Retirement is more challenging now than it used to be. I've focused on saving rather than investing, and currently, I have about $400K. With inflation on the rise, I’m considering investing in stocks, but I’m not familiar with effective market strategies.
Given the current pressure to prepare for retirement, I highly recommend seeking guidance from a financial advisor. This will help you make more informed investment decisions.
My CFA Annette Christine Conte 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
This is useful information; I copied her full name and pasted it into my browser; her website popped up immediately and her qualifications are excellent; thanks for sharing.
I’m worried about retirement planning and I want to ensure a comfortable future. I’ve worked hard my entire life and I want to enjoy the fruits of my labor without financial stress. I’m really concerned about whether I’ve saved enough and invested wisely.
Investing in a Roth IRA is a smart choice because contributions grow tax-free over time, and withdrawals in retirement are tax-free. This allows you to keep more of your hard-earned money. Starting early maximizes the benefits of compounding, where your investment grows exponentially by earning interest on both the initial amount and the interest it accrues.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am 60 years old, recently retired, and have approximately $650k in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
Izella Annette Anderson is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Izella Annette Anderson is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
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.
1. Not using/ “skipping” a Roth IRA 2. Not understanding contribution 3. Withdrawing early 4. Speculative investments 5. Contributing too much Basically, do 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.
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.
So far I'm doing good, approaching retirement with about 800k in savings. Transitioning from building wealth to spending can be scary, especially with soaring inflation. My question is, after maxing out my tax-advantaged retirement accounts, what next?
In my opinion, some financial situations can be handled on your own if you research enough, while others are best navigated in consultation with a financial advisor
Agreed, the role of advisors an only be overlooked but not denied. I was shocked that I made more money with investing than hard work, not even my CEO income. Earning ''return on investment'' fetched me millions within a space of 5 yrs.(But I still enjoy working)
I work with Sonya Lee Mitchell as my fiduciary advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.
Investing in Roth IRA can be a good choice since they are funded with after tax dollars, your contributions can grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, which will help you keep more of your hard-earned money. I retired with 5 million dollars
Well said, I'm in line with having an advisor to oversee my day-to-day investing cos, my job doesn't permit me the time to analyze stocks myself. Thankfully, my portfolio has increased 5X in barely 5 years, summing up nearly $1m as of today.
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
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.
@@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?
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.
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?
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
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..
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
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
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.
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.
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
At what point does it make sense to bypass the roth ira for a pretax 403b or 457b? My wife and I are both teachers in california, so we both have access to a 403b AND 457b. Our marginal tax rate is 31.5 to almost 34%. Doesn't it make sense to take the tax savings now?
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! :)
1. meet the 401K company match 2. Max out your ROTH IRA 3. max 401K to the individual $19,500 limit (2021) 4. contribute after tax 401K (no, this is not ROTH 401K) if company allows 5. move after tax 401K money to your ROTH IRA quarterly, semi annual or annual, if company allows. This allows you to get around the $6000/$7000 limit each year. You can put $20-$30K into your ROTH IRA yearly this way. Most companies don't allow this but mostly because they didn't know it was an option with the brokerage. I got my company to do a spillover but still fighting them on the in service distributions needed to do this....I will stay on them. Another name for this is Mega Back door Roth.
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.
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
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
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).
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!
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.
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.
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
I have an earned income right now but will most likely not as I start college. If I stop making contributions will all be well or do I have to do something else?
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!
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.
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.
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?
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
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 ?
I’m not working now and take all my money from my 403B , so from 16.800 I only get 12K I think got tax 20% withhold something like that , but also I just open ROTH IRA , my question is do I have to pay another income tax for this ? And can I put the money to my new ROTh IRA ,? I know I should rolls over instead of take all cash out . Thank you
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, 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!
Question..I have a 401k that I contribute 2% 401k and 14% to Roth 401k. My company matches 10%. Are you saying to only contribute 10%, and put the rest in a Roth IRA up to 7k for this year? TiA.
Contributing to traditional 401(k) vs Roth 401(k) is relative to your tax bracket; favor Roth 401(k) when in relatively low tax bracket and favor contributing to traditional 401(k) when in relatively high tax bracket. If in 12% (under $47k) Federal Tax Bracket favor Roth 401(k). Contribute enough for company match and $7,000 to Roth IRA before additional money to 401(k).
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 🙄
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.
Hey Humphrey. I can't remember if you answered this. I'm leaving a cheap miserable company for a MUCH BETTER PAYING job. But I still have an outstanding loan balance for my current company's 401K plan. They told me they will deduct that amount from my vested balance. I don't want this to happen! Is there ANY way I can still make payments to satisfy Meryl Lynch, even though I'm at another job? I don't have the money now to pay it off but I want my 401K vested balance to stay intact and NOT have a taxable event. What would you do? Thank you Humphrey! My new job does have its own 401K plan.
Hi my daughter has been saving all her money in her credit Union. but she has not worked for a year. going to school full time, wants for focus on school . what could she do with her money.She wants to just save it. her dad completely support her financially . so her money has just been sitting in her bank . what should she do with that savings?
He did a video back in January where he showed what he had in his Roth IRA. I believe that some of the ones he included were VTI and VOO. There was an international one as well but I don’t remember the name.
Hey I have a question. I’m a college student but I work full time in the summers and I only work a little during the school year. Is there a minimum yearly gross income amount I have to achieve to be able to open one? Is it okay if I’m not working for some of the year as well?
The married filing jointly is a weird number, since it's way less than double the limit for an individual. Like how is that fair if one partner makes $168k and the other only makes $40k. Sure, $168k is a killer salary, but that puts someone making only $40k in a bad position should a divorce happen, and they have no roth ira. Even with updated 2024 numbers this seems like a dumb rule. Like right now I'm $31k away from the limit, but since i'm married, we're actually less than $10k away from the limit.
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?
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'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...
@@temmyolarewaju9371 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
@@temmyolarewaju9371 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?
Retirement is more challenging now than it used to be. I've focused on saving rather than investing, and currently, I have about $400K. With inflation on the rise, I’m considering investing in stocks, but I’m not familiar with effective market strategies.
Are you planning to retire before 59? That's the key factor for me. I transitioned to cash-flowing assets because I wanted to retire early.
Given the current pressure to prepare for retirement, I highly recommend seeking guidance from a financial advisor. This will help you make more informed investment decisions.
Do you have any recommendations? I’m looking for a CFP to help grow my retirement account.
My CFA Annette Christine Conte 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
This is useful information; I copied her full name and pasted it into my browser; her website popped up immediately and her qualifications are excellent; thanks for sharing.
I’m worried about retirement planning and I want to ensure a comfortable future. I’ve worked hard my entire life and I want to enjoy the fruits of my labor without financial stress. I’m really concerned about whether I’ve saved enough and invested wisely.
I completely understand. Ensuring financial security in retirement is crucial. Have you considered consulting a financial advisor?
Yes I have. But I don’t know who exactly to trust to provide the right advices and guidance for me.
True. I have been in contact with a CFA that specializes in retirement planning. His expertise can help optimize your savings and investments.
Who’s this CFA? And how can I reach out to him?
JOSEPH NICK CAHILL
Investing in a Roth IRA is a smart choice because contributions grow tax-free over time, and withdrawals in retirement are tax-free. This allows you to keep more of your hard-earned money. Starting early maximizes the benefits of compounding, where your investment grows exponentially by earning interest on both the initial amount and the interest it accrues.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am 60 years old, recently retired, and have approximately $650k in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
@@mikegarvey17Could you possibly recommend a CFA you've consulted with?
Izella Annette Anderson is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Izella Annette Anderson is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
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.
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
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
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
So far I'm doing good, approaching retirement with about 800k in savings. Transitioning from building wealth to spending can be scary, especially with soaring inflation. My question is, after maxing out my tax-advantaged retirement accounts, what next?
In my opinion, some financial situations can be handled on your own if you research enough, while others are best navigated in consultation with a financial advisor
Agreed, the role of advisors an only be overlooked but not denied. I was shocked that I made more money with investing than hard work, not even my CEO income. Earning ''return on investment'' fetched me millions within a space of 5 yrs.(But I still enjoy working)
Could you possibly recommend a CFA you've consulted with?
I work with Sonya Lee Mitchell as my fiduciary advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.
I just checked her out on google and I have sent her an email. I hope she gets back to me soon.
Investing in Roth IRA can be a good choice since they are funded with after tax dollars, your contributions can grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, which will help you keep more of your hard-earned money. I retired with 5 million dollars
Consider financial advisory so you don’t keep switching it up... those sound like great picks anyways, not bad for 350k
Well said, I'm in line with having an advisor to oversee my day-to-day investing cos, my job doesn't permit me the time to analyze stocks myself. Thankfully, my portfolio has increased 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
My CFA “Diana Casteel Lynch” a renowned figure in her line of work. I recommend researching her credentials further.
Found her webpage, I wrote her an email and scheduled a call. Hopefully she responds. Thank you.
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
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’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?
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!
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.
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.
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?
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
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 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?
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..
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.
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
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.
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
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,
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,
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.
Humphrey, I predict you’ll 3-4x your sub count this year. Content is too good
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
The actual biggest mistake is putting money in a retirement account and not actually investing it in the account
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
At what point does it make sense to bypass the roth ira for a pretax 403b or 457b? My wife and I are both teachers in california, so we both have access to a 403b AND 457b. Our marginal tax rate is 31.5 to almost 34%. Doesn't it make sense to take the tax savings now?
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.
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
1. meet the 401K company match
2. Max out your ROTH IRA
3. max 401K to the individual $19,500 limit (2021)
4. contribute after tax 401K (no, this is not ROTH 401K) if company allows
5. move after tax 401K money to your ROTH IRA quarterly, semi annual or annual, if company allows.
This allows you to get around the $6000/$7000 limit each year. You can put $20-$30K into your ROTH IRA yearly this way.
Most companies don't allow this but mostly because they didn't know it was an option with the brokerage. I got my company to do a spillover but still fighting them on the in service distributions needed to do this....I will stay on them. Another name for this is Mega Back door Roth.
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 .
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
i set up a roth ira with fidelity. Thanks man
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
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
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).
Such a great video, just opened my Roth IRA a couple months ago and have started making smart long term investments for my retirement
Thanks for the great video. It was my first time watching your channel. Great information.
Great advice bud. Appreciate all your videos
best breakdown on youtube of this topic, thanks so much. subbed
Awesome, thank you!
if your over 50 is the limit $8K to each Roth IRA, or in total to all your Roth IRA's?
I will be opening a Roth IRA soon, thank you so much for all the info you provide us!
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!
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 😳👀🙈
question. what happens if i have a roth ira but i get a job that exceeds the limit to contribute? do i lose my savings?
Love the content! It’s very simple and easy to understand
Thx Peter!
Solid drop man
Appreciate it!!
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.
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?
I have an earned income right now but will most likely not as I start college. If I stop making contributions will all be well or do I have to do something else?
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!
Thanks Humphrey!
boom you're welcome!
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,
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
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.
Thankyou for unselfishly sharing such useful info !!
Thank you for what you do! Definitely appreciated
I appreciate that!
You’re the best RUclipsr I’ve seen as for things such as this. Thank you so much!
thank you Kaylyn!
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.
Really needed this video! Thank you! Love learning about retirement investing and other long term investments.
Great video Humphrey Yang
Can you contribute to a traditonal IRA if you aren't earning salary?
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?
What about contribution limits for Roth IRA and Roth 401k?
I really like Acorn Roth IRA. Very easy to use.
Thank you Humphrey, for the valuable info!!
can we trade in Roth IRA like normal brokerage? buying and selling stocks, buying/selling cash secure puts or covered calls?
Thanks for the review. +1 (3*-*2-1*) 2--0,0-*1-7'"4"1
W*h*a*t*s*s*a*p,
Yes you can!
Your videos are so helpful! Thank you so much Humphrey!
Let's golf, Humphrey! Love the channel btw
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
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
just subscribed. Good information.
FIRE GOLFer here - and very few understand why I've decided to "not work" so early in life.
I’m not working now and take all my money from my 403B , so from 16.800 I only get 12K I think got tax 20% withhold something like that , but also I just open ROTH IRA , my question is do I have to pay another income tax for this ? And can I put the money to my new ROTh IRA ,? I know I should rolls over instead of take all cash out . Thank you
I made too much money this year and over contributed 😢😢
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?
Such a great great like always, thank you for your all efforts.
Thanks again!
I work as an independent contractor as a 1099 employee how does Roth IRA work for me?
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!
Question..I have a 401k that I contribute 2% 401k and 14% to Roth 401k. My company matches 10%. Are you saying to only contribute 10%, and put the rest in a Roth IRA up to 7k for this year? TiA.
Contributing to traditional 401(k) vs Roth 401(k) is relative to your tax bracket; favor Roth 401(k) when in relatively low tax bracket and favor contributing to traditional 401(k) when in relatively high tax bracket. If in 12% (under $47k) Federal Tax Bracket favor Roth 401(k). Contribute enough for company match and $7,000 to Roth IRA before additional money to 401(k).
Thank you for the advice. You are great! 😃😃😃
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,
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 🙄
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.
Hey Humphrey. I can't remember if you answered this. I'm leaving a cheap miserable company for a MUCH BETTER PAYING job. But I still have an outstanding loan balance for my current company's 401K plan. They told me they will deduct that amount from my vested balance. I don't want this to happen! Is there ANY way I can still make payments to satisfy Meryl Lynch, even though I'm at another job? I don't have the money now to pay it off but I want my 401K vested balance to stay intact and NOT have a taxable event. What would you do? Thank you Humphrey! My new job does have its own 401K plan.
Hi my daughter has been saving all her money in her credit Union. but she has not worked for a year. going to school full time, wants for focus on school . what could she do with her money.She wants to just save it. her dad completely support her financially . so her money has just been sitting in her bank . what should she do with that savings?
So I assume Veteran disability isn’t earned income either for a Roth IRA? If not is a regular taxed stock or brokerage account my only option?
Not reported, not income.
So I'm on vanguard and I now have to pick my own etfs and shares. You have any favorite etfs ?
He did a video back in January where he showed what he had in his Roth IRA. I believe that some of the ones he included were VTI and VOO. There was an international one as well but I don’t remember the name.
Watch the "Simple Investing Portfolio" video, i mostly have VTI, VOO, VEU, BND.
thanks Miranda! Good eye.
Did you end up buying any ETF? If so, how much of each did you buy?
Hey I have a question. I’m a college student but I work full time in the summers and I only work a little during the school year. Is there a minimum yearly gross income amount I have to achieve to be able to open one? Is it okay if I’m not working for some of the year as well?
VTI or VOO on automatic deposit of $500 a month until retirement. Easy. Done.
Hell yes.
The married filing jointly is a weird number, since it's way less than double the limit for an individual. Like how is that fair if one partner makes $168k and the other only makes $40k. Sure, $168k is a killer salary, but that puts someone making only $40k in a bad position should a divorce happen, and they have no roth ira. Even with updated 2024 numbers this seems like a dumb rule. Like right now I'm $31k away from the limit, but since i'm married, we're actually less than $10k away from the limit.
subscribed, months ago... you're so funny and yep, not gonna change my mind--at this point. lol.
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
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'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...
@@temmyolarewaju9371 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
@@IfranReinfeld My advisor is *MARGARET MOLLI ALVEY*
You can look her up online
@@temmyolarewaju9371 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?