Successful trading is hard work because it means disciplining your mind to do the opposite of human nature. Buying during a panic, selling during euphoria, and holding on when you are bored and just craving a little action. Investing is 5% intellect and 95% temperament.
Reason i decided to work closely with a brokerage adviser ever since the market got really tense and the pressure became too much. I should be retiring in 17 months, so I've had a brokerage adviser guide me through the chaos. It's been 9 months now, and I've made approximately 650K net from all of my holdings.
This is definitely worth considering! Do you have any recommendations for professionals or advisors I could speak with? I really need help with proper portfolio allocation.
The advisor am currently working with is Judith Lynn Staufer. I came across her in a Bloomberg interview for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look her up.
I found her profile online and reviewed her credentials. She has a lot of relevant experience. Thanks for sharing her information! I've already sent her an email to get in touch.
13:00 Create a Roth IRA 15:00 *Create a S-Corp* 18:40 Wealthiest people are frugal, especially early on in their careers 22:00 Paying 0 taxes, extreme example
As a tax accountant and a trader I 💯 approve this message! S Corp status is the best strategy for any type of business that has a high net profit. Can also buy your building in your name then rent it to your business. Lots of great loopholes and you break the big ones down wonderfully ❤
This is great, but I have a question for you please. I already have an LLC, however, the brokers don’t let you open a corporate account with less than $200k +/-, can I trade in my personal account for the business or will that break the corporate veil? Also, if I select to market to market election, will I still be subject to wash sales?
For the Roth IRA option , you can set up a “copy trader” software so that when you’re taking trades in your main account, it copies trades in your Roth automatically. You can set ratio values too depending on your account size differences. Cheers gents 🥂
I SPOKE TO A SPECIALIST IN FEDELITY ABOUT TRADING INSIDE ROTH IRA, he said PDT RULES will be broken, once I place 4 trades within 5 days in the account.
@@joshuatoms7664 Similar story here I started with 3K on 2021 and now at 162K; best strategy: never sell when you have loses. When you have big gains claw back 10-15% of your gains and reinvest it when that stock drops or any of the MAG7 stocks.=D
The biggest lesson I learned in 2023 about the stock market is that nobody knows what will happen next, so practice some humility and low a strategy with a long-term edge.
Nobody knows anything; You need to create your process, manage risk, and stick to the plan, through thick or thin, While also continuously learning from mistakes and improving.
@@KennithsAbadies The issue is people have the "I want to do it myself mentality" but are not equipped enough for a crash and, hence get burnt. Ideally, advisors are reps for investing jobs, and at the first-hand encounter, my portfolio has yielded over 300% since 2020 just after the pandemic to date.
@@KheroFrei The beauty of MARGARET MOLLI ALVEY approach is her dual focus: while aggressively pursuing profit opportunities, she's equally tenacious about shielding investors from potential pitfalls. It's a balance few can achieve.
I have a Roth, solo Roth 401k, traditional IRA, several taxable accounts, solo 401k and HSA. You need an HSA! My problem is that my self employed income is low and limits my 401k contributions. Roth is key and I need to start converting. 67% of my money is in inherited IRA with RMD's. You are a bright guy! earned my subscription!
I haven't taken a trade yet. I've just been gathering as much information as possible before trading, but you inspire me so much, I want to start trading and make money so I can leave my job and work because I want to, not because I have to, I want to leave all the people around me in the dust and show them that I am not in the same league, I want to prove my father proud and my grandfather proud. I want to retire my mother and have her live comfortable for the rest of her life. I will do whatever it takes, even if it takes years of gruling losing and suffering, I must win. Thank you for your videos, Ross. I want to be just like you.
Well said ! Nothing can resist the human spirit that is willing to risk even existence, on completing it's purpose. " Napoleon Hill " . I have that written on my wall to remind me. Good luck
its good to have that attitude, but i wouldnt recommend trading to anyone. Not to say you can't make money doing it. I can, but its only after many many years of pain and loss. So it's like, I do think trading is really great for the reasons you said, but reecommending it to someone is like wishing them years of torment. Its kind of like a black hole. I mean you only come out the other side because you're stuck in it. There were times i really regretted spending years doing it. And then finally it feels like kind of a great thing that i persevered. So now, I don't know what to think of it. i recommend it as a hobby but dont quit your career over it. its for people with nothing to lose because you have to be insane to continue with it to the point where you can actually make it work. for me it works because I'm an outsider and don't have a career so I had to make it work. I will also say, that after over a decade of staring at charts, there are repeating patterns over and over. And there are also proportions to the moves. It's almost like its programmed in many ways. The hard part of trading is psychological and time. It's actually pretty easy. That's why having it as your primary source of income will really make it difficult. So i recommend contiue working and trade on the side for many years. Plan to quit years from now.
The market trend can turn around very quickly. In fact, the indexes often switch from a bear market to a bull market when the news is at its worst and the mood of investors is at its lowest point. I read an article of people that grossed profits up to $150k during this crash, what are the best stocks to buy now or put on a watchlist?
In particular, amid inflation, investors should exercise caution when it comes to their exposure and new purchases. It is only feasible to get such high yields during a recession with the guidance of a qualified specialist or reliable counsel.
In particular, amid inflation, investors should exercise caution when it comes to their exposure and new purchases. It is only feasible to get such high yields during a recession with the guidance of a qualified specialist or reliable counsel.
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
If you are not profitable, don't be going broke in your retirement accounts too. This applies to, well, probably 1% of people watching this, but I sure do appreciate the info.
You could easily get a profit streak in a SIM, no guarentee your strategy works any better than anyone elses. It takes years of trading to really prove profits, which may not even be higher than just having dropped in an index fund @@DaytradeWarrior
The teachings in this video are great. But, everything hinges on being able to trade for a profit. Just because you are trading does not mean you will make money. All trades are not profitable.
Great video! Just one thing to keep in mind with the S-Corp Salary. The company match is based on your reasonable salary. So for example if you;re taking a $40K reasonable salary, you can do $23K employee contribution to the solo 401K but only 10K (25% of your w2 wages) into your solo 401K for a match! You could do an LLC and then be able to deduct 25% of your profits, etc. just something to keep in mind since a few CPAs have actually screwed this up!
Excellent video. For maximum profit move to Puerto Rico, use back door Roth IRA, create an S-Corp to set up a hans-solo 401k or some variation thereof.
Thanks for taking the time to put these tips together for the channel family here! Being a good trader is one thing, being a good man is on a whole different level. You're a good man!
You would still need to pay taxes as an S Corp. You'll also need to collect and account for medicare, social security, etc.. on your "W2" employee. Its a workable strategy if you are making several 100's of thousands of dollars a year trading, but way over simplified in this video.
Very important to note that if you elect for mark-to-market while you've already got a bunch of losses you're carrying over, you will NOT be able to offset those capital losses you've carried over anymore because your trading profits will no longer be treated as capital gains!
Great episode, immensely useful. One high expense in PR is hurricane insurance if you buy a house. Locals are not happy about the rich moving there, not paying taxes.. which benefit the community (!) and developers / wealthy individuals buying up previously public and accessible waterfront land building beachfront properties, all beaches must have public access. It's VERY heated there and confrontation is common. But yeah, buy a condo or rent something not intrusive to locals. Another accounting move would be creating a Spendthrift and other Trusts, moving all assets into them and that's a long convo worth exploring. Thanks Ross.
@@DaytradeWarriorhi Ross. Firstly thankyou for all your content. It's absolutely amazing. I'm in the UK. Is it possible to work with the warrior course/ community. Rikk
Another thing that you should look into Ross that most people never do and it’s very rare to see in a tax situation is when you purchase properties with your Roth IRA account and you create a custodian account to oversee and property manage the accounts and no family members are allowed to live in these properties also by the way . All of the equity in these properties is tax free. So purchasing broken down houses and flipping them within your Roth IRA is quite the tax advantage as well as being able to hold the properties as well. This might be a safer approach due to the fact that you own the properties outright because the banks are currently about to fail and our currency might be stolen from us and our accounts. But if you own properties outright it will most likely be harder to be taken away from you than just wiping your account to zero. Just a thought to be prepared for when they change currency into something Chinese controlled
One of THE BEST explanations of how to pay less taxes, GREAT JOB Ross!! Regardless of whether you are an active trader or more passive (like me), taking the time to understand tax strategies to lower your taxable income is such an important, wealth-building mindset to have. Honestly, really good. I'm still smiling from your examples and how it works. So much better than reading an article or taking a class. Bravo 💯
Ross! Please bring on a CPA- and have him go through the step-by step process, you could even invite one from youtube! Gosh that would be such a good video
Beginner traders sometimes make the error of trading on their own without the right guidance or knowledge, and they frequently come to regret it. You need a mentor and an expert to help you trade as a newbie.
Investing in many sources of income that are independent on government paychecks is the prudent thing that everyone should be thinking about right now, especially given the global economic crisis. Stocks, forex, and digital currencies are still good investments at this time.
I don't really understand why young people and adults are still living in poverty when they have access to smartphones and excellent internet earning prospects.
You can contribute up to approx $79k to a SEP IRA, if your income is high enough (25% of total income up to around $340k (using memory here) minus a few CPA adjustments). Make the contribution and then convert all of it to a Roth IRA. If you do this all in the same year, it’s a pretty clean transaction. And instead of playing the game with small IRA contributions, you can really make progress.
Some good information in this video. I do taxes for a living. You cannot make contributions into a traditional or Roth IRA unless you have earned income...wages, income from your business, etc. If all your income is from day trading (capital gains), you cannot contribute either kind of IRA. If you have no other source of income, you need to jump to the S-Corporation solution to allow you to get a retirement vehicle. If you are day trading, the wash sale rules are not relevant. The wash sale loss is added to the basis of the next position, and since you've closed the new position in the same year, the wash sale doesn't matter. If you have made the mark-to-market election, you cannot MTM any positions you are holding for investment (as apposed to trading). You need to keep your investment positions separate from your trading account.
The easiest way to not pay income taxes ever again is simply move to Costa Rica because I did and it's paradise there! And it costs 1/3 less to live there!
It’s amazing that so many people don’t know about this. I always max mine out but I started investing when I was 38 so I was older. Wish I knew about it when I was younger.
One argument against contributing to a traditional IRA that I didn’t hear you mention is that in order for you to deduct the amount you contribute in a year from your taxes, you must have W2 income. Full time traders have no W2 income so the main advantage of a traditional IRA does them no good. Go with the Roth.
PLEASE ADVISE . I was told to spread my savings across different things like stocks and bonds to protect and support my retirement.with everything being shaky,I'm considering going into Trade.?
you must have these things in mind 1. Have a long term mindset. 2. Be willing to take *risk*. 3. Be careful, if you're not spending to earn back, then stop spending. 4. Never claim to know - Ask questions and it's best you work with an assistant.
I am no financial advisor, but money that is going to retirement should be going to long-term investments. The market has always persevered through its highs and lows. Trading money should be going to retirement. Retirement money should never go to trading.
@@wendyroseeit’s just about the mental side of trading. You trade different with real money then on demo and that it’s manipulated is only a excuse. Do you really think the government cares about your 20€ that you put into trading?
Thank so much Ross. Clear my concern about tax and make sure the way i do trading in Roth IRA and Traditional IRA account. Since i follow you in youtube i getting more a lot knowlege and technique for trading. Considering to take class for trading soon.
Roth IRA income limits changed this year. In 2024, the contribution limit is $7,000, or $8,000 if you're 50-plus. The Roth IRA income limits are $161,000 for single tax filers, and $240,000 for those married filing jointly.
not totally sure but I think there is a complication if you already have a retirement plan at your place of employment ( if not self-employed, but maybe if you already have retirement plan while self-employed?) . The ROTH IRA income limits are lower if you already have a retirement plan at your place of employment, I think.
This took me the whole night of research to see if this could benefit my circumstance and my observations are as follows: Even with the most ideal conditions, where only short term capital gains traders that have net annual gains that fit in a small working range...high enough to where you do reap the full benefits of the retirement accounts and low enough to where your "reasonable wage" is just enough to cap your annual solo 401k contribution limit....you still pay 1.24% more in taxes. The 15.30% FICA penalty really hurts you badly in this calculation.
Roth IRA's have limits based on income and the contribution limits go down as income rises.....you also have to have earned income in order to contribute to any IRA. But I do agree anyone under 50 should only be working with ROTH IRA accounts if you choose to use them...Take the hit how and convert your traditional to a ROTH!!! But make sure you have those funds in the ROTH for five years before your deductions are qualified (tax free).
As of 2024, the Roth 401k is no longer required to take Required Minimum Distributions in retirement... They're just like IRAs now, in that respect (unless the plan requires). So if you have a solo Roth 401k you're golden!
PR sounds all fine and dandy about taxes until you get there. the weather is horrendous. its swamp humidity. Rains a lot. It also has many DANGEROUS violent neighborhoods.
You have no idea. I moved to PR for tax reasons 3 years ago and totally disagree. The weather is beautiful, nothing like Florida steam room, it is breezy here, which makes it much better. If you want cooler weather, live in the mountains. Where I am, in the Northwest, does not rain a lot. In the Southwest if the island it is actually pretty dry eith no rain for months. Like I said, you have no idea what you are talking about.
They rich have taken over a portion and basically gated the place. At least that’s my understanding and the locals don’t like it because it’s raising the cost of living down there. I live in south Florida so Puerto Rico wouldn’t be much of a difference in many ways other than they have mountains and it’s dead flat here. They also seem go be hit more often with hurricanes.
This seems applicable as a transition away from employment w2 into trading. After I paid way too much in taxes after a good year trading, and a CPA told me I just have to pay the taxes… I have been looking for an effective strategy to limit tax losses, while actively trading for gains without worrying so much about the tax hit.
As an elder millennial, one of the few advantages is having lived through the Great Recession, Election and Economy Crisis. My advice. Reduce unnecessary expenses, increase your savings by investing in financial markets and do not sell. One thing I know for sure is that diversifying your income can help insulate you from much of the craziness going on in the world.
You didn't mention the biggest gotcha of this strategy: if you have a really devastating event that requires you to liquidate your IRAs, you are then subject to taxation and penalties. It is a rare event, but I have had clients using these strategies that couldn't get loans on their accounts and other holdings, so they did have to cash out big chunks of their IRAs. The taxes and penalties (particularly on the Roths) nearly bankrupted them.
7:45 you're incorrect, "Roth IRA contributions themselves aren't tax-free for the year you contribute. You contribute to a Roth IRA with after-tax dollars, so you don't get a tax deduction on your current income taxes."
To take advantage of the Solo 401k, you need to treat your trading profits as ordinary income vs capital gains by electing Mark to Market (MTM). Electing MTM negates many benefits like increased taxes (37% vs ~20%), must start paying self-employment tax, and no access to long-term gain classification (with SPX, ES, etc...). I wish Ross discussed these points when recommending tax shelters.
For a quick side-by-side comparison, if you earned ~$100k in profits and no deductions (for simplicity, since both qualify for the same). - Ordinary Income with Section 475(f) pays $27,270.75 in taxes (takes max advantage of Solo 401k) - Capital Gains with Section 1256 pays $17,800 in taxes (assuming trades are Section 1256 friendly)
Love how he just casually throws out let's assume you're getting 100k in trading Year, like it's the low ball mark. Dude lives in a different universe than the average guy
I have no idea why your CPAs would allow you to do this: To contribute to an Individual Retirement Account (IRA), the income must be earned income . This includes wages, salaries, tips, bonuses, and self-employment income . Investment income, such as capital gains, dividends, and interest, does not qualify for IRA contributions.
assuming your tax rate don't change, there is no difference between paying tax now then grow the account tax free or growing the account and pay tax later. Because the maths is multiplication. The only thing to consider is when your tax rate is lower, now or at retirement.
How did you put $6,000 into an IRA if your income came 100% from trading? A trader can only contribute to an IRA via an S-Corp (which you talk about later in the video). So on year 1 did you open an S-Corp?
@@DaytradeWarrior Earned income is from a W2 job or self employment. Trading income, short term capital gains, long term capital gains, dividend income and interest income are not considered "earned income". So if all income is solely from trading, it is impossible to contribute to an IRA and get a tax deduction.
@@brianmcginityin order to set up a S-Corp you have to take a salary. That becomes your earned income for which you would use to fund your Roth IRA. You will still need to pay the standard taxes on your earned income like FICA, Medicare, Social Security, State (if applicable), etc. Your tax accountant can do that for you or you can hire one of those payroll vendors if you don’t know how to do it yourself but they usually require more than one employee.
@5:30 minutes, you cannot contribute to an IRA account from your trading income, because as per IRS, trading income is capital gains income and not earned income, and an IRA can only be contibuted from earned income.
Technically he earned it, what I don't understand is if you day trade for a living, don't you have to pay taxes on all gains? That's how it is in Canada, only investing and occasional trades are tax free.
@RTRT. from what I understand, you just setup a S corp (LLC) trading account and use the profits from trading to pay yourself a yearly salary. then, you can contribute to a ROTH and other IRA out of the salary you paid yourself. then you would pay income tax on your salary-trading expenses-IRA contributions (if the type of IRA is tax deductible). of course, I am not setup yet, and I will run this all by a CPA as I could be wrong.
from what i read, short term capital gains is erned income you pay taxes on it normally. long term (holding asset and not selling after a year) is different
Some great examples here. Thanks for the specifics. I have one item for you to check. I have an S-Corp and have done company match for years. I noticed in the $100K example for the S-Corp with a solo 401K you had the owner making $40K in W-2 and getting a substantial company match in the 401K. I believe the IRS company match is limited to 25% of the W-2 income, in this case $10K. It is a great example of something strategic, but I believe you may have over stated the value. Also if you are over 50 years of age (maybe not your target audience) you can increase the $23K by $7,500 catch up. This year (2024) on a W2 of $72K I contributed $23K personal, $7,500 Personal catch up, and $18K company match for a total of $48,500 deferment. For a younger person on a w2 of $40K the max deferment is $23K personal and $10K Company match. for a total of $33K, still good, but not $63K good. Thanks again for such detailed instructions on how to structure this stuff, especially the roth ideas.
While there are benefits to becoming a proprietor, there are unique benefits to becoming a charity like not having to disclose your donors or what you do with the money. Throwing that out there.
wait. in Year 1 you made 335K and put 6k in a tradition IRA and then switched to a Roth IRA, and only paid income tax on the 6k? what about the other 329k??
This is the problem with the IRS. The tax system is way overcomplicated. Loopholes everywhere. Should just pay 5% total tax regardless of income. Who is going to move to Peurto Rico to save money? Very few will do that, legally
This economy is much better compared to 2020. The Dow and S & P are at all time highs. As a trader, if you know what you're doing, you can make a lot of money.
21:45 as far as I understand it won't make your income tax higher than what you actually made. The reason for this is that the amount of loss you cannot claim as a deduction because of wash sale rule is added to the cost basis of the new security you have purchased. So you'll only pay tax only from your actual net gains and not "gross" gains. Otherwise it would made impossible to do day trading/scalping without mark-to-market election. The only implication is that you won't be able to get the $3,000 deduction.
Great transmission, as always. I appreciate the no-nonsense approach you take to the news and the markets. A lot has changed and that's about it ,but the truth is that I don't even care much about the bull or bear market anymore because Stella Hu covered me while I'm doing comfortable.20k 30k every week and I'm still counting thanks to her
her transformative power of trading is remarkable. Despite being a medical doctor by profession, I've found that copy trading generates higher income for me without the need for direct involvement in trading activities
I remain eternally grateful to Stella Hu for her efforts that got me to this point , finally paid off my mortgage and all my debts, what more could I've asked for. She changed my life for good
You can’t contribute capital gains income to an IRA. The only kind of income that can be contributed to an IRA is earned income, income from a W2 or pass through earned income come from an LLC.
I'm an aspiring trader who would rather learn from other traders' experience than investing in the market myself, in anticipation of the next bull run. What are your thoughts on copy trading as well? Do individuals actually earn a living? Just trying to get some reassurance. I want to have a healthy portfolio worth at least $850,000. Reliable inputs please.
We strongly advise against mirror trading, as it does not help members to learn how to trade on their own. Rather, it creates a dependency on other traders for trade ideas which is not a long-term success strategy. While we do share trades in the live trading room, our goal in sharing them is to create a more proactive learning environment for our members. Rather than focusing on following our trades, they can focus on how we identified the trade setup and the reason why we took a position. You can find more information on mirror trading here: www.warriortrading.com/why-mirror-trading-is-a-bad-idea/
The alternative is to put money in IRA account as much as possible within the IRS limits. All your income in this account is not taxable until you draw money from
Roth IRA may sounds better as you explained, but don’t forget the contributions are made with after tax dollar meaning you pay tax now but withdrawals during retirement of tax-free. I like the Puerto Rico option. 📈🙌🏻
I thought the tax code limits contributions to IRAs at $7,000 per year or $8,000 if you're over 50 years old... So, you're still liable for the taxes above the ex. of $120k living costs. You only save the $7k contribution that went into the IRA. 10:20 - 10:50
![Noob To Max With DRAGON REWORK In Blox Fruits [FULL MOVIE]](http://i.ytimg.com/vi/LnBMOinoOvA/mqdefault.jpg)
Successful trading is hard work because it means disciplining your mind to do the opposite of human nature. Buying during a panic, selling during euphoria, and holding on when you are bored and just craving a little action. Investing is 5% intellect and 95% temperament.
Reason i decided to work closely with a brokerage adviser ever since the market got really tense and the pressure became too much. I should be retiring in 17 months, so I've had a brokerage adviser guide me through the chaos. It's been 9 months now, and I've made approximately 650K net from all of my holdings.
This is definitely worth considering! Do you have any recommendations for professionals or advisors I could speak with? I really need help with proper portfolio allocation.
The advisor am currently working with is Judith Lynn Staufer. I came across her in a Bloomberg interview for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look her up.
I found her profile online and reviewed her credentials. She has a lot of relevant experience. Thanks for sharing her information! I've already sent her an email to get in touch.
13yrs trading and I approve of this message
13:00 Create a Roth IRA
15:00 *Create a S-Corp*
18:40 Wealthiest people are frugal, especially early on in their careers
22:00 Paying 0 taxes, extreme example
thank you
Thank you
Trading in an IRA is expensive.
If the IRS sees someone using a complicated structure of entities to avoid taxes, they will dissolve the entities.
Thank you.
It’s easy for me to pay 0 income tax. I only lose money 😂
😃
Same😢😂
i'm laughing so hard this is so relatable hahaha
underrated comment
Relatable af!!
As a tax accountant and a trader I 💯 approve this message! S Corp status is the best strategy for any type of business that has a high net profit. Can also buy your building in your name then rent it to your business. Lots of great loopholes and you break the big ones down wonderfully ❤
An LLC taxed as an S-Corp is simpler and even better! And put yourself on payroll too!
What do you have to say concerning setting up a corporation in British Virgin Islands and Vanuatu where they don't have capital income tax?
Are you taking clients?
This is great, but I have a question for you please. I already have an LLC, however, the brokers don’t let you open a corporate account with less than $200k +/-, can I trade in my personal account for the business or will that break the corporate veil? Also, if I select to market to market election, will I still be subject to wash sales?
Is the W2 salary you take considered "earned income" from the IRS?
For the Roth IRA option , you can set up a “copy trader” software so that when you’re taking trades in your main account, it copies trades in your Roth automatically. You can set ratio values too depending on your account size differences.
Cheers gents 🥂
Interesting, thanks for sharing!
how
Which trading platform are you using for this? I just opened a Roth In Robinhood going to hop they have a set up like that
I SPOKE TO A SPECIALIST IN FEDELITY ABOUT TRADING INSIDE ROTH IRA, he said PDT RULES will be broken, once I place 4 trades within 5 days in the account.
@@lakaymwen2003"doctor, it hurts when I do this..."
Hit 200k today. I'm really grateful for all the knowledge and nuggets you had thrown my way over the last months. Started with 14k in June 2022.
Nice bruv. What's been your strategy?
How are you trading exactly what rules or methodology you using?
congrats man. hows it looking now? give us your strategy :)
Quite impressive, I would be very proud of myself
@@joshuatoms7664 Similar story here I started with 3K on 2021 and now at 162K; best strategy: never sell when you have loses. When you have big gains claw back 10-15% of your gains and reinvest it when that stock drops or any of the MAG7 stocks.=D
You do SO MUCH for the community man I just can’t stop learning from you!!!
I absolutely love this channel. Iron sharpens Iron
The biggest lesson I learned in 2023 about the stock market is that nobody knows what will happen next, so practice some humility and low a strategy with a long-term edge.
Nobody knows anything; You need to create your process, manage risk, and stick to the plan, through thick or thin, While also continuously learning from mistakes and improving.
@@KennithsAbadies The issue is people have the "I want to do it myself mentality" but are not equipped enough for a crash and, hence get burnt. Ideally, advisors are reps for investing jobs, and at the first-hand encounter, my portfolio has yielded over 300% since 2020 just after the pandemic to date.
@@DarnellsStevenses Could you kindly elaborate on the advisor's background and qualifications?
@@KheroFrei The beauty of MARGARET MOLLI ALVEY approach is her dual focus: while aggressively pursuing profit opportunities, she's equally tenacious about shielding investors from potential pitfalls. It's a balance few can achieve.
@@DarnellsStevenses I just ran an online search on her name and came across her website; pretty well educated. thank you for sharing.
I have a Roth, solo Roth 401k, traditional IRA, several taxable accounts, solo 401k and HSA. You need an HSA! My problem is that my self employed income is low and limits my 401k contributions. Roth is key and I need to start converting. 67% of my money is in inherited IRA with RMD's. You are a bright guy! earned my subscription!
Yep. HSA is a must.
What is a HSA?
Sounds like a bunch of bullschit to me
bro all our small biz incomes are low. thanks gov!
Healt savings account @@vchafab
I haven't taken a trade yet. I've just been gathering as much information as possible before trading, but you inspire me so much, I want to start trading and make money so I can leave my job and work because I want to, not because I have to, I want to leave all the people around me in the dust and show them that I am not in the same league, I want to prove my father proud and my grandfather proud. I want to retire my mother and have her live comfortable for the rest of her life. I will do whatever it takes, even if it takes years of gruling losing and suffering, I must win. Thank you for your videos, Ross. I want to be just like you.
Well said ! Nothing can resist the human spirit that is willing to risk even existence, on completing it's purpose. " Napoleon Hill " . I have that written on my wall to remind me. Good luck
Good luck because it’s not as easy as it sounds. Especially to do it large enough to make a living off of.
its good to have that attitude, but i wouldnt recommend trading to anyone. Not to say you can't make money doing it. I can, but its only after many many years of pain and loss. So it's like, I do think trading is really great for the reasons you said, but reecommending it to someone is like wishing them years of torment. Its kind of like a black hole. I mean you only come out the other side because you're stuck in it. There were times i really regretted spending years doing it. And then finally it feels like kind of a great thing that i persevered. So now, I don't know what to think of it. i recommend it as a hobby but dont quit your career over it. its for people with nothing to lose because you have to be insane to continue with it to the point where you can actually make it work. for me it works because I'm an outsider and don't have a career so I had to make it work. I will also say, that after over a decade of staring at charts, there are repeating patterns over and over. And there are also proportions to the moves. It's almost like its programmed in many ways. The hard part of trading is psychological and time. It's actually pretty easy. That's why having it as your primary source of income will really make it difficult. So i recommend contiue working and trade on the side for many years. Plan to quit years from now.
@MorrisAlanisette thankyou for the wisdom I will definitely take the advice. Thankyou
@@MorrisAlanisettewell said! Great advice! Thank you
I'll worry about that once I make back my losses.
Facts
Same here.
Same😂😂😂
Least I’m aware
Hell nah 😂😂😂
The market trend can turn around very quickly. In fact, the indexes often switch from a bear market to a bull market when the news is at its worst and the mood of investors is at its lowest point. I read an article of people that grossed profits up to $150k during this crash, what are the best stocks to buy now or put on a watchlist?
In particular, amid inflation, investors should exercise caution when it comes to their exposure and new purchases. It is only feasible to get such high yields during a recession with the guidance of a qualified specialist or reliable counsel.
In particular, amid inflation, investors should exercise caution when it comes to their exposure and new purchases. It is only feasible to get such high yields during a recession with the guidance of a qualified specialist or reliable counsel.
This aligns perfectly with my desire to organize my finances prior to retirement. Could you provide me with access to your advisor?
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
If you are not profitable, don't be going broke in your retirement accounts too. This applies to, well, probably 1% of people watching this, but I sure do appreciate the info.
as always, nobody should trade real money until proving profitability in SIM
I would recommend at the very least continue to put money into a Roth IRA and putting the money into at least a few etfs.
You could easily get a profit streak in a SIM, no guarentee your strategy works any better than anyone elses. It takes years of trading to really prove profits, which may not even be higher than just having dropped in an index fund @@DaytradeWarrior
The teachings in this video are great. But, everything hinges on being able to trade for a profit. Just because you are trading does not mean you will make money. All trades are not profitable.
I’m the 1%
Great video! Just one thing to keep in mind with the S-Corp Salary. The company match is based on your reasonable salary. So for example if you;re taking a $40K reasonable salary, you can do $23K employee contribution to the solo 401K but only 10K (25% of your w2 wages) into your solo 401K for a match! You could do an LLC and then be able to deduct 25% of your profits, etc. just something to keep in mind since a few CPAs have actually screwed this up!
Excellent video. For maximum profit move to Puerto Rico, use back door Roth IRA, create an S-Corp to set up a hans-solo 401k or some variation thereof.
Thanks for taking the time to put these tips together for the channel family here!
Being a good trader is one thing, being a good man is on a whole different level. You're a good man!
You would still need to pay taxes as an S Corp. You'll also need to collect and account for medicare, social security, etc.. on your "W2" employee. Its a workable strategy if you are making several 100's of thousands of dollars a year trading, but way over simplified in this video.
Well he did say it wasn’t as simple. So you wouldn’t recommend the S-Corp if you’re not making hundreds of thousands a year?
Very important to note that if you elect for mark-to-market while you've already got a bunch of losses you're carrying over, you will NOT be able to offset those capital losses you've carried over anymore because your trading profits will no longer be treated as capital gains!
Great episode, immensely useful. One high expense in PR is hurricane insurance if you buy a house. Locals are not happy about the rich moving there, not paying taxes.. which benefit the community (!) and developers / wealthy individuals buying up previously public and accessible waterfront land building beachfront properties, all beaches must have public access. It's VERY heated there and confrontation is common. But yeah, buy a condo or rent something not intrusive to locals.
Another accounting move would be creating a Spendthrift and other Trusts, moving all assets into them and that's a long convo worth exploring. Thanks Ross.
This guy, does soooooo much for the community, I cannot thank you enough Ross!!❤❤❤
Thank you!!
@@DaytradeWarriorhi Ross. Firstly thankyou for all your content. It's absolutely amazing. I'm in the UK. Is it possible to work with the warrior course/ community.
Rikk
Fantastic info Ross, as always. I need to read more about Mark To Market.
form 475 I believe
Another thing that you should look into Ross that most people never do and it’s very rare to see in a tax situation is when you purchase properties with your Roth IRA account and you create a custodian account to oversee and property manage the accounts and no family members are allowed to live in these properties also by the way . All of the equity in these properties is tax free. So purchasing broken down houses and flipping them within your Roth IRA is quite the tax advantage as well as being able to hold the properties as well. This might be a safer approach due to the fact that you own the properties outright because the banks are currently about to fail and our currency might be stolen from us and our accounts. But if you own properties outright it will most likely be harder to be taken away from you than just wiping your account to zero. Just a thought to be prepared for when they change currency into something Chinese controlled
Good idea!!
One of THE BEST explanations of how to pay less taxes, GREAT JOB Ross!! Regardless of whether you are an active trader or more passive (like me), taking the time to understand tax strategies to lower your taxable income is such an important, wealth-building mindset to have. Honestly, really good. I'm still smiling from your examples and how it works. So much better than reading an article or taking a class. Bravo 💯
This is the best video I’ve ever seen on taxes as a trader. So many nuggets you’ve shared Ross. Thanks so much!
Ross! Please bring on a CPA- and have him go through the step-by step process, you could even invite one from youtube! Gosh that would be such a good video
A tax strategist
Beginner traders sometimes make the error of trading on their own without the right guidance or knowledge, and they frequently come to regret it. You need a mentor and an expert to help you trade as a newbie.
Investing in many sources of income that are independent on government paychecks is the prudent thing that everyone should be thinking about right now, especially given the global economic crisis. Stocks, forex, and digital currencies are still good investments at this time.
I don't really understand why young people and adults are still living in poverty when they have access to smartphones and excellent internet earning prospects.
Due to ignorance and dissuasion from friends and family, most people avoid investing entirely without first trying it out for themselves.
This is my first video watching of you as I'm looking to be a new trader & understand the tax realm of things. This is golden. Preciate it 🤞🏾
valuable video. thank you, Ross.
Amazing. Exactly what I've been wanting to know. Thank you so much.
Great video Ross! I've been wondering this myself lately. Also, I look forward to today's recap. KAVL & SNGX both treated me really well today!
I’d like to see that $580 dollars grow to 300k in a cash account.. now that would be impressive
Be happy with the 10-30% trades and it will exponentially grow
And patience every time you think you wanna trade wait and it will give you a better entry 70% of the time
Seen it
@@Celsters833I love you
I turn 60.00 into 3k all the time and blow up the remaining 2k lol. Now I have to really try with discipline
You can contribute up to approx $79k to a SEP IRA, if your income is high enough (25% of total income up to around $340k (using memory here) minus a few CPA adjustments).
Make the contribution and then convert all of it to a Roth IRA. If you do this all in the same year, it’s a pretty clean transaction. And instead of playing the game with small IRA contributions, you can really make progress.
Please read "Income Tax: Shattering the Myths" by Dave Champion
tl:dr?
Some good information in this video. I do taxes for a living.
You cannot make contributions into a traditional or Roth IRA unless you have earned income...wages, income from your business, etc. If all your income is from day trading (capital gains), you cannot contribute either kind of IRA. If you have no other source of income, you need to jump to the S-Corporation solution to allow you to get a retirement vehicle.
If you are day trading, the wash sale rules are not relevant. The wash sale loss is added to the basis of the next position, and since you've closed the new position in the same year, the wash sale doesn't matter.
If you have made the mark-to-market election, you cannot MTM any positions you are holding for investment (as apposed to trading). You need to keep your investment positions separate from your trading account.
The easiest way to not pay income taxes ever again is simply move to Costa Rica because I did and it's paradise there! And it costs 1/3 less to live there!
That requires giving up US citizenship
He might have said that in first 3 minutes of video...but who's watchin
@@Theo-dj7vshe said Puerto Rico, not Costa Rica
Dude! I would definitely move to PR...if your job is all on line...you would find everything toy need there. And is paradise
Only downside of PR is the food is terrible.
Paradise my a** after living there for 28 years it's the worst place that I ever been and I'm Puerto Rican by the way
I am intrigued now about the Roth IRA. Will definitely be looking into this. Thanks for the info!
It’s amazing that so many people don’t know about this. I always max mine out but I started investing when I was 38 so I was older. Wish I knew about it when I was younger.
One argument against contributing to a traditional IRA that I didn’t hear you mention is that in order for you to deduct the amount you contribute in a year from your taxes, you must have W2 income. Full time traders have no W2 income so the main advantage of a traditional IRA does them no good. Go with the Roth.
PLEASE ADVISE .
I was told to spread my savings across different things like stocks and bonds to protect and support my retirement.with everything being shaky,I'm considering going into Trade.?
You are absolutely right.
I have same issue loosing in real trade but win in Demo.I think about giving up sometimes.
you must have these things in mind
1. Have a long term mindset.
2. Be willing to take *risk*.
3. Be careful, if you're not spending to earn back, then stop spending.
4. Never claim to know - Ask questions and it's best you work with an assistant.
I am no financial advisor, but money that is going to retirement should be going to long-term investments. The market has always persevered through its highs and lows.
Trading money should be going to retirement.
Retirement money should never go to trading.
@@wendyroseeit’s just about the mental side of trading. You trade different with real money then on demo and that it’s manipulated is only a excuse. Do you really think the government cares about your 20€ that you put into trading?
I was asked to trade with Kate floretta
Ross, I and a lot of traders, really appreciate your knowledge about taxes. most CPAs don't know how to work with traders. Thank you very much
Thanks for the info buddy!
Thank so much Ross. Clear my concern about tax and make sure the way i do trading in Roth IRA and Traditional IRA account. Since i follow you in youtube i getting more a lot knowlege and technique for trading. Considering to take class for trading soon.
Awesome video! Finally someone who can explain these details. I mean wtf, why is that no one can break it down like that. Damn.
Roth IRA income limits changed this year. In 2024, the contribution limit is $7,000, or $8,000 if you're 50-plus. The Roth IRA income limits are $161,000 for single tax filers, and $240,000 for those married filing jointly.
not totally sure but I think there is a complication if you already have a retirement plan at your place of employment ( if not self-employed, but maybe if you already have retirement plan while self-employed?) . The ROTH IRA income limits are lower if you already have a retirement plan at your place of employment, I think.
Ross man i took your course and ive watched all your videos and i just want to say thank you for your knowledge and hard work.
This took me the whole night of research to see if this could benefit my circumstance and my observations are as follows:
Even with the most ideal conditions, where only short term capital gains traders that have net annual gains that fit in a small working range...high enough to where you do reap the full benefits of the retirement accounts and low enough to where your "reasonable wage" is just enough to cap your annual solo 401k contribution limit....you still pay 1.24% more in taxes. The 15.30% FICA penalty really hurts you badly in this calculation.
Great advice. Thanks Ross!
Roth IRA's have limits based on income and the contribution limits go down as income rises.....you also have to have earned income in order to contribute to any IRA. But I do agree anyone under 50 should only be working with ROTH IRA accounts if you choose to use them...Take the hit how and convert your traditional to a ROTH!!! But make sure you have those funds in the ROTH for five years before your deductions are qualified (tax free).
This video was absolute gold. Incredible presentation.
Ross, thank you so very much. You always have great advices.❤
Let’s talk about an important topic. How do you even find good accountants that give you this level of advice?
As of 2024, the Roth 401k is no longer required to take Required Minimum Distributions in retirement... They're just like IRAs now, in that respect (unless the plan requires). So if you have a solo Roth 401k you're golden!
Thank you for sharing Ross, This is Priceless!
Thank you very much for the detailed explanation 🎉
PR sounds all fine and dandy about taxes until you get there. the weather is horrendous. its swamp humidity. Rains a lot. It also has many DANGEROUS violent neighborhoods.
Exactly... But whether it's true or not he made some profits from this video
You have no idea. I moved to PR for tax reasons 3 years ago and totally disagree. The weather is beautiful, nothing like Florida steam room, it is breezy here, which makes it much better. If you want cooler weather, live in the mountains. Where I am, in the Northwest, does not rain a lot. In the Southwest if the island it is actually pretty dry eith no rain for months. Like I said, you have no idea what you are talking about.
They rich have taken over a portion and basically gated the place. At least that’s my understanding and the locals don’t like it because it’s raising the cost of living down there. I live in south Florida so Puerto Rico wouldn’t be much of a difference in many ways other than they have mountains and it’s dead flat here. They also seem go be hit more often with hurricanes.
This seems applicable as a transition away from employment w2 into trading. After I paid way too much in taxes after a good year trading, and a CPA told me I just have to pay the taxes… I have been looking for an effective strategy to limit tax losses, while actively trading for gains without worrying so much about the tax hit.
Another banger....... ty man ty... im officially Puerto Rican 🇵🇷
Ross,, i strongly advise skipping the home office... its number one red flag for the IRS. you can take the capital expenditures separately
As an elder millennial, one of the few advantages is having lived through the Great Recession, Election and Economy Crisis. My advice. Reduce unnecessary expenses, increase your savings by investing in financial markets and do not sell. One thing I know for sure is that diversifying your income can help insulate you from much of the craziness going on in the world.
You didn't mention the biggest gotcha of this strategy: if you have a really devastating event that requires you to liquidate your IRAs, you are then subject to taxation and penalties. It is a rare event, but I have had clients using these strategies that couldn't get loans on their accounts and other holdings, so they did have to cash out big chunks of their IRAs. The taxes and penalties (particularly on the Roths) nearly bankrupted them.
Thank you!
7:45 you're incorrect, "Roth IRA contributions themselves aren't tax-free for the year you contribute. You contribute to a Roth IRA with after-tax dollars, so you don't get a tax deduction on your current income taxes."
Tax the seed not the tree. Later in the ep I talk about how you pay tax on the initial Roth contributions
@@DaytradeWarrior Most people are not in your position, but then again, most people do not watch your videos, so fair point. ^^
You contribute to a Traditional IRA which it is pre-tax dollar then convert it to Roth IRA
Supposedly, you can also set up an LLC and have your office established in Puerto Rico while trading through the LLC for the tax benefits too.
Why to set up LLC? Puerto Rico tax savings is not that easy. You have to be a resident to notbpay taxes. What LLC will do?
@@TVB1st I stand corrected, thanks.
From what I researched, you have to be a “Bona Fide resident of PR”.
An LLC offshore doesn’t exempt the tax payer if they resident is USA
To take advantage of the Solo 401k, you need to treat your trading profits as ordinary income vs capital gains by electing Mark to Market (MTM). Electing MTM negates many benefits like increased taxes (37% vs ~20%), must start paying self-employment tax, and no access to long-term gain classification (with SPX, ES, etc...). I wish Ross discussed these points when recommending tax shelters.
For a quick side-by-side comparison, if you earned ~$100k in profits and no deductions (for simplicity, since both qualify for the same).
- Ordinary Income with Section 475(f) pays $27,270.75 in taxes (takes max advantage of Solo 401k)
- Capital Gains with Section 1256 pays $17,800 in taxes (assuming trades are Section 1256 friendly)
Love how he just casually throws out let's assume you're getting 100k in trading Year, like it's the low ball mark. Dude lives in a different universe than the average guy
Well yea the average guy doesn’t make a profit.
i'd love to know how rich people pay 0 tax
It's called an example
Yeah cuz the average guy thinks like you. You gotta assume the best to be the best.
They still pay tax when they sell their shares.
Elon Musk paid more tax than any individual I'm US when he sold his shares.
I have no idea why your CPAs would allow you to do this:
To contribute to an Individual Retirement Account (IRA), the income must be earned income
. This includes wages, salaries, tips, bonuses, and self-employment income
. Investment income, such as capital gains, dividends, and interest, does not qualify for IRA contributions.
I have earned income since I pay myself wages from an SCorp
How? Could make another video specifically how to start doing the trading Roth IRA?
Thank you so much for this 🙏🏽
I had wondered if there were other ways to legally avoid having to pay taxes on investing. Informative vid.
in my top 10 videos on RUclips, this is one! Thanks for sharing.
assuming your tax rate don't change, there is no difference between paying tax now then grow the account tax free or growing the account and pay tax later. Because the maths is multiplication. The only thing to consider is when your tax rate is lower, now or at retirement.
How did you put $6,000 into an IRA if your income came 100% from trading? A trader can only contribute to an IRA via an S-Corp (which you talk about later in the video). So on year 1 did you open an S-Corp?
You don’t need to have an s corp to contribute to an IRA, you just need earned income that you pay income tax on.
@@DaytradeWarrior Earned income is from a W2 job or self employment. Trading income, short term capital gains, long term capital gains, dividend income and interest income are not considered "earned income". So if all income is solely from trading, it is impossible to contribute to an IRA and get a tax deduction.
@@brianmcginityin order to set up a S-Corp you have to take a salary. That becomes your earned income for which you would use to fund your Roth IRA. You will still need to pay the standard taxes on your earned income like FICA, Medicare, Social Security, State (if applicable), etc. Your tax accountant can do that for you or you can hire one of those payroll vendors if you don’t know how to do it yourself but they usually require more than one employee.
@5:30 minutes, you cannot contribute to an IRA account from your trading income, because as per IRS, trading income is capital gains income and not earned income, and an IRA can only be contibuted from earned income.
Technically he earned it, what I don't understand is if you day trade for a living, don't you have to pay taxes on all gains? That's how it is in Canada, only investing and occasional trades are tax free.
I have earned wages. Most traders will trade in a business account, pay themselves a W2 salary, and take distributions on the rest.
@RTRT. from what I understand, you just setup a S corp (LLC) trading account and use the profits from trading to pay yourself a yearly salary. then, you can contribute to a ROTH and other IRA out of the salary you paid yourself. then you would pay income tax on your salary-trading expenses-IRA contributions (if the type of IRA is tax deductible). of course, I am not setup yet, and I will run this all by a CPA as I could be wrong.
S Corp and LLC are not the same thing
from what i read, short term capital gains is erned income you pay taxes on it normally. long term (holding asset and not selling after a year) is different
Awesome more on taxes please
Some great examples here. Thanks for the specifics. I have one item for you to check. I have an S-Corp and have done company match for years. I noticed in the $100K example for the S-Corp with a solo 401K you had the owner making $40K in W-2 and getting a substantial company match in the 401K. I believe the IRS company match is limited to 25% of the W-2 income, in this case $10K. It is a great example of something strategic, but I believe you may have over stated the value. Also if you are over 50 years of age (maybe not your target audience) you can increase the $23K by $7,500 catch up. This year (2024) on a W2 of $72K I contributed $23K personal, $7,500 Personal catch up, and $18K company match for a total of $48,500 deferment. For a younger person on a w2 of $40K the max deferment is $23K personal and $10K Company match. for a total of $33K, still good, but not $63K good. Thanks again for such detailed instructions on how to structure this stuff, especially the roth ideas.
How tf did you go from 583 to 335k
i stopped watching after that kinda threw me off
Full of sh*t
Yeah, I'd also like to know. 🤨
@@_Thoughtful_Aquarius_trading small caps stocks. I saw it ...
He doesn’t even explain how he did this miraculous thing.
Thank you so much for teaching us this!
Most important question in this video: How did you go from 600 bucks to 335K lol? 😂😂 thats a great issue to have
I’d like to know!
While there are benefits to becoming a proprietor, there are unique benefits to becoming a charity like not having to disclose your donors or what you do with the money. Throwing that out there.
wait. in Year 1 you made 335K and put 6k in a tradition IRA and then switched to a Roth IRA, and only paid income tax on the 6k? what about the other 329k??
exactly
This is the problem with the IRS. The tax system is way overcomplicated. Loopholes everywhere. Should just pay 5% total tax regardless of income. Who is going to move to Peurto Rico to save money? Very few will do that, legally
Pay no income tax hack:
Just have no income
not hard with this economy.
This economy is much better compared to 2020. The Dow and S & P are at all time highs. As a trader, if you know what you're doing, you can make a lot of money.
21:45 as far as I understand it won't make your income tax higher than what you actually made. The reason for this is that the amount of loss you cannot claim as a deduction because of wash sale rule is added to the cost basis of the new security you have purchased. So you'll only pay tax only from your actual net gains and not "gross" gains. Otherwise it would made impossible to do day trading/scalping without mark-to-market election.
The only implication is that you won't be able to get the $3,000 deduction.
Great transmission, as always. I appreciate the no-nonsense approach you take to the news and the markets. A lot has changed and that's about it ,but the truth is that I don't even care much about the bull or bear market anymore because Stella Hu covered me while I'm doing comfortable.20k 30k every week and I'm still counting thanks to her
her transformative power of trading is remarkable. Despite being a medical doctor by profession, I've found that copy trading generates higher income for me without the need for direct involvement in trading activities
I remain eternally grateful to Stella Hu for her efforts that got me to this point , finally paid off my mortgage and all my debts, what more could I've asked for. She changed my life for good
Just withdrew my profits week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
Though I started with as low as $10,000 actually because it was my first time and it was successful, She's is a great personality in the states
The very first time we tried, we invested $3000 and after a week, we received $9500. That really helped us a lot to pay up our bills.
You can’t contribute capital gains income to an IRA.
The only kind of income that can be contributed to an IRA is earned income, income from a W2 or pass through earned income come from an LLC.
I'm an aspiring trader who would rather learn from other traders' experience than investing in the market myself, in anticipation of the next bull run. What are your thoughts on copy trading as well? Do individuals actually earn a living? Just trying to get some reassurance. I want to have a healthy portfolio worth at least $850,000. Reliable inputs please.
i'd advise you redistribute assets in your portfolio with the help of a pro so you don't get burnt in the market
We strongly advise against mirror trading, as it does not help members to learn how to trade on their own. Rather, it creates a dependency on other traders for trade ideas which is not a long-term success strategy.
While we do share trades in the live trading room, our goal in sharing them is to create a more proactive learning environment for our members. Rather than focusing on following our trades, they can focus on how we identified the trade setup and the reason why we took a position.
You can find more information on mirror trading here: www.warriortrading.com/why-mirror-trading-is-a-bad-idea/
Two points. The Ira accounts need to be self directed. Also, if you structure your business properly you can contribute much more than $6000
Ok, so I may have spoken too soon. You’re covering the S Corp now, lol
I’m watching after I filed my taxes 😂
Hey tomato tomahto
The alternative is to put money in IRA account as much as possible within the IRS limits. All your income in this account is not taxable until you draw money from
Trade out of a ROTH IRA.
Roth IRA may sounds better as you explained, but don’t forget the contributions are made with after tax dollar meaning you pay tax now but withdrawals during retirement of tax-free. I like the Puerto Rico option. 📈🙌🏻
I need a drink
Straight to the point and great explanation! Thank you! I only wish I knew how to trade confidently.
Dude, you're one of the most helpful people ever.
Invaluable information Ross! Thank you sincerely.
Problem is, we have to make consistent profit first.
What a great video Ross, thank you!
I'm glad I discovered this teaching today! Thank you for making it seem down to earth! I want to learn these strategies.
So much fine information.. I will have to study this more and research.. thank you for the kick start.
I thought the tax code limits contributions to IRAs at $7,000 per year or $8,000 if you're over 50 years old... So, you're still liable for the taxes above the ex. of $120k living costs. You only save the $7k contribution that went into the IRA. 10:20 - 10:50