IRA's are considered Self directed with respect to investments within Fidelity. I opened a pass through Conventional IRA and as soon as it funds, I roll it over to a Roth IRA. I use post tax money to fund the conventional pass through IRA and then roll it over to the Back Door Roth.
@@robertdavis177 wow. Thanks for info. They don’t teach that in public schools
@@robertdavis177how much can you do a year like that
The funny thing is a million dollars is pennies to the rich. Also, it's not really tax-free. The tax is taken out of the initial amount just like any other Roth.
The point is that it's tax free in retirement. Also the growth is all tax free. You only put in $570,000 in at 7.5 years but you have a million now that you can touch anytime you want tax free. 1 million in a traditional 401k or IRA after retirement is going to get taxed as regular income and can hurt other benefits in retirement. Roth withdrawals don't count as income at all and don't even go on your tax return.
you made some technical mistakes. watch your video and correct