I've always been fascinated by how top investors achieve millionaire status through their investments. Currently, I'm sitting on $345K from a home sale and I'm torn between investing in stocks or holding out for a better opportunity?
I believe every Investor should start with ETFs for a solid foundation, then diversify across asset classes and maintain disciplined, regular investing to minimize risks and maximize growth.
Many people underestimate the value of advisors until they've suffered financial losses due to emotional decisions. After my divorce, I sought professional guidance to save my business and found an exceptional advisor who grew my assets from $175k to $850k despite inflation.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? I'm in dire need of proper portfolio allocation
NYCOLE CHRISTINA VANNATA a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
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 in 3 years.
Agreed, I'm in line with having an advisor oversee my day-to-day investing cos, my job doesn't permit me the time to analyze stocks myself. Thankfully, my portfolio has 5X in barely 5 years, summing up nearly $1m as of today.
I take guidance from a schwabb advisor *Victoria Louisa Saylor* To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
I am at the beginning of my "investment journey", planning to put 85K into dividend stocks so that I will be making up to 30% per year in dividend returns. Any advice?
Investing without proper guidance can lead to mistakes and losses. I've learned this from my own experience.If you're new to investing or don't have much time, it's best to get advice from an expert.
The issue is people have the "I want to do it myself mentality" but not equipped enough for a crash, hence get burnt. Ideally, advisors are reps for investing jobs, and at first-hand encounter, my portfolio has yielded over 300% since 2020 just after the pandemic to date.
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
My biggest mistake was procrastinating and not starting one as soon as I was eligible. It's really not that hard to open an account and manage yourself. And you can also have your brokerage manage it for you. If I started it as soon as I turned 18, I would have a LOT more. If you're reading this, start now.
Hello. So I’m in my second year of college and I don’t have a regular full time job. Starting a Roth IRA I would love to do but as the video and the rules state I can’t have a Roth IRA until I have a stable income. Should I wait until I graduated college with a stable income before I start a Roth IRA?
@@oatmeal11 I think you can still open a Roth IRA if you have a part time job. If you dont make any earned income at all, then you cannot. Do you have any job at all or are you just a full time student?
@@rufus5208 I do have earned income. I have a full time summer and winter job in a factory when I am not in college. That generates a decent amount of earned income. I also currently have 2 part time jobs but will likely leave those 2 part time jobs fall semester 2022 while keeping my full time summer and winter job.
@@oatmeal11 oh dude you're set. I would go to a brokerage of your choice and telling them you want to open one. They'll help you out and double check to see if you truly are eligible, which, from what I know, you should be. Try to max your limit contribution every year.
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.
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@@GabrielAnthony-09 The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
They say with Roth IRA, the money you are contributing has already been taxed. At any time for any reason, you can withdraw your contributions tax-free and penalty-free. So can i put a portion of my 5%(HYSA) in index funds? I also have 400k in an annuity. How do i maximize all this to make gains this year?
I’m also closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in over 80% profit than some of my peers who have been investing for many years.
I'm intrigued by this. I've searched for financial advisors online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?
You have to wait till 59 1/2 to withdrawal ur gains. Now u can withdrawal what u put in at any time. You will get hit with penalties if u pull earnings
Retirement arrives sooner than expected for many people: health reasons, layoffs, family obligations, etc. Great advice to be consistent over long period of time.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
@Ingridlourd02 However, if you do not have access to a professional like Clementina Abate Russo, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments.
Opened my Roth IRA at the start of this year (confidently because of how much I've learned from this channel) and this was a great vid with a lot of helpful reminders and knowledge. Thanks so much Humphrey!
Great tip on the backdoor Roth! I had been using it for the past 7 years since my salary bumped past the limit. Despite this I definitely am guilty of doing speculative investments with my Roth, so defeated and withered my account away with penny stocks and options. So so stupid. Lesson learned the hard way. Starting from scratch in Roth. I am now 37, so I have 25 years before I retire. Hoping others see this and don't make my mistake especially the younger investors out there. What he says here is real and golden. Thanks for the video.
Kindly don't make the mistake of ignoring the Like button. The Like button must be HIT! Here's what's in MY Roth IRA: ruclips.net/video/gvK0dd4lUc4/видео.html
@@alexmaria2929 Sell everything you don't need and save everything you can until then and hopefully have a good amount to start out with. Do you have a traditional IRA with matching at work?
1. Not using/ “skipping” a Roth IRA 2. Not understanding contribution 3. Withdrawing early 4. Speculative investments 5. Contributing too much Basically, do it.
If you qualify for a ROTH IRA, then forget the regular IRA. Better to pay income taxes now than later as taxes will rise over time. And never buy penny stocks. Good video.
It doesn't matter if income taxes rise but it matters if your income tax rate rises. Do you actually have any idea of how much the average American has saved in retirement accounts? The average American will not have a tax problem in retirement. Why wouldn't your advice big to pick the one that makes the most sense for my situation? I strongly suggest you use a tax calculator and plug in the numbers of your estimated retirement withdrawals into it
Great content once again! I'm curious: do you have a video out nowadays along the lines of "Top 10 Financial Tips for New Graduates"? Something outlining the best/most neglected financial decisions that could greatly benefit those in the young adult population (i.e. things to know before starting out in the work force). Considering your majority demographic I feel that would be very well received, so if it doesn't exist I'd love to see something like that! :)
Mistake 2, I would add don't forget if you sell a investment property that can easily push you out of the roth IRA income limits.. that happens to me one year. I had made the ROTH contributions in Jan then in Dec sold the property.. tax assistant helped me fix it IRT paying taxes and fees etc..
With Roth IRA, the money you are contributing has already been taxed. At any time for any reason, you can withdraw your contributions tax-free and penalty-free. Additionally, any earnings on investments can also be withdrawn tax-free and penalty-free, Not sure how much to contribute, I'm still at a crossroads deciding if to liquidate my $338k stock portfolio.
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
Roth contribution should be prioritized early on over a 401k while the investors income is lower at the beginning stages of their career (12% federal tax bracket). 401k contributions should be made to lower modified adjusted gross income and lower your federal tax bracket. When closer to the retirement age (50+) and higher income (40k+), 401k contribution is generally more desirable than Roth contributions
Your videos explaining all of these complex info on retirement investing is like a well written essay. Very organized and well explained through and through. Thanks Mr.Yang!
Good for you Mike, I started my investing journey 4 month ago, it’s been one hell of a ride. The stock market has its disadvantages, or I guess I haven’t been investing right.
@@derrickadams8416 To achieve higher returns in the stock market, besides doing more homework on the companies you wish to buy, it is often necessary to have an expert whose well grounded on the pros and cons of the market that can thus help you invest your assets to more profitable ventures.
Hey, thanks for your content! I'm really appreciating and benefiting from it. One recommendation: You recommend your three fund portfolio recommendation video. While I was able to peruse your channel and find this video, I would simply recommend linking in the description all videos you make reference to in the body of this video. Again, really enjoying and learning from your content. Thanks!
One important detail that I cannot seem to find in the video is that there is a phase out for contributions before you hit your income limit. For instance, as a single tax filer you can contribute $6,000 until your adjusted gross income hits $125k. After that there is a reduced amount until you hit zero allowable contributions at $140k.
@@loctruong9614 Singles making less than $129,000 MAGI may contribute $6,000 and over *$144,000* MAGI may not contribute at all. Information for MFJ and others available at IRS site.
Thank you mr yang. Got into this cause of the meme stocks but after doing research and learning, this beats sports gambling. Will use my winnings from that and off season savings to my Roth IRA! I wish I knew about this while I was in the service. Will be watching your videos dude
I love using M1 Finance to invest in my long-term IRA Not only did I get to set up my pie with the ETFs and stocks that I want, it’s got a cash threshold to act as a pseudo-savings
Me too. Im 49 and started a year ago. Wish I started 30 years ago. But money was hard to come by back then. I was also very nervous about investing. We did not have the apps and the internet back then. But never too late!! We still have time. Just have to stay consistent.
My biggest mistake was taking out contributions. That unfortunately, can’t be undone. I do think they should change that. I think it should be $6000 per year and increasing annually while inflation increases, but I also think that you should be able to go back and contribute to prior years which you didn’t contribute. I feel like it’s kind of dumb that they wouldn’t allow this. It’s like playing catch up.
Yes it goes up yearly but I agree that it's stupid you can't contribute to past years and how much you want..why is it anybody's business how much someone can afford to contribute?
@@adaywithaleks6556because of how good of a deal the Roth IRA is, they have to set limits so that it can stay that good. Without limits the whole thing could get f’d up
If you withdraw from the Roth IRA, you can put money back in within 60 days and it doesn't count toward contribution limit. Limit is once per year but it's a short term loan with no strings (if you pay back on time).
Hey Humphrey, question. I currently have a Roth 401k at work (i invest 7% of my wages towards it with a 5% being matched by my employer) and i also have a separate roth IRA and traditional IRA with vanguard. Currently contributing to my roth IRA with vanguard and i transferred money form a previous IRA account into my traditional IRA account but not currently contributing to it. What do you think of this?
Roth and trad iras limited to 6k combined annually. Good to have tax diversification. The trad lowers your taxes this year, the Roth when you withdraw. Targets date funds are ok, no bonds in the Roth. Total market or an s&p 500 index funds better for the Roth. Let that puppy grow
essentially what Ricky AZ said, you can have both for the tax diversity, and you can only contribute 6k a year (combined roth / trad). Agreew ith Ricky's points here.
Happy New Year, Humphrey. New viewer here and loving the content so far. A few questions for you: 1. Does the 140k income as an individual only consist of your salary or do things like employee stock (ESPP, RSU’s, etc) count towards this? What is the penalty if you contribute to a Roth IRA but exceed that 140k limit? Does having a Roth 401k count as having (2) Roth accounts and thus exceeding the 6k you mentioned in your video or is would that account follow the rules of a 401k with the tax benefits of Roth IRA? Thanks so much!
GREAT content. I’m just getting serious about my retirement and educating myself on all options available to me. I appreciate your authenticity. You were one of the first accounts I followed on TikTok. Don’t know why it took me so long to subscribe to your YT, but I’m here now 😆 keep up the great work!
Love the breakdown. I've gradually built my finance and made my first $100k through investing, and with what I’ve learned over a decade investing, given enough time, solid investments have the potential to double the initial principal amount, but many investors are instead attracted to the lure of high yields in short periods of time despite the possibility of unattractive losses before even getting out. So the onus is on newbies to beware.
@Vicky Basnight As long as you diversify your portfolio, any single stock that you own shouldn’t have too much of an impact on your overall return. If it does, buying individual stocks might not be the right choice for you, as you can also try out the Roth IRA or I series bonds. Even index funds will fluctuate, so you can’t get rid of all of your risk, try how you might. With help, these are achievable. LEVI CLEMANS, a pro Fiduciary oversees my portfolio. You can look him up online, and connect him.
You also need to know that it’s possible to lose money, since stocks don’t have principal guarantees. If you’re looking for a guaranteed return, perhaps a high yield CD might be better.
With Clemans' oversight, I’ve been able to select well run companies with strong finances and a history of shareholder friendly management practices that have made me good gains in the past months.
Thankfully, my income is enough that I can dump a lot of extra money into the market. On the positive, I’m going to start investing since one of my goals is to be financially stable before the year runs out.
No matching contributions for my 403b.. My employer should've mentioned this before introducing all these financial institutions for us to sign up for one. Now great portion of my money is in this mutual fund with high expense ratio ugh! Feels like I can save much more by investing in index funds and individual stocks in my Roth IRA and brokerage accounts. It took some years and lots of money for me to finally figure out how I want to invest for retirement. I hope I can go back to my first year of work 🙄
I work for a catholic nursing home for the intellectually disabled that's church and state funded. They offer us 403b's which basically means if I put $1 in I get $1, they don't match it, half match it, no stocks to offer.. so thank you for this video! I need to start investing asap
A mistake I didn't even know I was doing: I opened a Roth IRA at 18 though the bank, thinking it was the best thing I could do but I didn't know you had to actually buy investments though that account. My parents said don't let the bank manage it because of fees so when the bank said should we manage I was like "not falling for that! No thanks" and the 3k sat as cash earning less intrest than a checking account. At 20 I was like this is pointless I'll close it out and paid the penalty on the $0.48 I earned. 8 years later I stated learning about the FIRE movement and re opened a Roth maxed it out and started maxing the 401k/ Roth401k at work. Next year I'll max everything out again and continue saving in a brokerage acount for an early retirement.
I did the same exact thing at 18. Was not sure exactly how it worked and at 21 I realized I needed to buy stocks. So I have just kept contributing to vtsax index fund
Host: You have an error at 1:24. The A in IRA does not stand for Account. It stands for Arrangment. People have IRA (Individual Retirement Arrangment) accounts not (Individual Retirement Account) accounts. The 'arrangment' stems from the tax laws that created them. You seem honest and truly want to help others prepare for a financially sound future, I commend you. To put your channel above the rest, make sure, your information is always spot on accurate. I suggest referencing accounting and legal sources, when it comes to terminology. Being strict with accuracy is the key that will open the door to the more subscribers you want, in my opinion. To be frank, as soon as I heard you say (and visualize it) IRAs are Individual Retirement Accounts, I immediately tuned out. An increased effort on the subject matter will go a long way to supplement the effort you have already shown in your setup and presentation, both of which are done really well. Good luck on the long term!
Kinda crazy that I asked my accountant in the past year that I wanted a Roth IRA account and he said I dont qualify and didn’t know about the backdoor . I’m kinda pissed thinking about it.
I love the clarification that any form of retirement investing is a great place to be and progress is progress! This releases so much of the pressure that we need to constantly push all limits all the time. I appreciate you for that 🙌🏼
I made mistake #5 this year lol. I put in $5.85. I was able to correct it but talk about a miscalculation that could've cost me.... Don't over contribute. Good video.
I started one back in 2019 when I was 17 but I wasn’t aware that you could invest your Roth IRA I made it with my bank and I figured it was just a fixed interest that they’d give me how does that work? Should I rollover to a brokerage or what advice would you give me?
Could you follow up with the Over-contributions part? By $6,000 a year, does that mean you can only contribute a maximum of $6,000 across all of your IRA’s combined?
You can contribute 6k to your Roth and 6k to your traditional IRA. Roth gains are tax after your 59.5 years old and gains in your traditional IRA are taxed based on time the securities are held. If you hold stock in your traditional IRA for 10 years and sell it when you retire its taxed less than if you only held for one year.
@@alcapony732 "You can contribute 6k to your Roth *_and_* 6k to your traditional IRA." That is incorrect since if one contributes *$6,000* to their Roth IRA they can no longer contribute any amount to their traditional IRA.
@@alcapony732 "For 2022, 2021, 2020 and 2019, the total contributions you make each year to *all* of your traditional IRAs and Roth IRAs can't be more than: *$6,000* ($7,000 if you're age 50 or older)" --- From IRS website.
Good information. Not a big deal, but hopefully a constructive criticism on your delivery. Watch the adverbs describing what you are saying. You fall back on basically many times and it's a bit distracting. Typically, when someone uses a word or umm repetitively it's because your planning what to say next. A pause is less distracting to fill that space then adding an adverb or an umm. Just wanted to help you deliver this great information. Keep it up!
Great content! thank you. I am thinking for my ROTH IRA the following scenario: VTI, BND, & VXUS. Please let me know your thoughts. I also like your advice on REITs so what do you think of adding VNQ or O as 5% for each? Thanks!
I have a Roth IRA and a traditional IRA. Is the $6,000 limit for both of those combined or for each one separately? And if it’s for both combined how do I fix this mistake before the penalty hits? Thanks.
Good informative video. One comment though. I don’t think the government allowing people to convert their trad iras to Roth IRAs is dumb on their part. Not sure if it’s considered a loophole. The reason they allow people to do it this way is because people typically convert big chunks at a time. The government is hoping that some of that money will be taxed at a higher rate, higher than their highest bracket. Every little bit counts to the house, even 1% adds up big time for them!
I've got somewhat of an aggressive Roth IRA 60% index funds, mostly Vanguard but some tech, clean energy funds. But then i own some stocks like tesla, Citi, Alibaba, Apple to name a few. I like the potential at larger % gains long term than just index funds. Thoughts?
Hey Humphrey, awesome content! I was wondering if scholarships count as earned income and also if short term capital gains can be contributed to the Roth IRA(bc the video just said capital gains don't count but I wasn't sure if you meant long term, short term, or both)
Great question. Any capital gains, doesnt matter if its long term or short term. In terms of scholarships, Google says: "But what's important is that you're paying income taxes on these funds. 2 When you do so, you can usually use that income to justify a Roth IRA contribution."
@@humphrey thank you! I’m am curious since you said that, how do professional day traders find income to contribute to their Roth? Just through some external income? Great work on these videos!
Thanks for the explanations. Now a question. I am 65 and retired. I want to withdraw a small amount from my Roth. The Roth is less then 5 years old. The funds in the Roth came from a regular IRA in the form of mutual funds and bonds. Can I withdraw tax free ?
Opened my RothIRA today and was told I’ve overspent my account cash avail. Huh? How could this be possible when I could only buy when funds were avail, also my account has shown positive return so far on the final total investment positions and I never withdrawn $ since I started this account years ago. Maybe you could make a video or give me advice on what to do and where to report problems?
So let's say your company offers a retirement plan such as a 401k, but you want to open up a Roth IRA. Could you end up starting both a Traditional 401k with the company you work for and start a Roth IRA? All I know for sure is the company I work for does provide a 401k plan that matches to a certain %, but I don't know if they offer as well a Roth IRA/401k plan instead of traditional. I would have to find out more information.
Hey Kyle, yes you can start a traditional 401k with your company and a Roth IRA of your own. The 401k with mainly be handled by your company. They will use pre-tax money you received to invest in funds of their choice. With a Roth IRA you will be managing it yourself. Contributing after-tax money into the account and investing into various stocks, funds, etc. It is great to have both options available so you can have two separate retirement accounts to receive money from when you retire,
![[Limbus Company - PV] Chapter.7 - Oblivion](http://i.ytimg.com/vi/VUpkXPkvoxU/mqdefault.jpg)
I've always been fascinated by how top investors achieve millionaire status through their investments. Currently, I'm sitting on $345K from a home sale and I'm torn between investing in stocks or holding out for a better opportunity?
I believe every Investor should start with ETFs for a solid foundation, then diversify across asset classes and maintain disciplined, regular investing to minimize risks and maximize growth.
Many people underestimate the value of advisors until they've suffered financial losses due to emotional decisions. After my divorce, I sought professional guidance to save my business and found an exceptional advisor who grew my assets from $175k to $850k despite inflation.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? I'm in dire need of proper portfolio allocation
NYCOLE CHRISTINA VANNATA a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
I just Googled her name and her website came up right away. It looks interesting so far. I sent her an email and i hope she responds soon.
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 in 3 years.
consider financial advisory so you don’t keep switching it up... those sound like great picks anyways, not bad for 350k
Agreed, I'm in line with having an advisor oversee my day-to-day investing cos, my job doesn't permit me the time to analyze stocks myself. Thankfully, my portfolio has 5X in barely 5 years, summing up nearly $1m as of today.
this is huge! would you mind revealing info of your advisor here please? in dire need of portfolio rebalancing
I take guidance from a schwabb advisor *Victoria Louisa Saylor* To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
Wow, her track record looks really good from what I found online.i just filled the form and scheduled for a call. Thanks to you
I am at the beginning of my "investment journey", planning to put 85K into dividend stocks so that I will be making up to 30% per year in dividend returns. Any advice?
Investing without proper guidance can lead to mistakes and losses. I've learned this from my own experience.If you're new to investing or don't have much time, it's best to get advice from an expert.
The issue is people have the "I want to do it myself mentality" but not equipped enough for a crash, hence get burnt. Ideally, advisors are reps for investing jobs, and at first-hand encounter, my portfolio has yielded over 300% since 2020 just after the pandemic to date.
Glad to have stumbled on this comment, Please who is the consultant that assist you and if you don't mind, how do I get in touch with them?
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
My biggest mistake was procrastinating and not starting one as soon as I was eligible. It's really not that hard to open an account and manage yourself. And you can also have your brokerage manage it for you. If I started it as soon as I turned 18, I would have a LOT more. If you're reading this, start now.
Can't agree more.
Hello. So I’m in my second year of college and I don’t have a regular full time job. Starting a Roth IRA I would love to do but as the video and the rules state I can’t have a Roth IRA until I have a stable income. Should I wait until I graduated college with a stable income before I start a Roth IRA?
@@oatmeal11 I think you can still open a Roth IRA if you have a part time job. If you dont make any earned income at all, then you cannot. Do you have any job at all or are you just a full time student?
@@rufus5208 I do have earned income. I have a full time summer and winter job in a factory when I am not in college. That generates a decent amount of earned income. I also currently have 2 part time jobs but will likely leave those 2 part time jobs fall semester 2022 while keeping my full time summer and winter job.
@@oatmeal11 oh dude you're set. I would go to a brokerage of your choice and telling them you want to open one. They'll help you out and double check to see if you truly are eligible, which, from what I know, you should be. Try to max your limit contribution every year.
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.
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@@GabrielAnthony-09 That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@@Elliot-Ivan My advisor is Victoria Carmen Santaella;
You can look her up online
@@GabrielAnthony-09 The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
They say with Roth IRA, the money you are contributing has already been taxed. At any time for any reason, you can withdraw your contributions tax-free and penalty-free. So can i put a portion of my 5%(HYSA) in index funds? I also have 400k in an annuity. How do i maximize all this to make gains this year?
I’m also closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in over 80% profit than some of my peers who have been investing for many years.
I'm intrigued by this. I've searched for financial advisors online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?
You have to wait till 59 1/2 to withdrawal ur gains. Now u can withdrawal what u put in at any time. You will get hit with penalties if u pull earnings
Spend it.
Retirement arrives sooner than expected for many people: health reasons, layoffs, family obligations, etc. Great advice to be consistent over long period of time.
Well said
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
@Ingridlourd02 However, if you do not have access to a professional like Clementina Abate Russo, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments.
Lookup with her name on the webpage
@Ingridlourd02 You are welcome .
Opened my Roth IRA at the start of this year (confidently because of how much I've learned from this channel) and this was a great vid with a lot of helpful reminders and knowledge. Thanks so much Humphrey!
Glad to help!
@@humphrey where to start which bank o investment company is better more secure?
Hope you had a good first year on your Roth!
Great tip on the backdoor Roth! I had been using it for the past 7 years since my salary bumped past the limit. Despite this I definitely am guilty of doing speculative investments with my Roth, so defeated and withered my account away with penny stocks and options. So so stupid. Lesson learned the hard way. Starting from scratch in Roth. I am now 37, so I have 25 years before I retire. Hoping others see this and don't make my mistake especially the younger investors out there. What he says here is real and golden. Thanks for the video.
Good timing, just looking into opening a Roth IRA!
hell yea!
Me too
SAME! I'm turning 27 this year and I'm not getting any younger haha
I've made the #1 mistake. I'm now in my early 30s and just opened one recently. But, I guess better late than never.
I started seriously at 40. Made mistakes in my 20s and 30s. I’m smarter than ever now.
I opened my Roth IRA a couple months ago and this is solid advice for me. Thanks!
Glad it was helpful!
What brokeage account you use?
Right, which brokerage did you use and what did you buy? Index funds? Mutual funds? ETFs?
Kindly don't make the mistake of ignoring the Like button. The Like button must be HIT! Here's what's in MY Roth IRA: ruclips.net/video/gvK0dd4lUc4/видео.html
My man, your videos are simple and easy to follow. Love the structure and I look forward to future drops!
Thanks for the review. +1 (3*-*2-1*) 2--0,0-*1-7'"4"1
W*h*a*t*s*s*a*p,
I’m 32 , I’ve been saving for retirement for 7 years and counting
Welll done!
Congrats!! I started when i was 24. Im 25rn. Still trying to get the hang of things lol
@@JimBobe me as well ! Congrats to everyone taking their financial security into their own hands & I wish you all well !! Keep growing and learning
I know I won’t be able to even begin until I’m at least 25
@@alexmaria2929 Sell everything you don't need and save everything you can until then and hopefully have a good amount to start out with. Do you have a traditional IRA with matching at work?
1. Not using/ “skipping” a Roth IRA
2. Not understanding contribution
3. Withdrawing early
4. Speculative investments
5. Contributing too much
Basically, do it.
Thank you
Love your videos, Humphrey. I’m 20 and have already contributed for the last 3 years. We’re gonna be some really rich old geezers :)
Thanks for the review. +1 (3*-*2-1*) 2--0,0-*1-7'"4"1
W*h*a*t*s*s*a*p,
2 minutes into this and I can tell it’ll be a banger
W.A
1==6==1==5==4==7==5==8==2==4==9
F.o.r, e.x.p.e.r.t
If you qualify for a ROTH IRA, then forget the regular IRA. Better to pay income taxes now than later as taxes will rise over time. And never buy penny stocks. Good video.
It doesn't matter if income taxes rise but it matters if your income tax rate rises. Do you actually have any idea of how much the average American has saved in retirement accounts? The average American will not have a tax problem in retirement.
Why wouldn't your advice big to pick the one that makes the most sense for my situation? I strongly suggest you use a tax calculator and plug in the numbers of your estimated retirement withdrawals into it
Great content once again! I'm curious: do you have a video out nowadays along the lines of "Top 10 Financial Tips for New Graduates"? Something outlining the best/most neglected financial decisions that could greatly benefit those in the young adult population (i.e. things to know before starting out in the work force). Considering your majority demographic I feel that would be very well received, so if it doesn't exist I'd love to see something like that! :)
That sounds like a great video topic lol 😂 might have to consider it. I appreciate that awesome comment
i set up a roth ira with fidelity. Thanks man
Humphrey, I predict you’ll 3-4x your sub count this year. Content is too good
Great advice bud. Appreciate all your videos
Thanks for the great video. It was my first time watching your channel. Great information.
Mistake 2, I would add don't forget if you sell a investment property that can easily push you out of the roth IRA income limits.. that happens to me one year. I had made the ROTH contributions in Jan then in Dec sold the property.. tax assistant helped me fix it IRT paying taxes and fees etc..
Love the content! It’s very simple and easy to understand
Thx Peter!
With Roth IRA, the money you are contributing has already been taxed. At any time for any reason, you can withdraw your contributions tax-free and penalty-free. Additionally, any earnings on investments can also be withdrawn tax-free and penalty-free, Not sure how much to contribute, I'm still at a crossroads deciding if to liquidate my $338k stock portfolio.
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
@@martingiavarini Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?
@@martingiavarini Found her online page by searching her full name, I wrote her an email and scheduled a call, hopefully she responds.
@@martingiavariniindex funds out earn over 90% of professional advisors.
I will be opening a Roth IRA soon, thank you so much for all the info you provide us!
best breakdown on youtube of this topic, thanks so much. subbed
Awesome, thank you!
Roth contribution should be prioritized early on over a 401k while the investors income is lower at the beginning stages of their career (12% federal tax bracket). 401k contributions should be made to lower modified adjusted gross income and lower your federal tax bracket. When closer to the retirement age (50+) and higher income (40k+), 401k contribution is generally more desirable than Roth contributions
Your videos explaining all of these complex info on retirement investing is like a well written essay.
Very organized and well explained through and through.
Thanks Mr.Yang!
Such a great video, just opened my Roth IRA a couple months ago and have started making smart long term investments for my retirement
Saving and investing goes along side. Those who are able to identify aside key stocks are therefore likely to boost their investments this year.
This is the time to invest more money like never before, for stock market, these are the best times.
It's never too late to start investing. The best time to invest in stocks was always yesterday and the second best is always today.
Making the decision to embark on my investing journey really set me up for greater financial independence
Good for you Mike, I started my investing journey 4 month ago, it’s been one hell of a ride. The stock market has its disadvantages, or I guess I haven’t been investing right.
@@derrickadams8416 To achieve higher returns in the stock market, besides doing more homework on the companies you wish to buy, it is often necessary to have an expert whose well grounded on the pros and cons of the market that can thus help you invest your assets to more profitable ventures.
still a senior in high school and im so glad im already thinking about retirement
You can become a millionaire for 500 a month Kev. Just don’t live like one
@@kevintierney5711 I’m living wayyyy below my means and tracking every cent, so I’m excited
Really needed this video! Thank you! Love learning about retirement investing and other long term investments.
Ive been thinking of retirement since I started as a nurse. My best investment was buying NVAX at $12 bucks inside my ROTH
Amazing
I bought Ehang at $11.19 in my Roth. Now at $124.00
@@ejcm55 now at $63
@@loydsmith7297... And I bought more. Life is good.
@@ejcm55 Yesir buy the dips, they will be worth 100+ easily long term
Hey, thanks for your content! I'm really appreciating and benefiting from it.
One recommendation: You recommend your three fund portfolio recommendation video. While I was able to peruse your channel and find this video, I would simply recommend linking in the description all videos you make reference to in the body of this video.
Again, really enjoying and learning from your content.
Thanks!
Such a great great like always, thank you for your all efforts.
Thanks again!
You’re the best RUclipsr I’ve seen as for things such as this. Thank you so much!
thank you Kaylyn!
Thanks Humphrey!
boom you're welcome!
One important detail that I cannot seem to find in the video is that there is a phase out for contributions before you hit your income limit. For instance, as a single tax filer you can contribute $6,000 until your adjusted gross income hits $125k. After that there is a reduced amount until you hit zero allowable contributions at $140k.
*_Back_** **_door_* Roth IRA ($6,000) is still available for those over the income limit.
@@alrocky what is income limit? Thank you
@@loctruong9614 Singles making less than $129,000 MAGI may contribute $6,000 and over *$144,000* MAGI may not contribute at all. Information for MFJ and others available at IRS site.
Thank you for what you do! Definitely appreciated
I appreciate that!
Thank you mr yang. Got into this cause of the meme stocks but after doing research and learning, this beats sports gambling. Will use my winnings from that and off season savings to my Roth IRA! I wish I knew about this while I was in the service. Will be watching your videos dude
I'm all about that "get rich slow" 🐌
Lol, keep rolling
I do not mind getting rich fast but I know getting rich slow is a lot more feasible.
I love using M1 Finance to invest in my long-term IRA
Not only did I get to set up my pie with the ETFs and stocks that I want, it’s got a cash threshold to act as a pseudo-savings
yeah M1 would be great for that.
What did you buy? ETFs? Index funds?
Hi Humphrey! Great videos and great job! I am particularly impressed with your insight and so focused. 👍
Awesome, thank you! I appreciate you watching
The actual biggest mistake is putting money in a retirement account and not actually investing it in the account
Thanks for the info! Can you please make a video detailing real estate investment?
I think I have one on my channel "Real estate vs stocks" but I can make more in the future.
I'm almost 50 and I just started 😭
Me too. Im 49 and started a year ago. Wish I started 30 years ago. But money was hard to come by back then. I was also very nervous about investing. We did not have the apps and the internet back then. But never too late!! We still have time. Just have to stay consistent.
The best time to plant a tree was 20 years ago. The next best time is today. Don't worry as long as you are doing it.
@@easyroc75 Thank you
Better late than never! It will be worth it.
@Zio Oren almost 😳👀🙈
My biggest mistake was taking out contributions. That unfortunately, can’t be undone. I do think they should change that. I think it should be $6000 per year and increasing annually while inflation increases, but I also think that you should be able to go back and contribute to prior years which you didn’t contribute. I feel like it’s kind of dumb that they wouldn’t allow this. It’s like playing catch up.
They actually do just that, after April it will go up to 6500 a year.
Yes it goes up yearly but I agree that it's stupid you can't contribute to past years and how much you want..why is it anybody's business how much someone can afford to contribute?
@@adaywithaleks6556because of how good of a deal the Roth IRA is, they have to set limits so that it can stay that good. Without limits the whole thing could get f’d up
If you withdraw from the Roth IRA, you can put money back in within 60 days and it doesn't count toward contribution limit. Limit is once per year but it's a short term loan with no strings (if you pay back on time).
subscribed, months ago... you're so funny and yep, not gonna change my mind--at this point. lol.
Great job! I just helped open a ROTH IRA for my mom.
Thanks for the review. +1 (3*-*2-1*) 2--0,0-*1-7'"4"1
W*h*a*t*s*s*a*p,
Thankyou for unselfishly sharing such useful info !!
Your videos are so helpful! Thank you so much Humphrey!
Hey Humphrey, question. I currently have a Roth 401k at work (i invest 7% of my wages towards it with a 5% being matched by my employer) and i also have a separate roth IRA and traditional IRA with vanguard. Currently contributing to my roth IRA with vanguard and i transferred money form a previous IRA account into my traditional IRA account but not currently contributing to it. What do you think of this?
And also what do you think of target date funds as opposed to manually investing within the roth IRA?
Roth and trad iras limited to 6k combined annually. Good to have tax diversification. The trad lowers your taxes this year, the Roth when you withdraw. Targets date funds are ok, no bonds in the Roth. Total market or an s&p 500 index funds better for the Roth. Let that puppy grow
essentially what Ricky AZ said, you can have both for the tax diversity, and you can only contribute 6k a year (combined roth / trad). Agreew ith Ricky's points here.
great response Ricky.
Happy New Year, Humphrey. New viewer here and loving the content so far. A few questions for you: 1. Does the 140k income as an individual only consist of your salary or do things like employee stock (ESPP, RSU’s, etc) count towards this? What is the penalty if you contribute to a Roth IRA but exceed that 140k limit? Does having a Roth 401k count as having (2) Roth accounts and thus exceeding the 6k you mentioned in your video or is would that account follow the rules of a 401k with the tax benefits of Roth IRA? Thanks so much!
These videos are so great. Humphrey, could you do a video on Roth Conversions? How to do it? When to do it?
GREAT content. I’m just getting serious about my retirement and educating myself on all options available to me. I appreciate your authenticity. You were one of the first accounts I followed on TikTok. Don’t know why it took me so long to subscribe to your YT, but I’m here now 😆 keep up the great work!
Thank you Humphrey, for the valuable info!!
Love the breakdown. I've gradually built my finance and made my first $100k through investing, and with what I’ve learned over a decade investing, given enough time, solid investments have the potential to double the initial principal amount, but many investors are instead attracted to the lure of high yields in short periods of time despite the possibility of unattractive losses before even getting out. So the onus is on newbies to beware.
@Vicky Basnight As long as you diversify your portfolio, any single stock that you own shouldn’t have too much of an impact on your overall return. If it does, buying individual stocks might not be the right choice for you, as you can also try out the Roth IRA or I series bonds. Even index funds will fluctuate, so you can’t get rid of all of your risk, try how you might. With help, these are achievable. LEVI CLEMANS, a pro Fiduciary oversees my portfolio. You can look him up online, and connect him.
You also need to know that it’s possible to lose money, since stocks don’t have principal guarantees. If you’re looking for a guaranteed return, perhaps a high yield CD might be better.
With Clemans' oversight, I’ve been able to select well run companies with strong finances and a history of shareholder friendly management practices that have made me good gains in the past months.
@@mendeleyborisov92 Right? I think I’ll have a look at that and maybe add it to my portfolio. But is it possible to beat the market?
Thankfully, my income is enough that I can dump a lot of extra money into the market. On the positive, I’m going to start investing since one of my goals is to be financially stable before the year runs out.
No matching contributions for my 403b.. My employer should've mentioned this before introducing all these financial institutions for us to sign up for one. Now great portion of my money is in this mutual fund with high expense ratio ugh! Feels like I can save much more by investing in index funds and individual stocks in my Roth IRA and brokerage accounts. It took some years and lots of money for me to finally figure out how I want to invest for retirement. I hope I can go back to my first year of work 🙄
Wow great video great advice i learned alot. You have earned a new subscriber Cheers mate 🍻
I have a roth IRA. And my company also offers a roth 401k. And a pension. Im hoping I'm covered at retirement haha.
I think you’ll be good as long as you consistently invest over time
Let's golf, Humphrey! Love the channel btw
I work for a catholic nursing home for the intellectually disabled that's church and state funded. They offer us 403b's which basically means if I put $1 in I get $1, they don't match it, half match it, no stocks to offer.. so thank you for this video! I need to start investing asap
Love your videos, keep them coming
Thanks for the review. +1 (3*-*2-1*) 2--0,0-*1-7'"4"1
W*h*a*t*s*s*a*p,
A mistake I didn't even know I was doing: I opened a Roth IRA at 18 though the bank, thinking it was the best thing I could do but I didn't know you had to actually buy investments though that account. My parents said don't let the bank manage it because of fees so when the bank said should we manage I was like "not falling for that! No thanks" and the 3k sat as cash earning less intrest than a checking account. At 20 I was like this is pointless I'll close it out and paid the penalty on the $0.48 I earned.
8 years later I stated learning about the FIRE movement and re opened a Roth maxed it out and started maxing the 401k/ Roth401k at work. Next year I'll max everything out again and continue saving in a brokerage acount for an early retirement.
I did the same thing but in my 30s haha. I let $3500 sit for close to a year before I realized I had to pick my own investments.
I did the same exact thing at 18. Was not sure exactly how it worked and at 21 I realized I needed to buy stocks. So I have just kept contributing to vtsax index fund
I did the same thing at 17 omg lol
@@charlieegen23 is this managed alone?
@@SantosProd Yes I manage it by myself
Host:
You have an error at 1:24.
The A in IRA does not stand for Account. It stands for Arrangment.
People have IRA (Individual Retirement Arrangment) accounts not (Individual Retirement Account) accounts.
The 'arrangment' stems from the tax laws that created them.
You seem honest and truly want to help others prepare for a financially sound future, I commend you.
To put your channel above the rest, make sure, your information is always spot on accurate. I suggest referencing accounting and legal sources, when it comes to terminology.
Being strict with accuracy is the key that will open the door to the more subscribers you want, in my opinion. To be frank, as soon as I heard you say (and visualize it) IRAs are Individual Retirement Accounts, I immediately tuned out.
An increased effort on the subject matter will go a long way to supplement the effort you have already shown in your setup and presentation, both of which are done really well. Good luck on the long term!
Kinda crazy that I asked my accountant in the past year that I wanted a Roth IRA account and he said I dont qualify and didn’t know about the backdoor . I’m kinda pissed thinking about it.
just subscribed. Good information.
Thank you for the advice. You are great! 😃😃😃
FIRE GOLFer here - and very few understand why I've decided to "not work" so early in life.
Great video, can you do one on the current Silver craze?
looks like SLV died down, it was just a meme / media manipulation i think
I love the clarification that any form of retirement investing is a great place to be and progress is progress! This releases so much of the pressure that we need to constantly push all limits all the time. I appreciate you for that 🙌🏼
Third party sick pay reported in box 1 on a W-2 also make you eligible to contribute to a IRA/Roth IRA account as well.
I made mistake #5 this year lol. I put in $5.85. I was able to correct it but talk about a miscalculation that could've cost me.... Don't over contribute. Good video.
Great vid bro! Very informative! Thank you.
I started one back in 2019 when I was 17 but I wasn’t aware that you could invest your Roth IRA I made it with my bank and I figured it was just a fixed interest that they’d give me how does that work? Should I rollover to a brokerage or what advice would you give me?
Yeah roll over to a brokerage is a good idea.
@@humphrey thank you for the quick response, love your videos btw I appreciate them a lot
Could you follow up with the Over-contributions part? By $6,000 a year, does that mean you can only contribute a maximum of $6,000 across all of your IRA’s combined?
Yes: Roth IRA contribution plus traditional IRA contributions may not exceed $6,000 per year.
You can contribute 6k to your Roth and 6k to your traditional IRA. Roth gains are tax after your 59.5 years old and gains in your traditional IRA are taxed based on time the securities are held. If you hold stock in your traditional IRA for 10 years and sell it when you retire its taxed less than if you only held for one year.
@@alcapony732 "You can contribute 6k to your Roth *_and_* 6k to your traditional IRA." That is incorrect since if one contributes *$6,000* to their Roth IRA they can no longer contribute any amount to their traditional IRA.
@@alrocky since when? I max out both for me and my wife every year
@@alcapony732 "For 2022, 2021, 2020 and 2019, the total contributions you make each year to *all* of your traditional IRAs and Roth IRAs can't be more than: *$6,000* ($7,000 if you're age 50 or older)" --- From IRS website.
Good information. Not a big deal, but hopefully a constructive criticism on your delivery. Watch the adverbs describing what you are saying. You fall back on basically many times and it's a bit distracting. Typically, when someone uses a word or umm repetitively it's because your planning what to say next. A pause is less distracting to fill that space then adding an adverb or an umm. Just wanted to help you deliver this great information. Keep it up!
I do use that word a lot lol thanks for the feedback.
I really like Acorn Roth IRA. Very easy to use.
Great content! thank you. I am thinking for my ROTH IRA the following scenario: VTI, BND, & VXUS. Please let me know your thoughts. I also like your advice on REITs so what do you think of adding VNQ or O as 5% for each? Thanks!
Thanks for the review. +1 (3*-*2-1*) 2--0,0-*1-7'"4"1
W*h*a*t*s*s*a*p,
Solid drop man
Appreciate it!!
Love your videos!! They help so much :)
I'm so glad!
I made too much money this year and over contributed 😢😢
Been watching your videos and was looking to set up my Roth... Perfect timing for this!
Daddyland 😎
I have a Roth IRA and a traditional IRA. Is the $6,000 limit for both of those combined or for each one separately? And if it’s for both combined how do I fix this mistake before the penalty hits? Thanks.
VTI or VOO on automatic deposit of $500 a month until retirement. Easy. Done.
Hell yes.
Good informative video. One comment though. I don’t think the government allowing people to convert their trad iras to Roth IRAs is dumb on their part. Not sure if it’s considered a loophole. The reason they allow people to do it this way is because people typically convert big chunks at a time. The government is hoping that some of that money will be taxed at a higher rate, higher than their highest bracket. Every little bit counts to the house, even 1% adds up big time for them!
I'd also add not setting up DRIPS whenever possible.
I've got somewhat of an aggressive Roth IRA 60% index funds, mostly Vanguard but some tech, clean energy funds. But then i own some stocks like tesla, Citi, Alibaba, Apple to name a few. I like the potential at larger % gains long term than just index funds. Thoughts?
Hey Humphrey, awesome content! I was wondering if scholarships count as earned income and also if short term capital gains can be contributed to the Roth IRA(bc the video just said capital gains don't count but I wasn't sure if you meant long term, short term, or both)
Great question. Any capital gains, doesnt matter if its long term or short term. In terms of scholarships, Google says: "But what's important is that you're paying income taxes on these funds. 2 When you do so, you can usually use that income to justify a Roth IRA contribution."
@@humphrey thank you! I’m am curious since you said that, how do professional day traders find income to contribute to their Roth? Just through some external income? Great work on these videos!
Scholarship do count as income and are subject to taxes but only the amount that isn't used for tuition, books, and fees.
If it's a taxable scholarship, yes. If not, then no. And yes, there is such a thing as a taxable scholarship. It's not common, but they do exist.
Thanks for the explanations. Now a question. I am 65 and retired. I want to withdraw a small amount from my Roth. The Roth is less then 5 years old. The funds in the Roth came from a regular IRA in the form of mutual funds and bonds. Can I withdraw tax free ?
If you paid the taxes when you rolled them into the Roth then I would say yes
Opened my RothIRA today and was told I’ve overspent my account cash avail. Huh? How could this be possible when I could only buy when funds were avail, also my account has shown positive return so far on the final total investment positions and I never withdrawn $ since I started this account years ago. Maybe you could make a video or give me advice on what to do and where to report problems?
Lots of good info here thanks 🙏🏼
Glad it was helpful!
I work as an independent contractor as a 1099 employee how does Roth IRA work for me?
So let's say your company offers a retirement plan such as a 401k, but you want to open up a Roth IRA. Could you end up starting both a Traditional 401k with the company you work for and start a Roth IRA? All I know for sure is the company I work for does provide a 401k plan that matches to a certain %, but I don't know if they offer as well a Roth IRA/401k plan instead of traditional. I would have to find out more information.
Hey Kyle, yes you can start a traditional 401k with your company and a Roth IRA of your own. The 401k with mainly be handled by your company. They will use pre-tax money you received to invest in funds of their choice. With a Roth IRA you will be managing it yourself. Contributing after-tax money into the account and investing into various stocks, funds, etc. It is great to have both options available so you can have two separate retirement accounts to receive money from when you retire,
Lemme guess 2, procrastination in starting and only sending money to your account but not buying anything
I am currently unemployed. Is it a bad idea to start contributing towards my Roth IRA? Why cant i just put money in? Thank you for the video though!
you do need earned income for the year you are trying to contribute for.