How to Create a 1 Million Dollar ROTH IRA - Part 1
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- Опубликовано: 2 окт 2024
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For everyone out there who thinks what I am saying is crazy or impossible, I made a second video (part 2) just for YOU! It provides further detail and examples on how to reach that 1 million dollar ROTH IRA! Here is the link to part 2: ruclips.net/video/bhWhcmUrryM/видео.html
How can you put 20K per year in a Roth when the contribution limit is less than 1/3? Also, the million at age 20 now is lot of money in comparison to million when you turn 67. It would be worth something like 400K - assuming 2% inflation.
Mark, what is the link to the video of the "paradise " option with the HSA?
You only get a tax deduction for investment in a 401k if your gross income is under a certain amount, and then it's only about $100 for every $1000 invested.
Where is the video on the HSA?
I have an acorns account and I have a Roth IRA in it will it work the same way?
Recently bought some recommended stocks and now they are just penny stocks. There seems to be more negative portfolios in the last 3rd half of 2023 with markets tumbling, soaring inflation, and banks going out of business. My concern is how can the rapid interest-rate hike be of favor to a value investor, or is it better avoiding stocks for a while?
Just ''buy the dip'' man. In the long term it will payoff. High interest rates usually mean lower stock prices, however investors should be cautious of the bull run, its best you connect with a well-qualified adviser to meet your growth goals and avoid blunder.
The truth is that this is really not as difficult as many people presume it to be. It requires a certain level of diligence, no doubt, which is something ordinary investors lack, and so a financial advisor often comes in very handy. My friend just pulled in more than $84k last month alone from his investment with his advisor. That is how people are able to make such huge profits in the market.
I've experimented with a few over the past years, but I've stuck with ‘’Nicole Anastasia Plumlee” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
Accumulating wealth through a Roth IRA or a 401(k) involves different strategies for maximizing returns. A Roth IRA allows you to make withdrawals without paying taxes during retirement, which can be beneficial if you expect to be in a higher tax bracket later. On the other hand, a 401(k) offers tax-deferred growth and may include contributions from your employer, which can significantly boost your savings. The best choice for you will depend on factors like your current and expected future tax situation, employer match, and available investment options. Seeking advice from a financial advisor can help create a strategy that aligns with your individual financial goals and needs.
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
It's true that many people underestimate the importance of advisers until their own feelings burn them out. A few summers ago, following an ongoing divorce, I needed a significant push to keep my company afloat. I looked for licensed advisors and found someone with outstanding qualifications. She has contributed to my reserve increasing from $275k to $850k regardless of inflation.
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Rebecca Nassar Dunne” and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
Choosing a Roth IRA is advantageous as it uses after-tax funds and allows tax-free growth. When I retired, I had $1M million saved, and I won't be taxed on my withdrawals.
You're right, I used a financial advisor. Approaching retirement, I've benefited greatly from their guidance. Starting late, I knew index fund compound interest wouldn't be enough. It's funny how I've outperformed peers with more years of investing experience.
Becoming a millionaire through a Roth IRA or a 401(k) involves different strategies for maximizing profits. A Roth IRA offers tax-free withdrawals in retirement, which can be advantageous if you expect to be in a higher tax bracket later in life. On the other hand, a 401(k) provides tax-deferred growth and potential employer contributions, boosting your savings. The optimal choice depends on factors like your current and future tax situation, employer match, and investment options. Consulting a financial advisor can help tailor a strategy that aligns with your financial goals and circumstances.
Prioritizing effective personal finance management holds greater significance than the sheer amount saved, irrespective of income source. Consulting a certified financial advisor can offer tailored strategies to optimize financial results by reducing expenses and enhancing income, regardless of whether it's earned through employment or investments.
I wholeheartedly concur. At 60 years old and newly retired, my external retirement funds total around One million two hundred fifty thousand dollars.. With no debt and minimal retirement fund allocation relative to my portfolio's value over the last three years, I recognize the importance of a financial advisor. Neglecting them isn't an option; however, thorough research is vital to find a trustworthy fiduciary advisor.
This aligns perfectly with my desire to organize my finances prior to retirement. Could you provide me with access to your advisor?
I'm guided by “Vivian Carol Gioia” an experienced coach with extensive financial market knowledge. While you can consider other options, her strategy has yielded positive results for me. She offers valuable insights, including entry and exit points for the securities I concentrate on.
Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.
At the very least, I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.
Most people simply enter the foreign exchange market without comprehending matters like this. The first stage in building money is determining your goals and risk tolerance, which you may do on your own or with the assistance of a financial counselor who works with a verified Finance agency. And also you can learn the facts about saving and investing and create a clear plan, you should be able to acquire financial security over time and enjoy the benefits of income management..
That is why I work with John Desmond Heppolette, who introduced me to a better Financial community, a verified agency where I learned how money works and how to create it, as well as free books, courses, and daily lectures. You also get to meet new people, which was the best decision I ever made.
You’re right! Working with a financial advisor who has worked in a solid financial firm for a long time, such as John D. Heppolette, will actually set you up for success in life. I'm delighted I was able to reach out to him earlier this year because while others were grumbling about the downturn in the markets due to the state of the economy, I was busy learning from him and eventually made over seven figures in the first quarter alone, which is why it's always good to join the correct community.
That's great, your financial advisor must be really good, I have seen testimonies of people using the help of financial advisors in making them more financially stable. I just discovered his exceptional resume when I made a Googled search of his names. I consider it a blessing that I discover this comment area!
It amazes me greatly how I go from living an average lifestyle to making over £63k monthly, utter shock is the word. I've learned a lot in the past few years to doubt that there are plenty of opportunities abound in the financial markets; the only thing is know where to focus.. Thanks to John Desmond Heppolette.
I hope to buy a sandwich one day. Thanks for this video!
I am retiring next yr at 55 with 3 houses paid off worth 4.5 million. One is my place of residence the other 2 properties will give me $80,000per/yr rent . I will have an income stream of $20,000 per mnth through my super which gives me total $240,000 a yr to live comfortably. I have no debts ... Stay Motivated!!
You have done great for yourself. I understand the fact that tomorrow isn't promised to anyone, but investing today is a hard thing to do for me now because I have no idea of how and where to invest in. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.
Credits to ROCH DUNGCA-SCHREIBER, she saw me through the process. You can glance her name up on the internet and verify her yourself. she has years of financial market experience...
@@tahirisaid2693literally someone else in the chat said what you just said verbatim 😂 gotta love bots
I’m glad I pulled through, despite the crises. I am retiring next yr at 55 with 3 houses paid off worth 4.5 million. One is my place of residence the other 2 properties will give me $80,000per/yr rent . I will have an income stream of $20,000 per mnth through my super which gives me total $240,000 a yr to live comfortably. I have no debts ... Stay Motivated!!
You have done great for yourself.
May I ask which investments are good? I've been looking at a few different ones but want others' opinions as well
What I think everyone need is a Financial Adviser, who can help you get in and out of any investment at any time and you'd sure be in Profit
*ROCHELLE DUNGCA-SCHREIBER,* That's whom i work with
RUclips is a public place; i can't drop her information here but You can just put her name on google and you will be directed to her website and drop her your message.
I just switched up my Roth IRA to 50% SCHD, 25% SCHX, 25% SCHG, and my Roth 401k is 70% vanguard S&P 500 index, 20% vanguard growth index, and 10% vanguard international index. Seeking best possible ways to grow $350k into $1m+ before retirement, I'm 55.
Those sound like great picks! consider financial advisory so you don’t keep switching it up, top 3 payers for the month were $OHI, $KMI, and $EDP... not bad for 350k
@@greekbarriosYou have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 14.3%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an advisor.
You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 14.3%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an advisor.
@blaqueopaque I'm intrigued by this. I've searched for financial advisers online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?
I've experimented with a few over the past years, but I've stuck with ‘’Jennifer Leigh Hickman” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
Investing in a Roth IRA is a tax-smart move for a secure retirement. Its benefits, coupled with strategic investing, create a solid financial foundation. Partnering with a skilled adviser ensures informed decisions, optimizing gains, and navigating the investment landscape with confidence. Secure your financial future wisely! 💼💰
I'm exploring different investment opportunities and would appreciate others' insights on this matter.
I might have missed this but another big advantage to Roth IRAs is they do not have Required Minimum Distributions (RMDs). This gives you better control over how much money you must withdraw (heavy liquid) and declare as taxable income, after age 72. For anyone with a large traditional IRA, they might end up in a higher tax bracket when RMDs kick in. I've heard it called a Tax Bomb.
For the average person, the strategies are fairly demanding. In actuality, most professionals who have the necessary abilities and knowledge to complete such occupations do so successfully.
Having an investment adviser is the best way to go about the stock market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly and I made over $800K within a short time
Another advantage of ROTH is that investing post-tax dollars vs pre-tax dollars means you are investing more. People tend to spend the money that isn't invested, so this forces more investment.
"means you are investing more" that is the fallacy if you can invest more you can do it in either. In the Roth if you invest 100 you need the extra to pay the taxes that year (i.e. 120), meaning you can invest more in the pre-tax (120).
When ‘Carol Vivian Constable’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
I have always been fascinated by investing, but without adequate knowledge on the right thing to do, I find it difficult to start. *I politely ask, what’s the best sector to invest in?*
It is entirely possible for a smart and patient investor to go into investing with the right information. One of the best ways to get started is to get help from an experienced Financial Consultant . I've been investing since *2015* and I'm extremely happy with the returns I get working with my investment advisor; *Hamilton Phoebe Zoe*
@@andreskylo5868 I am very interested in this information and I've some money sitting idly in the bank with that I can start investing without further delaying, If you don't mind How can I get in touch with your professional?
@@reedbrian290 As to get more details about my Investment Professional; *Hamilton Phoebe Zoe* easily do quick internet research where you can easily write her from, do your research with her full names mentioned.
@@andreskylo5868 I'm delighted to engage in this opportunity, I just found the professional's web page and have already written to her 👍
It’s good to make decisions that help you ensure good finances. It doesn't matter how many jobs you have, but what matters is how many sources of income you have. Getting a side hustle or passive income is a very wise financial decision.
I’m dead he said this is OJ Simpsonized 😂😂😂
Nutrition Specialist #1 ikr😂😂😂😂😂😂
it’s true. OJ’s retirement money can’t be touched. They tried, and failed.
Anna Dee and rightfully so....
😂
So is Nichole Brown :-(
im 17 and u just motivated me to get one set up. Thanks man
Wow that's awesome!! I wish I was like you when I was 17 :)
You are a very smart young man!
Best thing you can do young man
How old you have to be to open a Roth IRA?
I would start asap. In 2037, social security funds will be depleted. Read Money Under 30.
Came across your video 5 years ago, right before covid. In my 30’s but been putting money in my TSP like i’m in my 50’s. That simple configuration catapulted my compounding potential. Cant thank you enough.
I’m 18 right now, but i hope i would’ve started when i was in the womb
I started at age 34. Smh.
Load up your Roth IRA at $6k a year and not $540 a year as he says, you will have way more than just a million
HAHAHAHAHAHA
Everyone told me to start when I was 18, i ignored until 28-30. Do it, seriously. Your future self making bank will thank you.
@@mvboutdoors That's the cycle of life
There are annual Roth IRA limits.
For example in 2018 the max contribution amount was $5,500 year, & if over the age of 50 it was $6,500 year. For the years 2019 & 2020 the maximum amount was increased to a maximum of $6,000 & $7,000 if over the age of 50.
$583.33 a month x 12 months = $7,000
In your white chart example for age 50, your yearly contribution of $19,800 has exceeded the yearly maximum by $12,800 at the year 2020 rate.
It is impossible to bypass the IRS rules for contribution.
That’s true statement
Someone doesn’t know about the Roth 401k backdoor 😐
You can put money into your roth 401k and rollover it over to your roth IRA, this money will not be counted towards the 6k yearly limit
@@User-pu3lc
Many UCC filings coupled with S-Corps. 🎉
They should remove the limits.
lets be honest with zero skills you will run into problems that will change your perspective, always employ services of a pro, personally after extensive research and some surveys i made close to a quarter million as a rookie much thanks to Mrs Mary Margaret Cartier
i had to learn the hard way thrpugh bonds, how may i reach out to your advisor, i have come across her article through a CNBC interview
oh yes she lives up to her standard top notch quality and well known in Miami, she has been handling my portfolio for a long while and ive been well please. you can always search her full name online and then leave her a message. you welcome
This gave me confidence to switch my 403 into a Roth. Thank you so much.
Why not have both?
How can a 50 yr old put in $1650 per month when the 2021 IRA contribution limits: up to $6,000, or $7,000 if age 50 or older?
Started maxing out roth ira at age 25. Will do until i retire.
This video needs to be included in every public school curriculum. It can play in the cafeteria once a week. It will bore them when they're young, but it will grow on them slowly.
Jeff Morrison seriously.
Agree!! Thanks so much!!
@@ambakaur3436 good to see a someone your age with some sense. Can I guess you're early 20's?
Lets see what happens when everyone directs thier money into a Roth IRA. If everyone does it, then you will be lucky to get 1 percent ROI per annum.
@@eajinabi you're only aloud to put in $6,000 a year. If everyone behaved responsibly we would probably have to diversify a little. It would still be for the greater good. Do you have any sort of retirement savings plan?
investing in crypto now is really cool especially with the current rise in the market for now....
Yes you're right
but don't know why people still remains poor out of ignorance
is not about ignorance but unprofessional in the market
I will introduce you to my broker Expert Sophia Jones she is from USA and her method working for me at the moment
who's this professional everyone is talking about I always see her post on top comment on every RUclips video I watched
This has to be the best information on getting to a million dollars on you tube hands down. This is so practical. Thank you 🙏
You are so welcome! I am glad it's helpful!
I’m 67. I have a $1M saved. I’ll probably be dead in three years but I’m a millionaire! Woo hoo! Nothing to spend it on cause I don’t care about much anymore, and I don’t want to spend it because I gotta save, save, save! Woo hoo. Mission accomplished!
You ever hear of strippers and blow, only have a year left tik tok on the clock
“OJ simpsonized” 😂😂💀
The trick is just: SAVE MORE. Take advantage of real, compound & continuous interest. Thank you Mark love the word "Self direct."
I’m 18 & just started mine 🙏🏾
Way to go. That is great to hear!
Great job, set aside a % of your income every month for the fund and by the time you retire you should have a nice little nest egg.
I wish I started mine at age 18, but at the time there was no Roth IRA. I had to get a traditional IRA and roll it over to Roth in 1998. Put in the maximum every year and you will never regret it. You will be unlike your friends who will later in life will have regretted not investing at age 18.
This is amazing. I was trying to
Put the maximum 6,000 a year. But this is an good plan. You are an amazing coach. Thanks for the information.
I’m glad I subscribed man thank you for this video
I swear that breakdown gives me so much hope. I’m almost 27, that’s amazing to hear. I’ll happily sacrifice a few times eating out!
Kimberly Barnes right with you. I’ll be 26 in April and need to get this thing going!
So good to hear this gave you hope! Please subscribe and share with others who need hope!
Do it! Do it! I wish this kind of information was available when I was your age. 💰 💰
Kimberly Barnes, I hope you started. I started when I was 27 and now I am 58 with over $1M in my 401K. It is possible.
@@shipdog44 can I ask what sort of securities you invested in?
What do you guys think about AI stocks; Broadcom and Marvell. I have a 100 grand to put into the markets now it has shown bullish strength but I am very skeptical.
Be careful not to be lured into the market too soon i rather be buying low in periods of instability than chasing when market starts to rally, this current situation has opened my eyes to the importance of a good mentor knowing what they doing.
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 invstments, I earn around $250K per year but nothing to show for it yet.
@GaurnjlSoon affordable housing will no longer be affordable so anything you want to do i will advise you do it now because the prices today will look like dips tomorrow . Until the Fed clamps down even further I think we're going to see hysteria due to rampant inflation.
@keralakora I think home prices are gonna come dwn with the pause in hikes coupled with the new mrtgage rules.
When stck picking, best to have a mntor who has a feel for sentiment and positioning of both institutional and individual investors. Someone like Kayla Tabitha Rodrigues has been a good exsample lately.
Haha here I am thinking 5k a year at 20 was probably weak sauce in this strat, but looks like I'll be 20 years ahead 😂
Fred Jackson bro if you’re maxing your contribution per year (6k) you’re going to be looking real good in even 20 years if you’re conservatively investing. I’m 23 and am relatively conservative (just doing mostly S&P index fund and some bond index fund) and am doing virtually the same you are. We are going to be kicking butt when we’re old hahaha
RDTV look into UPRO instead of SPY.
Isn’t the total amount up to $6000 per year? I just googled it and I couldn’t find otherwise.
-Wouldn’t be better to have a 401k because you can have 3x more money invested and come out ahead even after you’re taxed.?
More knowledge by watching your video, thank you.
Starting early is the best way of getting ahead to build wealth, It's such a pity most folks spend more and invest less while intelligent people always try to harness any investment opportunity. I've been diving deep into stock options.
I'm working toward generating $1,700 monthly from your dividend stocks.
@Sean Roger How long has Frost Hilda been handling your investment, as how has he enhanced your earnings?
@@rohitmajumdar1579 generating $1,700 A MONTH from your dividend stocks means your portfolio value is already 1 million dollars.
I am getting lots of cricket sounds from all the crypto lovers. I personally think anyone who’s interested in easily multiplying funds should consider buying the dips of most altcoin, this is an opportunity to get in.
"OJ Simpson-ized" LOL I SEE WHAT YOU DID THERE.
Lots of people die in age between 70 to 80. What they gonna do with that million? Retirement should start at age 50, so people can enjoy that million for at least 20 years. Uff!!
ur right. work and save from 25 to 50.
Great point. I totally agree about enjoying the money sooner. However, you may be shocked to know how many baby boomers have nothing right now for savings. The stress of turning 70 and the inability to work any longer can be terrifying. One other thought is 50 is the new 40. Millions of Americans are still working until they are 60 or 65 just SO they can have retirement money to some degree. Anyway...save save save. No problem with that mentality at any age.
@@brightonchou1393 "If you don't figure out a way to make money while you sleep, you will work until you die" - Warren Buffett
If people choose to eat a plant based diet they’ll live longer 🌱
@@MarkJKohler It is not just baby boomers with no savings. Too many individuals are "living in the moment" these days. As they age and have no savings, more dependence will be created and the tax advantaged accounts will cease to exist or undergo extensive rule changes (just my opinion). I taught myself to be an active trader of futures and options so I can continue to generate income even after retirement. Yes, I pay taxes and it took years of training and practice. The rewards have been worth it and my annual returns far exceed the numbers you are using so it is possible to achieve high returns.
This is awesome Mark! Calling your firm this week!
good thing I clicked on this video instead of the typical RUclips distractions. ill get a Roth started ASAP!
That's fantastic!
I'm not tracking. If the max amount you can put in is 6k per year then how do you follow your plan when your 50? I can't put in the 20k
I believe theres an account called a Roth 401k, that allows you to put 19,000
He is using the word Roth in this video interchangeably with IRA’s and 401k’s. At age 50, you can contribute $25 into a Roth 401k (19k limit + 6K catch up contributions) and 6k per year into a Roth IRA (6k limit + 1k catch up contributions). While this can be done, it is very plan specific (meaning your company has to allow you to make Roth contribution into their plan). He provided #’s here, but did not state the ways that it needed to be done. People often this a Roth 401k is its own type of account. A 401k is a 401k the term Roth just states how the money within that 401k is held either pretax (traditional) or post tax (Roth)
I’ve watched multiple videos on RIRA’s and they were all helpful. However this car analogy is the best I’ve heard, and makes it easy to explain to those who understand even less than I.
Thank you for the lesson on ROTH IRA.
Thank you for watching!
Mark! Please do an update on this regarding the new legislation coming out!
Wow, a lot of to the point info without all the garbage flair most of these "RUclipsrs" are showing off. As a newcomer to investing this felt like a lot of good info, thanks!
You are welcome Kodiak, I try to get to the point always!
You don't mention the limitation on yearly IRA contributions between $6k - 7k per year. Your savings figures for age 50+ make no sense.
He mentioned the backdoor IRA, there are ways around the limits!
Brian Stinnett how to go around the limits?
Check out this video: ruclips.net/video/6ncs0irkv-w/видео.html
It should answer your question. The idea is that the money is Roth money, whether it is in an IRA or 401(k). Hopefully that helps!
How can anyone invest $19800 per year into their Roth IRA at age 50 when the max. allowed is $7000 per year?
Kim Phuoc Jewelry I LOVE IT!! Great question. You can contribute 19,000 per person (if married) into a solo 401k!!! And that’s a Roth Solo self-Directed 401k. Seriously!! I know this sounds crazy but I have answers, I have solutions, I’m trying to spread the word and I wish I had 500,000 views like some of these nuts out here that don’t even have the credentials and experience and knowledge that I have. Please share this video and call my office if you want a consultation.
lol
I was thinking the same thing. I also question the 10-12% return on an S&P index fund. I think the average is around 9-10%.
@@MarkJKohler OK I was confused. I thought you were talking about how much to invest each year to make $1 million in your ROTH IRA account.
His returns are optimistic. They assume an average compounding of 10 to 12 % annually. You can put the amounts he’s talking about into a ROTH 401(k) through your work if your work offers a ROTH 401(k). Over 50, the max contribution in $25k for 2019.
@@markbartoszek8585 I have gotten 30% on my 401 last year.
Great video Mark! Thank you for sharing this great information. I need to have my kids watch this!
That's a great idea! Better start early than late right! Thank you for watching :)
You are a really good sales man.
Have a coworker who was rolling the 401k into their Roth IRA because they has so much in the mandatory distributions at 72 were going to force them into a 34% tax bracket.
They rolled over whatever they could while maintaining the 22-24% tax brackets.
After doing that for years they knocked down the 401k enough that the mandatory distributions won't cause a massive tax liability.
They have well over $1 million in a Roth IRA.
Amazing what 30-40 years of saving and investing will get you..
max IRA contribution for this year is only 6000 dollars.
Roth 401k limit is 19,000 in 2019.
Over 55 is $ 7,k
Use to only be $5000
Max CONTRIBUTION each year, in 5 yrs. That's $30,000 plus interest.
This is Oj-simpsonized 😅😅; never heard that before!!!!
It's literally a chapter in one of my books. The asset protection he utilized is amazing. Check out my books on Amazon if the topic interests you. Just search Mark J Kohler in Amazon. Thanks!!
Exactly what Barking Shark said. You can only put $6,000 per year if you are under the age of 50. Over the age of 50 adds $1,000 to that number per year. Why is that not described in your video? If you have a way to make it happen, please, I'd love to hear it!
you can have as many Roth IRA's as you want. You could spread the amount across 3 or 4 of them.
@@jonathanfoster2263 If you're eligible for a ROTH at all then you CAN have as many as you want BUT ... Although you can convert or roll other savings vehicles like 401Ks or traditional IRAs into a ROTH, you can not add more than a total of 6000 or 7000 per year of new money directly into any kind of IRA. He did not mention that, nor did he mention the eligibility restrictions on ROTHs. I love my little ROTH but there is more to it than he implied.
It's called a backdoor roth. google it and it will tell you how there's a way around the $6k contribution limit.
I wish I'd done it before, but I was misinformed for a long time.
Thank you, you don't look younger than 40 but you have great attitude.
Nice video on IRA because normally it’s confusing. Thanks
12% (or more!). Lol. Average?! For one's entire working life?! Get outta here with those phony numbers.
Yea that's a bit of wishful thinking. It will probably be less than 10% avg.
Lmao......self direct good people i could show you 20% return from a retail limited choice employee 401k roth and this a old dog with a Detroit public schools education. Investigation into the amount of choice is imperative. .....also buying a LLC with self directed abilities and a equity dividend King and seasonal retail cycle dividend bearer will put you at the 10% cover called and tax shelters with ira/LLC/llp combination Will get you to 12% min......a skilled tradesman has so many tax pass through tactical plays c'mon this is easy plus compounding the dividend distribution into more share......cmon reverse engineering is key end game/regression/investigation/strategy/tactical/defense/entity structure/scale/execution. What could you do with a LLC assets starker trust holding a subprime rental occupied with a non recourse prime+3heloc?....plus build in leverage for flexible operations
No disrespect either just sharing the things I've done in hopes of mastering the American dream I guess. I loan money and go after tax liens that are easy targets. Short sales,e-commerce sales. Magic The Gathering card resale,Jordan Resale,Supreme resale.
David Triplett that stuff is way over my head and 95% of the population. But it's good you understand it.
May I suggest looking at Mitt Romney and his IRA/401k. That's how I found out I sucked. He put KBToys in his retirement and liquidated it in some equity play. I was wondering why he said corporations are people.....create an investment based LLC company and a active revocable trust.....2500$ at most. With ein and checking of course take 2500 from your IRA and buy into the LLC as a owner officer at 50%. Now whatever business you do after expenses is 50% going to your retirement vehicle at a higher than wallstreet return
Don’t you have limit on contribution of $7000 per year ? I am over 50 , how to you come up with $19500 per year ?
Thanks
Lane Xang exactly. What an idiot
Roth plus 401k contributions or $14,000 if your married and both over 50
They're are ways to do it, backdoor ira
Marcus Savina wrong.
@@michaelvan6675 not wrong.
ruclips.net/video/yZfJJfweUA0/видео.html
The first million in stock is always the hardest but afterwards it gets better and if you ask me I think picking red chip stocks sometimes is the smartest move to make because they can sky rocket on the long run so yeah Smart move..I just sold TSLA,NTFLX and S&P 500 this month (vacation secured✅😂😂). Picking new ones soon depending on what my FA decides. We’ve got it all planned out. She knows exactly what to pick. Work smart people...work smart. I’m cheating stocks and it’s working for me😂😊😊
Impressive, I myself just bought BRK-A I know quite pricey but it’ll be worth my while I hope..you mentioned an advisor. Do you do referrals i might need the help on my next pick this month, that’s if she’ll be willing to work with me???
Suree but I can’t leave her number here so you’ll have to google her the way I did, her name is Lucy Maria Koss. Look her up and goodluck with your stocks !!!
Serene Whopperman I’ve actually been meaning to trade for a while now, I think I’ll start with 30k..I just googled her and she seems credible. please what’s her commission like??
Mark, the problem in your calculations is that in the next 30 years will most probably yield much smaller rate than it did historically, because of the obvious reasons - extend over valuation of the current market and high inflation. So it's very risky to expect the annual growth rate of 12% (it might happen, but most probably won't), in the next decade it will most likely be 6-8% not even adjusted for inflation. And the numbers you talked about will be very very different.
Excellent video.
If you want to be successful have the mindset of the rich spend less and invest more don't give up your dreams, I pray that whoever likes and reads this will be successful.
Assets that can make you rich
Stocks
Real estate
Silver and gold
Etc...
@@andresLK You're right, but don't know why people remain poor due to ignorance.
It's better to take risk and make sacrifices than to remain poor
The competition is on and every trader wants to be the best and successful but the truth is not everyone can be successful in trading. But I think forex trading and crypto currency investment still remain the best option for now.
@Mary Johnson I will introduce you to my Expert, Michael Adams Jay Fzoption financial institution he's great and his methods are working for me at the moment.
I was at a retirement seminar and the speaker spoke on how he quit his job after he made well over $650,000 PROFIT within 3 months he invested $150,000. I just began investing and i will really appreciate any tips or helpful guide.
HELPFUL TIP It is very easy to make huge profit over a short period of time by investing with the guidance of an expert, i began investing last year with JULIANA GUNAWAN LEE a licensed broker and within 2 months i've made $208k from my $50k investment.
@@kerstinglaser3845 That's wonderful, i've always been told that investing with an expert has it advantage but how can i contact this broker lady ?
@@rebeccacreasy5969
Google search her name ‘JULIANA GUNAWAN LEE’ she is quite known for her works.
@@kerstinglaser3845 Okay thanks, i have just found her website and it's really interesting what i see here, i have sent her a mail, waiting for a reply now.
Thank you Mark,very encouraging and you make it sound possible to retire with Roth alone.
Thank you!!
Check out my "Part II", you might like these additional points and I validate several of the comments made here and challenge others. Let me know what you think: ruclips.net/video/bhWhcmUrryM/видео.html
How do you bypass the yearly cap of 6,000 a year for your 50 plan in a ROTH IRA.
Same question, I thought the max annual contribution limit at age 50+ is 7K.
Same thing I'm wondering
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for...
Lots of value on this video! Thank you so much!!!! Subscribed!!!
*I AM NO LONGER WAITING FOR THE GRANT LOAN BECAUSE I EARN $ 18,000 EVERY 7 DAYS RECENTLY.*
@Desmond Gabriel Amazing, I also just started trading with Jennifer Robert... She is the best, with an initial investment of $2,000 I made up to $15,000 in few weeks of trading with her. Strategies are mind blowing 👍
@@kennethandrew661 This is the kind of information that we don't get from RUclipsrs I will get in touch with her right now.
@Kevin Brian I have made ten thousand bulks profits with her... Highly recommended.
@@philipjohnny4593 Hey you're not far from making profit, he has taken care of my account for months... I have 12 win so far
@@vicm6799 I've never seen someone as perfect as Mrs Jennifer Robert. She knows how to analyze trade, and with her strategies she has earned me €12,000 in 14 days of working with him.
OJ simpson had his NFL pension fund that was UNTOUCHABLE!!!!
That was a great read too i just looked into that. Wow crazy
Yes... I know... Totally asset protected. LOVE IT! I have a chapter in one of my books titled 'The OJ Simpson Strategy'. Thanks for the comment!
is*
@@lyric2439
Yes,IS
Thank you for pointing that out
Isn't one of the reasons of why he moved to Florida? What's up with that?
I’m 20 and I’m putting $120 a week into my Roth IRA. Exactly what I need to max out every year. I maxed out 2018 a couple of weeks ago.
That is awesome. The ROTH IRA is the only thing I wish I had started earlier. My plan is ROTH IRA>401k (Match)>Savings> 401K maxed>Precious metals. The 401K has too many limitations for me, but if you have enough for everything else, may as well max it out if you can.
That's great. You will be a millionaire with those strategies.
Thank you for your input. I’m taking action today.
I'm teaching my 13 & 15 yo's this. I don't even mind if they live at home for several years as long as they are working, getting an education, and contributing to their IRA's.
Step 1: Open ROTH IRA. Setp 2: Deposit $1,000,000.
There is a limit every year, so you can not do that
@@stephenho6007 Umm ... I think it was a joke ....wow
@@littlefallsdoctoraccount3348 It wasn't a good joke. It would only confuse people that don't know much.
Would like to invest. any advise on how to go about it ?
do you have any you can recommend for me ?
thank you walker. i just search her name and i found her website . i am dropping a message.
nice one walker
Gerald, I agree with walker chaplain. It's best to speak with a professional. Get in touch with your financial advisor.
Walker Chaplain advisers will steal your money, the reason they are called “broker” is because they are more broke than you. Call up vanguard and they will help you through the step. A good way to start is Roth 401k and Roth IRA
maximum under age 50 is 6k per year , 7k if you're above 50. Am I wrong on this?
You're correct, no way you can put $19,000+ into a ROTH over 50
Wow this dude is bad at math- first you realize long term returns on stocks is maybe 7 percent? Also how are you saving $1 million tax free when you included the amount you put in yourself that was already taxed? Shit we need people who actually have a finance background to talk about finance
I've found another great financial advisor (Mark Kohler) , Ive been watching your videos from time to time, and I must say every one of them has a gem and a wealth of information, especially the 1 about the Solo 401k, great for small business owners. You've got a new subscriber for sure, Your added to my financial advisor list along with Dave Ramsey, lol. Keep doing what your doing ,thanks for the great info
Thank you so much for the kind words. You are the reason why I keep making these videos. Thank you for subscribing and sharing. Keep living the American dream!
This was OK till you came up with that dumb car analogy. And the self-directed vs Wall Street was kind of bogus too.
What..?? Seriously?? 😐 You give me a better analogy. Wall Street doesn't want you to invest your IRA, 401k, Roth, SEP,...etc... They are driving your car. Kick them out and drive and put what you KNOW best in the back seat. I thought it was clever. And Wall Street??? The best I've ever gotten or seen on a consistent basis in ANY sort of Wall Street product is 8-9% AT BEST!! Why not self-direct and do better? I'm shooting another video next week on how to get 15% consistently, BUT ONLY if you self direct. Here is a reply I just gave to someone else that was giving me crap about mentioning a restaurant. BUT...just when I think it's crazy too. I LITERALLY met with a client today that owns several restaurants & bars in his IRA (no kidding). His IRA is worth more than 10M. However...I'm still not rushing out to open a restaurant. The point is, INVEST is what you KNOW. If you know restaurants, great. If you no garbage collection, great. If you know, rental properties, great. Just self-direct and get the HE%% out of Wall Street (just my opinion).
@@MarkJKohler I like your car analogy. You can expand by saying a convention IRA car runs only on gasoline, but a self-directed IRA can run on any type of fuel.
Great work like always!! I made my first million trading stocks. With a good investment plan that ensures steady incomes without any doubts you can prepare for a well organized retirement. I started investing in stocks 3 years ago and so far, I am making a good yield on my dividend...my investment strategy actually calms me down I use a financial broker who handles my portfolio..my ROI has been over 160% up
is this under a 401k or Roth ira ?
congrats on your wins Katelyn..., just started a few weeks back , I'm aiming for long term still trying to wrap my head around it ..can you refer a broker ? I'm quite skeptical about the ones on here
@@stanleyfujiwara1394 it's under Roth IRA i see it to be more profitable. it's flexible with greater tax benefits
@@nataliehinnes5221 thanks natalie, i can't actually leave details on here, you could do that yourself..her name is "Nancy Jane Gluck" she's one broker I'm familiar with.. look up her name you would see all you need to know..you could leave her a message on her webpage..
@Ragu inacan exactly why only one of us has a million. ENJOY YOUR MOMENT IN THE SUNSHINE i give vanguard a year
I'm 25 and have been maxing out my ROTH IRA every year since I was 23.
How much have you contributed in total to your Roth IRA and what is the current balance?
@@alrocky I contributed $5500 in 2018 and $6000 in 2019. The key is diversification and not getting scared and selling when the market drops. Just ride it out and maybe even buy more shares. I bought some stock in Facebook, Apple, Nvidia, Verizon and an S&P 500 index fund (Ticker: IVV). So far I'm at a $2294.60 total gain not including dividends. My current balance is $13794.60. I invested most of it in early September when the markets were way down which is why my numbers are abnormally high. If you just did an S&P 500 index fund, you could expect an average 10% gain every year over the course of 10 years.
@@vincentv646 Congrats to you. Looks like you been doing well with your Roth IRA. Are you also contributing enough income to at least receive the company match with your 401(k)?
@@alrocky Thank you. I try to get my friends and family to invest but most of them would rather spend all their income. I don't have a 401K because I work for a small construction company owned by may parents. Maybe in the future when we are more established though. I'm planning on investing in real estate once I have enough saved. I've been living at home which has been allowing me to save most of my income.
@@vincentv646 That is awesome!! I started around your age as well, but made some silly decisions as I got older (like withdrawing $$ from my roth to buy an engagement ring) stick with it and you will do great! I also started investing in real estate in my late 30's and that has changed everything for me. Focus on that.
Well put together video mate
Thank you!
YES, if you are in your 20's or 30's you are a fool if you don't start an IRA. You WILL regret it trust me. Wish someone would have told me. I started at age 46 and I'm kicking myself.
I just moved here in the US and i just started my RoTh IRa and i maxed it out.. i hope i can still reach the target☺️
Keep doing what you're doing. You're rocking it. Please feel free to reach out if you need help with anything 435-586-9366
What does that mean. Maxed it out.
@@jorgechavez8774 Maxed out means they contributed the maximum amount allowed for the year. In 2019 that was $6,000.
Welcome to the american dream you have to be sleep...tax tax...save youre money stay away from credit card...be careful on youre 401k remember it is not fully Federally Insured that means when you lost and market crash no one can save you.....it is not guaranteed that your money is secured...read the fine print about 401k... you can fully invest on it...but be careful put money on your bank savings accounts too..not only all on 401k...
@@valentinoreyes2960 Don't sell when the market is down.
And, understand what it is you are invested in.
Hello, im 20. When you said set aside $45 a month in Roth ira. What does that mean? Does that mean with the $540 a year saved, i would need to invest that in a stock, index fund etc for it to actually grow? Like if i put in 540 and do nothing it wont grow?
My other question is that, say i invested in a index fund now and keep it for 39.5 years (59.5-20). I am finally at an age where i want to retire. How do i get the profit. Would i need to sell the index fund to get the profit or could i just take the difference (between what i bought the index fund for ) and profit out?
Sorry for the dumb questions. Im slow, but i learned a lot from your video!!!
no question is a dumb question Alice. You're a smart young lady to start saving now! Don't worry about the details, it'll grow and grow and that's what matters. You can do it!
M Detlef buddy he said it will Average 10 to 12% that means some years it will be more, some years it will be less, but overall it should stay within that 10 to 12%
Wife and I have been maxing out both our Roth IRA contributions since we were 28yrs old. Looking forward to a nice retirement.
Great! Keep it up!
Your amazing and thanks so much for the inspiration. It’s because of you that I saved 10k since the pandemic. ❤️❤️
I’m 17 and a high school senior. I work as a CNA and house sit occasionally. I’m working on saving lots of money right now while I have zero bills. I’m starting a Roth IRA next month. I’m so excited!
Great news Reese! You won't regret it!
I started at 25 & I do the maximum amount. What do you plan on investing in within the Roth?
@@JC-li8kk this vid is misleading
Amazing.
the truth is irrespective of what anyone thinks, bitcoin is the moment is far better than stocks or anything else
personally with $7500 I have been able to earn over 41000 worth of bitcoin in my last two months of trading
Although I am able to achieve that by investing with miss Jane a professional trader
Bitcoin is the present and the future of financial institutions
Bitcoin is gradually being entrenched into the financial mainstream,
@Elvis you probably should make your research properly before venturing into it
This one video may have changed the course of the rest of my life. Because if it, I went online and installed a compound interest calculator. I was nearly in tears when I ran calculations on what I would be worth now if I had invested as little as $5K or $10K way back when I was 25, and then factored in different interest rates and different annual addition amounts. It's absolutely CRIMINAL that it's not MANDATORY to teach this sort of thing in schools.
There's an old saying - "The best time to plant an oak tree is 20 years ago." The same is true for investing. If you're young, and reading this, PLEASE follow this man's advice. Don't play catch-up, like I'm about to have to do.
It's never too late to start off something. I became serious with investment just few years ago. I could say I wish I had started earlier but I'm glad i finally did. So, it's never too late. Get on it. I ca help you, if you'd wish.
@@josephrichardson67 - Thank you for the words of encouragement! Believe me, I am SO on board with this new stage in my life! I am spending the time up front to listen, read, watch, study and learn, then I'm diving in head first! Best of luck to you, sir -
@@atlanteum Alright. Just give it enough dedication and research. You'll learn. If you'd be quick enough, I can refer you to a good platform where you can start to invest and earn very good ROI quarterly. The earlier the better. Remember that.
@@josephrichardson67 Hi, Joseph - thanks for reaching out. Well, as you said - I'm in heavy -duty read/ study// watch/ learn research mode right now. I almost religiously watch anything by Stephen Graham, Meet Kevin, Grant Cardone, Mark Ferguson, Matt McKeever and the entire Bigger Pockets crew. I'm definitely in the loop - just laying low till I'm ready to make the first deal. I won't be long now!
@@atlanteum No problem. I personally invest at Lumentrades and it's been great. You should check them out as well and include that in your evaluations. Feel free to give me a shout here if you'd need my help with anything about this. Good luck.
How exactly do you start a Roth IRA account? I am still a little confused on the whole thing. When you make an account what happens next? Or what do you need in order to make an Roth IRA account. Im 18 going into college and want to have a nice retirement and want to know the best plan starting now.
Unless I missed it, inflation needs to be mentioned. In other words, what is a 1 million dollars worth when a "20" year old turns 67, i.e in 47 years? Also how much will you need to retire in 67 years?
(Finally!) just opened my Roth IRA account and uploaded a video of the process! Wish I would have done it years ago😅
Better late than never! Great job!
Whats the link for the video?
How can one make such a large contribution, when the ROTH IRA has a yearly contribution cap?
You can roll your 401k into your ROTH. But you have to pay taxes
just invest your 6 grand, every year and then invest the rest in a taxable account. i fully intend to enjoy some of my gains in my 40s and 50s, i'll take a tax hit. everyone watching this video isn't even gonna live to 60
Make non-Roth after tax contributions to your 401k and the basis can be rolled into your Roth IRA.
Cap is 6k/yr.... 500/month*12=6k. Well within his suggestions
@@minime8942 I was referring to a 50 year old
I CAN DO IT, THANK YOU🏆🏆🏆
Yes you can! Thanks for watching!
You can’t invest $20K a year into a Roth. Also self directing is complicated and can result in serious tax consequences if you make a mistake. Let’s be honest here, it’s not for most people. It’s hard to move assets in and out of a Roth except for the typical Wall Street investments.
Thanks for the education 🙏.
One million $$$ is not worth the same as it used to be. Go for five million +. That’s what I’m aiming for.
I love it. Not a bad goal. Me too. But we have to start somewhere. Hopefully I'm just planting the seed. :)
It's not bad. Even 4% of 1mln is 40k a year.
This is really good advice but I don't think it's responsible to tell people that they will be expecting a 10-12% return. You should show them a more conservative estimate like 7.95% since the S&P 500 has been at a 9.75% rate if return in the past 90 years. This way we accounted for 2% inflation which is a way more realistic expectation on growth.
Do you ever sell your investments in your Roth when at all time highs or when something like Covid hits & then rebuy them lower? Or do you just ride it out? Also, how often are you buying new shares & what are you buying?
@@JC-li8kk I wouldn't try to predict the unpredictable market. You will inevitable buy and sell at the wrong times. It's better to 'dollar cost average' your investments. This is what I do.
@@beaunakamori9845 Do you ever sell then? Or only when you need to live off of your investments? Maybe you won’t need to sell then either if you have high dividend payments.
Heartbreak... I’ll be 50 in 100 days.
Scared.
I LMFAO ...OJ Simsonized. I just subscribed!!
I had my first Roth 401k at 18. I’m 21 now staring a new job where I plan to enroll in their 401k program.