What is an IRA?! (For Beginners)

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  • Опубликовано: 11 июл 2024
  • What is an IRA and why does it seem so appealing? And what does it have to do with La Croix and bottled tea?! All of this will be explained briefly in this short video.
    Timestamps:
    0:00 Intro
    0:28 Popularity
    1:22 Tax break
    1:45 How to Invest with an IRA
    2:27 The "perfect right answer"
    4:36 Investing vs Normal Bank Account
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    =====
    This video is meant to be an extremely brief and general overview of investing and IRA's in general. There are many more specifics to know and understand, especially if you plan to retire early. That's a deeper and longer video coming soon. If you have any specific questions that you'd like me to cover in those future videos please leave me a comment and I'll do my best to get it answered!
    An IRA is a type of account. Not an investment itself. You open this kind of account with an investment broker to save for retirement. As long as you are ok with not touching the money for a long time (until you reach "retirement age") then you stand to keep a lot more of your money! The federal government wants you to take care of yourself in retirement so your reward for choosing a tax-advantaged account like an IRA is a tax break that basically means you get to keep more of your own money!
    We have IRA's with both Vanguard and M1 Finance. Both are good options, but so are many other brokers online. Pick whatever flavor you want as long as the fees are extremely low or $0 and get this wealth-building ball rolling! Here are links to those 2 companies in case you're interested:
    Vanguard: investor.vanguard.com/home
    M1 Finance: m1.finance/td-bpuTpiT9T
    (Affiliate link for M1)
    There is no perfect one-size-fits-all answer when it comes to investing and something as specific as choosing a type of IRA. Whether a Roth IRA or a Traditional IRA is right for you is totally dependent on your future and your goals. In any case, we are always better off to show up, start investing, and not sweat the details too much. (In case you're wondering, we currently split investing between traditional and Roth to kind of hedge our bets and cover any future scenario. For the first time, both my wife and I maxed out our IRA contributions for the year. For 2020 that's $6,000 per year, per person.)
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    Disclaimer: Any financial or investing-related topics discussed on this channel are not from a professional investment advisor and are not financial advice for you. This is for entertainment purposes only.
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Комментарии • 72

  • @EmilyS2o2
    @EmilyS2o2 Год назад +19

    I can't believe I spend hundreds of hours to try to learn what you just explained here. You are a great teacher! Visual learning definetely helps! Much appreciated

    • @BrendanEvan
      @BrendanEvan  Год назад +1

      Thanks so much!! That’s the best response possible!
      What else is confusing about money/investing/financial stuff?

    • @EmilyS2o2
      @EmilyS2o2 Год назад +1

      @@BrendanEvan hmmm... maybe something might be if you know of any good side hussels and also your opinion on penny stocks/ investing during an inflation?

    • @BrendanEvan
      @BrendanEvan  Год назад

      Thanks!
      Here’s a passive income video for you!
      ruclips.net/video/dWxBozWMm20/видео.html

  • @PierceJordan
    @PierceJordan 3 года назад +8

    An IRA is one of the best investment vehicles out there. Great video Brendan!

    • @BrendanEvan
      @BrendanEvan  3 года назад

      Pierce Jordan - Personal Finance thanks Pierce!

  • @MightyMerlin1
    @MightyMerlin1 3 года назад +3

    That bit with the drinks was great. Very informative, thanks again👌

    • @BrendanEvan
      @BrendanEvan  3 года назад +1

      Awesome! Ha! Thanks, I’m glad that helped!

  • @moneybee
    @moneybee 3 года назад +8

    Great overview of the ins and outs of these investment types!

  • @AhmetKaan
    @AhmetKaan 3 года назад +3

    Loved it!
    Another great video with awesome content. Love your videos! Keep spreading positivity and impacting other peoples lives my friend. Keep up your amazing hard work! :) 🙂

  • @geewill99
    @geewill99 7 месяцев назад +1

    Simplified and straight to the point! Love it!!!

  • @AK-hu3np
    @AK-hu3np Год назад +2

    Wonderful job. thank you for taking the time to teach financial literacy. I never grew up learning these things and this will change and bring in generational wealth.

  • @charlesrice3525
    @charlesrice3525 3 года назад

    Thank you sir just trying to decide what route to take

  • @chocolatemoose7761
    @chocolatemoose7761 2 года назад +1

    Interest..ing! Thank you, much!

  • @luisvillanueva912
    @luisvillanueva912 10 месяцев назад

    Bro. I thank you so much!!

  • @Real.Estate.Report
    @Real.Estate.Report 3 года назад +3

    Haha sweat and spreadsheets, I love it! The IRA and the 401k, both VERY important tools to retire in a good place and so important to start young!

    • @BrendanEvan
      @BrendanEvan  3 года назад

      Scott Edward - Real Life Real Estate ha! Thanks Scott

    • @KalashZikov
      @KalashZikov 2 года назад

      Should just make your own word and call it “Sweatsheets”

    • @BrendanEvan
      @BrendanEvan  2 года назад

      YESSSSSS

  • @ensocreators767
    @ensocreators767 3 года назад +4

    Figured i had to learn about it at some point. Thanks for the info Brendan! Just discovered your channel and dropped a sub:) Excited to growing together here!

    • @BrendanEvan
      @BrendanEvan  3 года назад

      Enso Creators thank you! Seriously leave a reply with what still seems confusing or fuzzy. I’m learning that there is a lot of questions to answer around investing and IRA’s!

  • @Drewgonsalvesacro
    @Drewgonsalvesacro 6 месяцев назад

    Thank you this was helpful

  • @francescaespinal1475
    @francescaespinal1475 Год назад +2

    wow! that is awesome info... do you have a 2nd part of this video? I'd love to learn more from you, if possible :)

    • @BrendanEvan
      @BrendanEvan  Год назад

      Thanks Francesca!
      I’ve not made an updated IRA video specifically but this one would be good too!
      Which Investing Account is Best? (401k vs IRA vs Taxable)
      ruclips.net/video/udIhZUOEbOk/видео.html

    • @francescaespinal1475
      @francescaespinal1475 Год назад

      @@BrendanEvan Thank you so very much! :D I will be looking into this great education. Please, keep teaching and posting to us your wisdom and knowledge .... this will most definitely help a lot of people like me :)

  • @813ENTERTAINED
    @813ENTERTAINED Год назад

    Sheesh!!! 😮 Though I still don’t quite get it, you made my understanding go from 2% to 50%

  • @ayoflymamacita1278
    @ayoflymamacita1278 Год назад

    Thank u

  • @ajstarks7869
    @ajstarks7869 5 месяцев назад

    Hi, your videos so far seem the most helpful. I’m new to this all and have been able to grasp a better understanding since I found your video. I’m still a bit confused though. I’ve recently come into some money and am trying to make the best move possible with it for a better life. I’m in my mid 20s. Would you suggest starting with a traditional IRA account or a Roth IRA for someone around my age group? Any advice would be appreciated. Thank you! I’m also looking to start whichever with vanguard as you did.

    • @BrendanEvan
      @BrendanEvan  5 месяцев назад +1

      Thanks so much!
      I think you can pick if you prefer to be taxed now (Roth) then never again or get taxed someday later (Traditional)
      It doesn’t make or break you either way honestly. Depending on how significant the money is you came into it may not matter. Personally I’m going to keep investing in a Roth for as long as possible.

    • @ajstarks7869
      @ajstarks7869 5 месяцев назад

      Thank you so much. I appreciate the advice.

  • @nikkid9757
    @nikkid9757 Год назад +1

    Ty so much

    • @nikkid9757
      @nikkid9757 Год назад

      If you want to open a Roth ira with m1 and vanguard do you have to start with a certain amount of money and I'm also asking in general with Roth ira.

    • @BrendanEvan
      @BrendanEvan  Год назад +1

      @@nikkid9757 I’d only pick one company for now, to make your life easier. I believe Vanguard has some investments with a minimum amount but there’s options there with no minimum. M1 has no minimum that I’m aware of

    • @nikkid9757
      @nikkid9757 Год назад

      @@BrendanEvan ur the best. I going to do vanguard because of you..

  • @kevinonthank
    @kevinonthank Год назад

    Unfortunately I don’t have access to a 401k as I’m self employed. but I have an it’s i max out. I am setting up a SEP account with my financial advisor this year.

    • @BrendanEvan
      @BrendanEvan  Год назад

      Sounds like you’re making great moves without one!

  • @felipem6370
    @felipem6370 Год назад

    Can i just transfer the money and then take it all out?

    • @BrendanEvan
      @BrendanEvan  Год назад

      Technically yes. But an IRA has early withdrawal penalties to be aware of.
      Why would you do that? If you can’t stand to leave the money alone, I’d recommend a different account type.

  • @Ampwich
    @Ampwich Год назад

    0:55 seconds in and I'm already lost lol

    • @BrendanEvan
      @BrendanEvan  Год назад

      Sorry man! Got anything I could answer now?

  • @sweptdown4264
    @sweptdown4264 6 месяцев назад

    I’m 18 with 10k currently sitting in my account . I’m a freshman in college and I’m trying to find out what to do with this money. Thanks for the info

    • @BrendanEvan
      @BrendanEvan  6 месяцев назад

      What kind of account is it in?

    • @sweptdown4264
      @sweptdown4264 6 месяцев назад

      @@BrendanEvan just a high yield savings account 4.35%

    • @BrendanEvan
      @BrendanEvan  6 месяцев назад

      @@sweptdown4264 that’s a great spot right now. I think what you do depends on your plans. Can you know for sure you don’t need the money in which case you could max out a Roth IRA? Or if you will need the money at some point but could use some help making sure you don’t spend it you could put it in a CD that locks it up for between 6months-4 years. I wasn’t very good at managing my money at that age so I hope you do better than me!!

  • @tradingrelated.5415
    @tradingrelated.5415 2 года назад

    How much money do i need to fund , can I fund $500,$1000 then start from there

    • @BrendanEvan
      @BrendanEvan  2 года назад

      Yep! A lot of brokerages nowadays have no minimums!

    • @tradingrelated.5415
      @tradingrelated.5415 2 года назад

      But I googled and saw that someone need to contribute 6,000 in a yeah and I was just wondering what if I didn't contribute what would happen

    • @BrendanEvan
      @BrendanEvan  2 года назад +2

      No, you don’t have a minimum. There’s a chance you heard about the maximum you can contribute in a year to an IRA, which is $6,000. You can start with $5 if you want! The more the merrier though

    • @tradingrelated.5415
      @tradingrelated.5415 2 года назад

      @@BrendanEvan ok thank you

  • @zig_ma
    @zig_ma 3 месяца назад

    My high yield savings account is getting me 4.35% in 2024

  • @therobloxiangang3218
    @therobloxiangang3218 Год назад

    ...tiocfaidh ár lá?

  • @Bald1bearded2
    @Bald1bearded2 Год назад

    I’m 44yrs old soon to be 45 yrs old and i’m just now learning about this 😢

  • @bigcut695
    @bigcut695 Год назад

    Is this good for next 50 years lol?

    • @BrendanEvan
      @BrendanEvan  Год назад

      Things are always changing but the fundamentals don’t move that much. What are you asking about specifically?

  • @melissapanayeta
    @melissapanayeta Год назад +1

    Funny how we aren’t taught any of this at school. Instead we are taught useless crap

  • @daviddavis2894
    @daviddavis2894 Год назад

    Good info great music