Want a $1,000,000 TAX FREE? Do This...
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- Опубликовано: 9 июл 2024
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#retirementplanning #ira #rothira #401k #retirement #taxes #markjkohler #kkoslawyers
00:00 Topic Overview
00:36 What is a Roth IRA?
05:50 Need of Roth IRA’s
07:27 Rates to get to a Million Dollars
11:52 Rate of Return and Self-Directing
15:52 Mega Backdoor Roth IRA
19:36 Build the Roth IRA with the Trifecta
24:21 AD: Real Estate Taxation Workshop
25:48 Example 1- Real Estate
37:44 Example 2- Crypto
39:55 Outro
Follow me on Instagram, TikTok Facebook, and Twitter @markjkohler
Fortunately, I had a college economics teacher that taught me a lesson at 18. That lesson was: for every huge, frivoluos purchase you make, you need to have an investment double it's worth, this doesn't necessarily mean you should always invest when you make a purchase, it simply means living within your means. Varied sources of income is wise and especially like i said, living within your means. Whenever you're about to make a huge, dumb purchase that doesn't add value think about taxes and how you get your income. I made $272k combined net last year and paid no Federal taxes.
Right there with you. I'm retiring early, no debt. Kids are taken care of. Building my dream home on 11 acres, looking over the river valley. there are loads of ways to make a killing right now, but such high-volume near impeccable trades can only be carried out by real-time experts
@@tylerforeman667 Inflation is over 10% here in the US, but as we know it's definitely way more than the Government would like to admit. My plan is to earn more passive income and ride this out, can your Investment-adviser assist?
@JosephineGaule Sure, the Investment advisor that guides me is “Olivia Rene Reyes” and she's renowned and has quite a following. So it shouldn't be a hassle finding her. Just look her up.
Olivia really seems to know her stuff. I found her website, read through her resume, educational background, qualifications and it was really impressive. She is a fiduciary who will act in my best interest. So, I booked a session with her
NOBODY CARES about your fictitious financial transactions.
The utilization of after-tax money and tax-free growth makes opening a Roth IRA very advantageous. Through a careful guidance of my FA, I did not pay taxes on my withdrawals of $2.86 million when I retired.
I don't regret the numerous financial mistakes I've made in the past since I've learnt from them. But the biggest one was planning my finances without consulting with a licensed financial counsel.
Indeed, I did make use of a financial counselor. As I get closer to retirement, their advice has been really helpful. I thought compound interest on index funds wouldn't be sufficient because I started late. It's amusing how I've done better than colleagues who have more years of investment experience. I've profited more than $886k tax free.
Please who is the consultant that assists you with your investment and if you don't mind, how do I get in touch with them?
‘Natalie Lynn Fisk is her name. She is regarded as a genius in her area and works for Empower Financial Services. By looking her up online, you can quickly verify her level of experience. She is well knowledgeable about financial markets.
I just looked up her name and her website popped up immediately, interesting stuff so far, about to schedule a session with her.
The United States as we know it is no more. All signs point to 2023 being a year of significant economic hardship for the entire nation. Put your cash to use straight away to increase its value. I was aware that I needed to invest. I had no idea how quickly a few thousand dollars a month would go up. Though it is. Since 2020, I've made about $600,000.
Fiduciary counselors have access to exclusive information and data sources that aren't available to the broader public. By heeding the guidance of my fiduciary counselor, "Margaret Johnson Arndt," I managed to generate earnings exceeding $820,000 during the third and fourth quarters of 2022. I have high expectations for continued success.
I receive guidance from coach Margaret Johnson Arndt who possesses extensive financial market experience. While others may prefer different approaches, her strategy has proven successful for me, as evidenced by my results. Specifically, she offers valuable insight on entry and exit points for the securities that I concentrate on.
I am grateful for your assistance. My finances have been in disarray, and I have experienced multiple losses in my 401k, IRA, and mutual funds. I hope that Margaret can provide me with the guidance needed to rectify the situation before it reaches a critical point.
I’m glad I watched this. I thought there were income limits for a ROTH IRA. I was a divorcee and married my current husband at 43 (he’s over 50) and he insisted I take the $1700 I was paying for rent and invest it. This is helpful.
But than you have no money to pY your rent. Alot of these videos is alot easier said than done. Coming from Toronto Canada a household with 2 incomes making 70k/ a year that's 140 this is just an example . And maybe 1 kid at the end of the month they have NOTHING left to invest . I hear about it all the time on the radio on reddit . People are just struggling so badly and just getting by. So if your working full time and have zero money left at the end of the month. How do u start investing . Maybe if you win the lottery or a small prize of $2000 you could start investing with that. But their are some people that don't stand a chance and it's just reality
There still are income limits for Roth IRA. 153k for singles and 228k for family.
But there's backdoor roth after that.
Dm on WhatsApp, legit platform to make investment with 5% daily returns ❤
I've been fed the wrong information for years (grrrrr)!!!
@@niranjanreddy6360 we’re fully funded for retirement and I recently read, “Die with Zero” and we’re done saving and now spending.
Roth IRA income limitation is $144,000/year single and $217,000 married. You can only contribute to a Roth 401K if your employer offers it. What happens when the real estate prices decline, tenants leave, interest rates rise, property taxes, maintenance, management, insurance etc..? You’re not painting the whole picture.
You are a beacon of hope Sir. Thank you for all you do and share!
Thx for this Mark! Especially the outro, it just made a difference
Hmmn , ROTH IRA I just bought my second family house 3 months ago. I am in my early forties and my wife is 38 years old. We're both living well and have a net worth of over $1.4M in assets and savings with zero debts.
At this stage, we're living smart and frugal with spending. It wasn't always this way so many years back then when we struggled to barely keep up.
We retired early because we practiced proper saving and key passive income procedures to fuel our dreams.
good to know. Mind sharing any passive income advice for me buddy ?
@@sonlee8066 I have a strong belief that you will be able to go far. You need skilled people in life. This is what I found out many years ago which is the reason I chose my coach buddy.
He goes by the name William Alex Jude. You may have probably seen him online.
@@vandrex234 Thanks, I really do appreciate your comment. Can I connect with your inveztment advisor if you don't mind ?
@@sonlee8066
It's simple, Use his full name now to look him up on the internet and leave a message for him.
His services are quite notable as he was recently featured on CNN.
Rest assured he can work with anyone irrespective of your location.
@@vandrex234
Done ✅ Achieved. I found his page online. Thanks for the direction.
I appreciate. I have had the intention of starting invezting. But I always thought it was late and I think I need to stop procrastinating. I will definitely 🔍 for William Alex Jude and see what he can advise. Thanks a lot. This was of so much help to me.
That feeling is so so important. Have to feel good everything you build.
Thanks a lot for sharing your knowledge.
This has got to be the BEST video on finances I’ve come across in forever. Thank you
Dm on WhatsApp, legit platform to make investment with 5% daily returns ❤
I'm now subscribed. Great info to take action on!
You rock Mark. So glad I hooked up with you last year and you did my LLC in my trust. I have just caught this video onward and upward at 71.
Great advice. I wish every teacher spoke like this guy
Thanks for your motivational videos they are pure gold!!
1. Enough is enough. Let your money does something good. Count your blessings everyday. 2. Keep it simple. I would do conversion every year after filling tax. Make sure the amount converted will not put myself on the higher tax bracket that you can’t afford next year. Make sure the tax is affordable and I still able to contribute to Roth IRA at the same time. 3. Accelerates the Roth conversion after retirement, before you reach 72. It can reduce your RMD. This strategy works for most middle class couples with good spending habits. Before you know it, you are (or close to becoming) Roth millionaire🎉😊.
thank you so much Mark for teaching all this, God bless you
sure you are. And the USA is financially solvent
Thanks Mark for all that you do...priceless information!!! I hope many follow along and take action
Thank you for your teaching 😊
Wow I’m so glad I found your channel, so informative
Great stuff brother! I appreciate your wisdom and motivation.
Thank you!!!
Sounds great!! tyvm
love your work i smashed the like
You're so excellent at helping people understand what our options are. Thank you.
Happy to help!
Brotha man Screw anybody who don't like what you're saying your numbers say it al you are the greatest bro
Thanks Kev!!!
Shout out to Duluth MN! Love the content Mark!
MIND BLOWN!!!
I thought I knew IRA and 401k
Thank you much
I'm now a fan and a follower
THANKS JAYSON!!!!
Amazing , we are blessing to have a handy gentleman in our life to help us to help the big world!!! And he save our life !!! I would like to say a billion appreciate MR Mark . J . Kohler❤❤❤👍👍👍👍👍
Great video.
Well explained sir
Thanks for just giving me hope, good to know I still have a fighting chance, :)
Mark you rock!!! 🎉🎉🎉🎉🎉🎉🎉❤❤❤❤
amazing!!!
Thank you SO much!!
Thank you for sharing
Thanks for watching!
Thank you!
You're welcome!
At 8% rate of return, if people want to just go the traditional route of ETFs to make it easy peasy, you can still get to $1mil in about 25 years. That alone can be your retirement. $80,000 a year tax free in 25 years. Assuming you max out your ROTH IRA or TFSA for us canadians, right now.
Brilliant 👏🏼
Thanks for being supportive!! I super appreciate it!
The most important video to build your financial future! thanks
WOO-HOOO!!! LETS GOOO
I asked about roth ira after seeing mark talked about it. The sound from their voice was like....how did he know about that. That's when I knew it was the right path towards me making me money.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market.
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are alot of wealth transfer in this downtime if you know where to look.
Mark does this!!!!!!🔥🔥🔥🔥
I just came across this I'm going to rewatch this when I get home. I just turned 39 so I'm trying to get the 💰
Thank you Mark for great and very inspiring and motivational guide. I've learned a lot and I'm going to achieve my financial goals!
If you put $60k+ into ROTHs, you'll have to come up with another $15k+/- for taxes in that year..
You are always going to have to come up with the tax money. Now or later. By paying it now however, you are forcing yourself to adjust your budget and lifestyle to the tax reality that is inevitable… otherwise you are just kicking the can and staring at an I. Reading number in a 401k that isn’t real.
Great content.
Hi Mark! It’s Never too late built or take full control of your financial! You are correct 👍🏽. I’m about hitting into my 50’s soon. I meet all criteria with Roth IRA, Traditional and HSA saving/ investing.
My question is can I use my asset’s to open LLC account? Do you have additional videos to educate me more about LLC/ tax deferred/ open multiple Roth under LLC. I always believe ROTH IRA has its limitations. This is mind blowing and I have been searching for some guidance in decades. I’m appreciate and grateful for your video🙏 Thanks for sharing your knowledge. I have so much to learn from you. I live in North Cal.
Hey Catherine! We can absolutely help you with this. Please get set up with one of our amazing Tax Advisors at markjkohler.com/tax-advisor-network/ - all of them are trained by me weekly and they can help you get set up and questions answered. Thank you!
I started at 35 and I wish I had stated earlier. I have investment accounts set up for my kids to start before they are 10, and have been explaining and showing them compound interest calculators.
When i have the disposable income I will aim to match every dollar they put in a Roth in lieu of inheritance.
There is no replacement for time in time value of money.
It's a great theory and you're going to need those outsize ROI's because that LLC is a corporation that has to be registered in a state for ~$150/yr. every year and it needs to file a tax return every year with bookkeeping by a CPA for another $1200/yr. And if you want to protect your assets in the LLC from creditors it's going to have to be registered in Wyoming according to a different legal expert on RUclips. And if your rental property is not in the same state as the LLC then you probably have to file a foreign corporate registration in the state your rental is in every year. If it's in another state unless you want to run over there every time the toilet clogs then you have to pay a property management company for another fee. And if you ever want to do anything with the LLC like buy something or sell something you're going to have to pay the lawyer to get it done correctly. And if you forget how all of this is supposed to work (and you will) that's another conversation with the attorney.
I like how you think. For every upside there's the slide (downside). Pros and cons. Revenue in, expenses out. Bottom line, don't quit your day job, but save some consistently along the way and you will be fine. If your life is good now, and you can meet your expenses, have a roof over your head, and sleep at nite with no worries, then your retirement income will carry you well to the end with some good common sense simple investing.
What you are saying is not very accurate. You need more information. For instance, an LLC for an IRA works differently than an LLC for a regular business. It doesn't need to file a tax return unless it's income is above a certain amount. And you don't need to hire a lawyer to buy assets with your IRA/LLC. You buy it yourself as the manager of the LLC, with checkbook control. I just started funding my self-directed Roth IRA, and I'm getting the KKOS lawyers to help me set up the LLC so that I can start buying assets. I attended a two-day class from Mark Kohler and Self Directed IRA. It seems like you have an excuse for every solution.
No doubt it's more work and you need to be intentional. Most people need to be Intentional to be rich. Not many rich lucky people.
You can also set up a trust so you don’t have to file a tax return or pay annual LLC costs.
E Sald & Bryan you are correct🎉
Mark YOU ROCK!!!! ❤You are AMAZING!!!!! I sooo APPRECIATE these videos!!! This is exciting information!!
Title was eye catching 😊
My team works hard at making EVERY aspect of my videos enjoyable!
❤this! Thank you Mark!
Duluth, MN is lovely.
Mark, your advice is 1000x better than your artistic ability 😂😂 I lost it when you drew a cylinder. Thanks for the advice. I wish I had this type of information 20 years ago
When your over the income limits just check with your employer 401k custodian and request in plan distributions. If thats available, contribute to after tax and immediately convert to roth within ypur 401k. Keep it simple
This is a good strategy to follow, but the question that always comes to my mind. They always tell you that your retirement fund should be 10x from your income at your current age. But when you reach a certain age like 70 your activity and is not the same way as you are 50. As well as your expenses is more cheaper because you don’t need a lot of items, you don’t travel, you don’t pay debt, mortgage so you have plenty of money, but what can you do if you can’t enjoy it while you can.
The perfect message, the perfect time, for me. Thank you, Mark and team. I discovered the rule of 55 a couple months ago, that I'm competent "enough" as a day trader a month before that, and that I could (and really should) directly trade my cash in my 401k rather than settle for the middling returns the funds provide. My whole world has changed. Just when I feel like the ground is settling under my feat, a new revelation from Mark on how life can get even better!
I've taught what I love before. I recognize that same fire in your voice. This isn't just money, it's giving back while making a living.
Here's another set of ears and a thick skull you made it through.
Not everyone gets the message, but the ones that do will never forget.
Thanks again.
Hello from Duluth, MN
Hello Greg! Thanks for watching!!
Mark Kohler can make any subject fascinating! Love this guy!
This Guy is really amazing and he has a cool personality 😉
Hi Mark, ty for all this great info! You reminded me of my work 401(k) does have a Roth option. My question is, since I'm still working, not sure its a great idea to convert any of it over to the Roth 401(k) side since I'll be paying the tax now on my current income which is fairly high as I am 56 and have had the plan since 1990. Perhaps start putting some in from scratch. Tx again!
Charlie, to get your question answered, please submit it to podcast.mainstreetbusiness.com/ OR if you want to get set up with one of our amazing Tax Advisors to dive further into your questions, please head to markjkohler.com/tax-advisor-network/ - thank you!
What a great video and with so much information! How can I set up a Roth if I’m already retired ?
Hey there, please schedule an appointment at Directed IRA and they should be able to help you! directedira.com/appointment/
Excluding Crypto this is an amazing video
Great vid. This guy is the real deal holyfield
Lots of great info..Confused a bit about adding in money to my back door Roth in 401k doesn't the money have to come in directly from a pay checkup from work up to a certain max amount? OR Can I get in touch with my works financial department and send them a check lets just say $20,000 this year 2023 to add to my back door amount for 2023? IF so do I have to pay tax on the extra $20,000 I am sending to my 401k account is that even possible they would accept money coming into the 401k from outside a paycheck? Hope that makes sense
America as we know it is finished. All indications point to 2023 being a year of severe economic pain across the country. Put that money to work right away to make it grow. I knew I had to make an investment. I never imagined that a few thousand dollars per month would add up. However, it is. I've made around $600,000 since 2020...
Isn’t the problem with real estate in a self-directed IRA, is that you have to use that IRA for any repairs and financing, etc.? You can’t use personal or LLC money to fix or remodel the property. Yes, you can invest it in a syndication. I do own metals in a self-directed.
I’m about to take the tax hit this year and move my tsp to a self directed Roth IRA all this money printing means my taxes will be going up so I’ll take the hit now
A million dollars will be worth so much less in the future, which is the most frustrating thing I hear people say when talking about investing. You're going to have a whole lot less if you don't start and come up with a plan right now because the next best time to start was yesterday. 🙄
Atleast you understand
Forget the Dollar! Silver and Gold for the Great Reset! We are at the end of a cycle!!
This is complete GOLD. Thank you Mark for championing these strategies. They are life changing. I've helped over a dozen clients self direct a portion of their retirement accounts into land investments. I'm going to push this out to the rest of my network. - Bobby Ewan
You talking that $*** today !!! Ye$ sir!
Could you write-off dog/cat (cost to acquire and upkeep) under health (HSA) if it is a therapy (ESA)?
I always wanted an info on this.
Thank you for the video.
I instant to move to the US🇺🇸 next year.
Can I open one next year or now while I am still in South Africa?
Wished I would have seen this a while ago.
Been putting a couple dollars a day into mine for the past year. No regret
@Mark, I've done real estate on a self directed IRA but on a all cash basis. In this video you mentioned 20k down assuming an 80% loan. However, when I did it only some limited # of lenders would lend to an IRA (due to non-recourse nature) and asked 50% down. I also understand there is some tax that is incured (UBIT, maybe) when IRA has a loan. Could you please explain this better and or provide lender leads that will lend 20% down to an IRA (non-recourse)... Thanks, I love your videos....
To get your question answered, please submit it to podcast.mainstreetbusiness.com/ OR you can head to markjkohler.com/tax-advisor-network/ and get connected with one of our amazing Tax Advisors that can help you dive deeper into your questions. Thank you!
Hey Mark, literally, Thanks a Million! You’ve given me Hope for a brighter, more prosperous future! I’m a new subscriber!$🤗$
i bet that would be so easy to do
"I need a million dollars to keep me warm for 2 nights in 10 years."
-Love my Thoughts
What's your opinion on the current state of realestate and the potential of a coming depression and collapse of our financial systems?
A lot of fear in your questions. Educate yourself first.
In your equity example 5% of 100k = $5000 + $2000 positive cash flow + $2000 equity payments = $9000. Which calculates to a 45% ROI. $9000 on a $20,000 investment.
I tell people this all the time and most think it’s a trick. The few that listen are blown away.
Peter Thiel lodged stock warrants which cost him very little, then exercised them.
I have a roth 457b with the option to set up a self directed brokerage account. I need help understanding this. How can I talk with you about my options outside of RUclips?
Best tax strategy if i got a $1mil settlement?
Backdoor IRA...more details
Great video!! And I love your books I purchased! Question. Sold some apartment buildings. Followed your advice and just paid the capital gains. Left with $1M. How can I put this in a ROTH? Or is there a better thing to do with this windfall. Thanks!
you should look up for an advisor to help with your finance
Hey are these trusts express?
Es hat mir geholfen, das zurückzugewinnen, was ich beim Versuch, selbst zu traden, verloren habe
You short changed your return on the RE example its actually 45% IRR. 5K appreciation, 2K in mort paydown, and 2K cashflow that's 9K/4 =$2250 for your $5K investment hence 45%IRR.. Lovely
Someone know math. I thought this too
❤❤❤
6:00, I am at retirement now that's why I'm freaking out due to the state of the country it's the worst time😢
The empire is in trouble. The world is changing
Am I missing something- The limit on the Roth IRA is 7000 or 7500 depending on age. If there is more than one Roth vehicle the total of all sources is still only 7500 What am I missing.?
Are dividends from stocks in your roth still tax free?
Yes
Can I put my monthly Social Security in a Roth IRA or 401k?
Do you have a video on converting an existing traditional IRA into a Roth ? And can you do it without any penalties ? Perhaps another " backdoor" strategy ?
The Gov is coming for Mark and Matt
I have a question how do you have or put an wroth in a blind trust
To get your question answered, please submit it to podcast.mainstreetbusiness.com/ - thank you!
Can you create an ROTH if you are already retired?