Thanks for hitting the like button and subscribing to support the channel! Try M1 Finance: bit.ly/TryM1Finance How to transfer to M1: bit.ly/TransfertoM1 Seeking Alpha Premium (get 58% off): bit.ly/SeekingAlpha-DGI Instagram: instagram.com/dgi_jake/ Dividend Reinvestment Calculator: docs.google.com/spreadsheets/d/1W8UvXLZdEpVX-UPTKiHIT1oYIkj7Omvf30FgB3FTKWY/edit?usp=sharing
@dividend Growth Investing. Austin Texas? I had no idea! We are neighbors from New Braunfels! I need help with my Roth account. I moved my money out of bank Roth IRA maxed out and moved it to Fidelity back in May. I also have HSA maxed out! Most of Roth IRA is still sitting in money market and was waiting for the dip to go all in which hasn't happened yet! I know what Core Accounts (MGK, VIG, VYM, VNQ) I want to use, but I still want a few satellite individual stocks at 10% total of the total perhaps 5 stocks max. Just don't know which stocks with dividend to use! I am 47. Thank you
Je P wow you really are close! We are in south austin so literally 15 minutes away! When it comes to your satellite stocks at age 47 (assuming you don’t want to sell them and just build the position to leverage the dividend), In my opinion I would suggest looking at companies with a current starting yield of around 3.5%. I like KO, MMM, UPS, PSA. My sweet spot are companies that have a starting yield of 3.5% but grow their dividend around 7-10% each year. REITs can be a good option as well especially since you’re talking about a Roth account. I hope this helps!
@@DividendGrowthInvesting Thank you for your response. Yes your right I don't want to sell them but to leverage the dividend. Also Isn't VNQ a Reit? Which Reit do you suggest? Also what about O Realty Income Corp? It has gone down a lot recently and not sure why or if they is something that I should stay away from for now? Or are you talking about a different kind of Reit? Also what do you think about CVX? It is also going down recently? Do you have a M1 portfolio of your Roth? Like to see what sweet spot companies you were referring too.
I truly appreciate this! I’ve been searching for this information. I’m almost 54 years old. I’ve been trying to play catch up/ build a Fire Fund over the last four years. If I can’t achieve it, I want to build something that can help me (along with Social Security). I can do a lot in the next several years. I just kept getting stuck trying to figure out tax scenario’s. Especially when I’m investing large sums of money into the market late in life!
once u work for an employer that provides a 401k, u can leave that company and keep the 401k (less employee match). I believe this is the same for the HSA (have not confirmed). So what I’m trying to say. Is if you want these accounts, find a company that provides them and get hired (even if it is not the ideal company u want work for). That way u can get these accounts, then you can leave the company for a more desirable company (that u want to work for) that may not have these account options.
My dilema is choosing between brokers.. Robinhood vs webull vs m1. I like the simplicity of RH. I like the research graphs and tools of webull and i like the fractional shares and pie features and drip of m1.
Really good point. I think the best way to summarize it in my opinion is Robinhood and webull are great if you want to trade stocks (buy and sell on a more active basis). M1 is great if you want to automate your investments and put it on autopilot and want a focus on dividends due to the reinvestment structure of M1.
Thank you for video. How would you compare or what would you advise/ caution on choosing broker fidelity, vanguard, Schwab, M1 etc etc. I’m not familiar with them. Thank you.
You just helped me get some sleep tonight! I kid you NOT! I was thinking about closing my Roth IRA. I could not figure out how I was going to manage my Roth IRA account with a 7k a year limit. However, I get it now! I have to open an "Individual" account so I can invest at least $1000 monthly. Thank you!
Trying to retire at 59.5 I mostly agree with your order other than I would flip around #3 & 4 if you have a decent 401k... and a 3 to 6 month emergency fund! It's so much easier for people to save the maximum amount in a 401k because contributions are deducted straight from their paychecks.
With your knack for investment strategies, I am surprised you aren't maxing out your 401k with the intentions of doing an IRA conversion and then a SEPP. For those reading and curious what a SEPP is - i'll save you a google: "Substantially Equal Periodic Payment, or SEPP, is a method of distributing funds from an IRA or other qualified retirement plans prior to the age of 59½ that avoids incurring IRS penalties for the withdrawals." *Edited* After thinking about your investment philosophy and aversion to the 4% rule, I can see how you might not want to have an unchangeable periodic payment deducted from your portfolio forever after.
Great video, what’s your opinion on Altria group and Pfizer ? Will be purchasing JNJ In the near future but currently I only have enough money to purchase Altria and Pfizer do you think it’s worth it ?
I invest into all 3. JNJ is my largest individual holding in my portfolio. I MO and PFE make a smaller portion of my overall portfolio. All three companies in my opinion are great dividend paying companies.
I've been seeing HSA being mentioned a lot! I'm in CA and my husband is in law enforcement so we don't pay much for health insurance. We also have 2 kids, I just want to be confirm that I don't qualify for it correct? Would it even be wise to switch to a higher deductible plan? Not sure if I even can .
I'm really confused on what to do. I want passive income but I wont really be able to do that with a roth ira because I have to wait to pull it out and I wont have acess to the dividends but if just invest myself I wont get the tax benefits at all but I will get the dividends
That is the trade off that you have to decide what is most important to you. Every person will be in a different situation. I personally like to tackle this question by looking into the future and asking myself what is my ideal scenario based on when I want to retire. This helps me prioritize my accounts and the order in which I fund them. I hope this helps!
Are there benefits of investing in dividend growth companies in a ROTH IRA? I'm 19 and getting into investing. I'm currently doing the three-fund strategy in it, but learning more about dividend investing has drawn me to that side.
Yes, the snowball effect can really take place when you invest into dividend growth stocks/etfs that early in life. with a 40 year time horizon, you will be a millionaire with only investing around 6k a year into a roth.
@@DividendGrowthInvesting so for dividends in a ROTH IRA, are you allowed to not DRIP back into it? like if I get to age 50 and I reach 1000 a month in dividends am I allowed for that to become my passive income or do I have to keep letting it DRIP
Very informative video thank you. I am wondering with you and your wife highly compensated at your job and all investment gains are you eligible to participate in Roth IRA or you are doing back door?
ok now i have a better understanding , 401K - you can contribute up to $19,500 in 2020,..Roth IRA - up to $6000 in 2020, basically you can only contribute up to a total of $25,500 in 2020. thank you sir
What tickers or stocks are in your Roth I just got one and looking to get dividend stocks in it is this a good start or should I look for different stocks. Please comment me back I really enjoy your videos and prayers that you achieve your goal of FIRE
I am full time student and not earning any money, is starting to invest in an individual account a waste of time or should I wait until Im able to save into a Roth or 401k?
Hey Sebastian! That is a really great question! There is no one size fits all answer to this question. I would suggest first understanding what your investing goals are and then focus your investments to meet that goal. I find that answering the question looking backward helps me.
@@DividendGrowthInvesting I see, thank you. My goals are definitely early retirement, and so have been saving anything I can in a HY savings account, though have yet to take a leap into the stock market
@@sebastianguerrero1251 I think first looking into index funds or ETFs is the best place to start when you first start out. It can be intimidating, but the more you learn and understand about investing in the stock market, the easier it should be for you to feel comfortable with your investments.
Small world!! If we didn't have this damn pandemic, I would suggest meeting up for lunch one day... Maybe here in the spring once cases are going down.
I like the 401(k) and Roth 401(k) my company offers and it only match 4% to the 401(k) it has an HSA plan but I have to have a cheaper insurance to qualify for it
I do this order 1) 401k up to employer match. 2) Roth IRA max. 3) Individual Accounts. 4) Have a small Treasury Bond account that I will use to bridge delaying Social Security if it's even around.
@@DividendGrowthInvesting The Bond Account is my only bonds and it's just for an insurance. I'm thinking of going Tips instead. I don't do HSA because some countries don't accept HSA and same for 529 if you have one. The reason why some expats are retiring in Portugal cough cough is because you can pay no taxes on investments depending on how structured for 10 years.
One of my holdings AEP cut its dividend to 0% from 3%. I'm debating on either buying another Utility company or putting AEP's money to one of my other holdings....Thoughts?
When it comes to dividend cuts and what to do if a company cuts its dividend, I generally follow the 8 rules of dividend investing from sure dividend: www.suredividend.com/8-rules-dividend-investing/ If one of my utility companies were to cut or suspend their dividend, I would likely exit that position and reallocate the money to a different holding. This is not always the case though because I kept $D after their dividend cut this year.
Excellent video Jake. I like how you mentioned different account priorities for different retirement ages. Some people just stick to a cookie cutter system, but everyones situation is different 👍
Hey Thomas! Exactly! When I was thinking about this, I almost felt off suggesting to fund an individual account before a tax sheltered account or 401k. It really causes you to think unconventionally about this. Thank you so much for watching!! Hope all is well!
Woohoo! Thought so, but something you said in the video towards the end made me question it so thank you for getting back to me so quickly. Love the energy and passion you have for this.
Mine is employer match 403b, they match 50% on my 6%, so essentially 3% of my total income. It gets maxed every year. Then I do a spousal roth, and this year I'm doing a megaconversion from my IRA to a Roth (only got like 17k in it, so it shouldn't be a crushing blow to my taxes, then in to my M1. Been saving for two years and the numbers keep climbing. Got 88 bucks last month from M1. dividends!
Heck Ya!! That is awesome! Do you track it in a spreadsheet? My wife and I love looking at it together each month to track our progress.. it makes it so much more "real" when we see the numbers go up each month.
@@DividendGrowthInvesting Yes! I just got the dividends in an excel sheet. I only track those on M1 though. The other accounts I just let it sit and forget. My wife mocked the 19 cents the first month, now it's enough to pay the family phone bill.
무제 the reason I don’t max out my 401k is because I do not want to wait till I am 59.5 to start living from the portfolio. I do invest up to the employer math though.
무제 that’s true. I still invest into a Roth IRA because of the flexibility that comes with it compared to a 401k account and the limit is only $6,000 a year not $19,500 like with a 401k account.
@@gildonge you can take out the contributions tax free before 59.5 years old if in s Roth. So if he has 1,000,000 in the roth and 600,000 is contributions and the rest is pure growth he can take the 600,000 without getting taxed. Once he starts taking the growth amount out, than he would start getting taxed if he is under 59.5
You are going to be balling in your 30s. Whatever you do, keep investing and don't use your money to buy flashy things when you reach a good amount of money keep investing until you are able to retire.
At 23, I have an employer 401k with $7,400 in it (all of my contributions are Roth with traditional employer 4% match), a Roth IRA at $7,600, and two taxable M1 Finance accounts with $2,500 in them. Contributing $75 a week to my M1 Finance accounts, $500 a month to my Roth IRA, and 13 % of my income to Roth 401k contributions.
I agree, all the different accounts at first can be intimidating. For me personally I’m a big fan of the individual account despite not being tax sheltered. Considering I want to retire as soon as possible. With that said the Roth IRA is a great account, just wish the funding amount wasn’t capped annually.
I'm also a big fan of individual accounts. It is hard to beat the flexibility that comes with them if you are starting to invest early in life and want to retire early. Thank you so much for watching!!
Thanks for hitting the like button and subscribing to support the channel!
Try M1 Finance: bit.ly/TryM1Finance
How to transfer to M1: bit.ly/TransfertoM1
Seeking Alpha Premium (get 58% off): bit.ly/SeekingAlpha-DGI
Instagram: instagram.com/dgi_jake/
Dividend Reinvestment Calculator:
docs.google.com/spreadsheets/d/1W8UvXLZdEpVX-UPTKiHIT1oYIkj7Omvf30FgB3FTKWY/edit?usp=sharing
@dividend Growth Investing. Austin Texas? I had no idea! We are neighbors from New Braunfels! I need help with my Roth account. I moved my money out of bank Roth IRA maxed out and moved it to Fidelity back in May. I also have HSA maxed out! Most of Roth IRA is still sitting in money market and was waiting for the dip to go all in which hasn't happened yet! I know what Core Accounts (MGK, VIG, VYM, VNQ) I want to use, but I still want a few satellite individual stocks at 10% total of the total perhaps 5 stocks max. Just don't know which stocks with dividend to use! I am 47. Thank you
Also if Taxes are going to go up wouldn't a Roth be better now?
Je P wow you really are close! We are in south austin so literally 15 minutes away! When it comes to your satellite stocks at age 47 (assuming you don’t want to sell them and just build the position to leverage the dividend), In my opinion I would suggest looking at companies with a current starting yield of around 3.5%. I like KO, MMM, UPS, PSA. My sweet spot are companies that have a starting yield of 3.5% but grow their dividend around 7-10% each year. REITs can be a good option as well especially since you’re talking about a Roth account. I hope this helps!
Je P i Max out my Roth IRA and HSA before finding my individual account.
@@DividendGrowthInvesting Thank you for your response. Yes your right I don't want to sell them but to leverage the dividend. Also Isn't VNQ a Reit? Which Reit do you suggest? Also what about O Realty Income Corp? It has gone down a lot recently and not sure why or if they is something that I should stay away from for now? Or are you talking about a different kind of Reit? Also what do you think about CVX? It is also going down recently? Do you have a M1 portfolio of your Roth? Like to see what sweet spot companies you were referring too.
I truly appreciate this! I’ve been searching for this information. I’m almost 54 years old. I’ve been trying to play catch up/ build a Fire Fund over the last four years. If I can’t achieve it, I want to build something that can help me (along with Social Security). I can do a lot in the next several years. I just kept getting stuck trying to figure out tax scenario’s. Especially when I’m investing large sums of money into the market late in life!
So glad this was helpful! Thanks for watching!!
once u work for an employer that provides a 401k, u can leave that company and keep the 401k (less employee match). I believe this is the same for the HSA (have not confirmed). So what I’m trying to say. Is if you want these accounts, find a company that provides them and get hired (even if it is not the ideal company u want work for). That way u can get these accounts, then you can leave the company for a more desirable company (that u want to work for) that may not have these account options.
My dilema is choosing between brokers.. Robinhood vs webull vs m1. I like the simplicity of RH. I like the research graphs and tools of webull and i like the fractional shares and pie features and drip of m1.
Robinhood now has fractional shares. I have a Robinhood account, been considering the other two as well.
Really good point. I think the best way to summarize it in my opinion is Robinhood and webull are great if you want to trade stocks (buy and sell on a more active basis). M1 is great if you want to automate your investments and put it on autopilot and want a focus on dividends due to the reinvestment structure of M1.
Thank you for video. How would you compare or what would you advise/ caution on choosing broker fidelity, vanguard, Schwab, M1 etc etc. I’m not familiar with them. Thank you.
Nice video. If you have the option to put money in a Roth IRA versus a Roth 401k, which one would you choose?
You just helped me get some sleep tonight! I kid you NOT! I was thinking about closing my Roth IRA. I could not figure out how I was going to manage my Roth IRA account with a 7k a year limit. However, I get it now! I have to open an "Individual" account so I can invest at least $1000 monthly. Thank you!
I'm so glad the video was helpful!!
omg, thank you. we were on the same boat... i was so close to contact them and have my individual account removed.
Trying to retire at 59.5 I mostly agree with your order other than I would flip around #3 & 4 if you have a decent 401k... and a 3 to 6 month emergency fund!
It's so much easier for people to save the maximum amount in a 401k because contributions are deducted straight from their paychecks.
That could also work.
Great infographic to base the discussion on. Excellent quality video on account types.
Thank you Matthew!
Watched this one again and I have a good sense of my approach based on over all fluidity.
pulling
Thanks very much. : )
You got it!!
This is a good video on the difference between each account.
can you take out money from hsa for anything other than medical expenses? ever?
Only qualified medical expenses. It’s a really good account.
Thanks for this video.
I can tell I’m getting ready to binge watch your channel.
Can I talk with you about slowing coaching me on growing my RUclips channel?
With your knack for investment strategies, I am surprised you aren't maxing out your 401k with the intentions of doing an IRA conversion and then a SEPP. For those reading and curious what a SEPP is - i'll save you a google: "Substantially Equal Periodic Payment, or SEPP, is a method of distributing funds from an IRA or other qualified retirement plans prior to the age of 59½ that avoids incurring IRS penalties for the withdrawals." *Edited* After thinking about your investment philosophy and aversion to the 4% rule, I can see how you might not want to have an unchangeable periodic payment deducted from your portfolio forever after.
I think this is a great approach for FIRE. I haven't fully counted it out just yet.
Great video, what’s your opinion on Altria group and Pfizer ? Will be purchasing JNJ In the near future but currently I only have enough money to purchase Altria and Pfizer do you think it’s worth it ?
I invest into all 3. JNJ is my largest individual holding in my portfolio. I MO and PFE make a smaller portion of my overall portfolio. All three companies in my opinion are great dividend paying companies.
I've been seeing HSA being mentioned a lot! I'm in CA and my husband is in law enforcement so we don't pay much for health insurance. We also have 2 kids, I just want to be confirm that I don't qualify for it correct? Would it even be wise to switch to a higher deductible plan? Not sure if I even can .
Well you get an HSA through your employer. If your employer offers an HSA, I would highly recommend checking it out.
What about using an individual taxable account on M1, but making sure you never make over $40,000 a year with the dividends?
yeah that is exactly what you can do :)
I'm really confused on what to do. I want passive income but I wont really be able to do that with a roth ira because I have to wait to pull it out and I wont have acess to the dividends but if just invest myself I wont get the tax benefits at all but I will get the dividends
That is the trade off that you have to decide what is most important to you. Every person will be in a different situation. I personally like to tackle this question by looking into the future and asking myself what is my ideal scenario based on when I want to retire. This helps me prioritize my accounts and the order in which I fund them. I hope this helps!
Are there benefits of investing in dividend growth companies in a ROTH IRA? I'm 19 and getting into investing. I'm currently doing the three-fund strategy in it, but learning more about dividend investing has drawn me to that side.
Yes, the snowball effect can really take place when you invest into dividend growth stocks/etfs that early in life. with a 40 year time horizon, you will be a millionaire with only investing around 6k a year into a roth.
@@DividendGrowthInvesting so for dividends in a ROTH IRA, are you allowed to not DRIP back into it? like if I get to age 50 and I reach 1000 a month in dividends am I allowed for that to become my passive income or do I have to keep letting it DRIP
Very informative video thank you. I am wondering with you and your wife highly compensated at your job and all investment gains are you eligible to participate in Roth IRA or you are doing back door?
Yeah backdoor roth IRA :)
ok now i have a better understanding , 401K - you can contribute up to $19,500 in 2020,..Roth IRA - up to $6000 in 2020, basically you can only contribute up to a total of $25,500 in 2020.
thank you sir
Thanks for watching!!
oh wow. hi, hello,
Great content!
Thank you so much!
What about ESPP and where would that fit between these?
If the company offers at least a 10% discount, I think it can be something to look into.
So far an individual account you get taxed before and after ??
I'd suggest checking out this video: ruclips.net/video/MvwLWJnlHk0/видео.html
@@DividendGrowthInvesting ………Got it !!!
What tickers or stocks are in your Roth I just got one and looking to get dividend stocks in it is this a good start or should I look for different stocks. Please comment me back I really enjoy your videos and prayers that you achieve your goal of FIRE
Hi Brian! I have VNQ, VTI, VGT, VXUS, VYM in my Roth IRA and HSA.
Do you have any crypto assets? Love the content, keep it coming!
Hey Bryan! I do not at the moment.
I am full time student and not earning any money, is starting to invest in an individual account a waste of time or should I wait until Im able to save into a Roth or 401k?
Hey Sebastian! That is a really great question! There is no one size fits all answer to this question. I would suggest first understanding what your investing goals are and then focus your investments to meet that goal. I find that answering the question looking backward helps me.
@@DividendGrowthInvesting I see, thank you. My goals are definitely early retirement, and so have been saving anything I can in a HY savings account, though have yet to take a leap into the stock market
@@sebastianguerrero1251 I think first looking into index funds or ETFs is the best place to start when you first start out. It can be intimidating, but the more you learn and understand about investing in the stock market, the easier it should be for you to feel comfortable with your investments.
@@DividendGrowthInvesting I will begin researching on my free time, thank you for the response!
The ROTH IRA is our top priority and that’s exactly how we started, with our emergency fund
Mid 30s to mid 40s. Ten years is a realistic goal
Had no idea you lived in Austin. I do too!
Small world!! If we didn't have this damn pandemic, I would suggest meeting up for lunch one day... Maybe here in the spring once cases are going down.
Excellent video. As an immigrant, this topic is extra nebulous to me. Assuring to hear that it doesn’t come easy to anyone.
You are not alone! When first learning about investment accounts, it can be really intimidating at first. Thank you so much for watching!!
I like the 401(k) and Roth 401(k) my company offers and it only match 4% to the 401(k) it has an HSA plan but I have to have a cheaper insurance to qualify for it
That is great! 4% is a good match. Most companies that I know only offer 3%.
I do this order 1) 401k up to employer match. 2) Roth IRA max. 3) Individual Accounts. 4) Have a small Treasury Bond account that I will use to bridge delaying Social Security if it's even around.
Hey Robert! That is a great order! Depending on your age, I would encourage you to review the treasury bond account. Thank you so much for watching!
@@DividendGrowthInvesting The Bond Account is my only bonds and it's just for an insurance. I'm thinking of going Tips instead. I don't do HSA because some countries don't accept HSA and same for 529 if you have one. The reason why some expats are retiring in Portugal cough cough is because you can pay no taxes on investments depending on how structured for 10 years.
Another good video mate. The journey to financial freedom continues 🙌🏾🙌🏾
Thank you so much for watching!
You Da Man Jacko!
Thank you so much Ivan!!!
One of my holdings AEP cut its dividend to 0% from 3%. I'm debating on either buying another Utility company or putting AEP's money to one of my other holdings....Thoughts?
When it comes to dividend cuts and what to do if a company cuts its dividend, I generally follow the 8 rules of dividend investing from sure dividend: www.suredividend.com/8-rules-dividend-investing/
If one of my utility companies were to cut or suspend their dividend, I would likely exit that position and reallocate the money to a different holding. This is not always the case though because I kept $D after their dividend cut this year.
Excellent video Jake. I like how you mentioned different account priorities for different retirement ages. Some people just stick to a cookie cutter system, but everyones situation is different 👍
Hey Thomas! Exactly! When I was thinking about this, I almost felt off suggesting to fund an individual account before a tax sheltered account or 401k. It really causes you to think unconventionally about this. Thank you so much for watching!! Hope all is well!
Kingpin!!!
Yes!!!!!!
Do you have to pay taxes on dividends earned in a Roth IRA?
No you do not. All your dividends grow tax free in a Roth IRA.
Woohoo! Thought so, but something you said in the video towards the end made me question it so thank you for getting back to me so quickly. Love the energy and passion you have for this.
Mine is employer match 403b, they match 50% on my 6%, so essentially 3% of my total income. It gets maxed every year. Then I do a spousal roth, and this year I'm doing a megaconversion from my IRA to a Roth (only got like 17k in it, so it shouldn't be a crushing blow to my taxes, then in to my M1. Been saving for two years and the numbers keep climbing. Got 88 bucks last month from M1. dividends!
Heck Ya!! That is awesome! Do you track it in a spreadsheet? My wife and I love looking at it together each month to track our progress.. it makes it so much more "real" when we see the numbers go up each month.
@@DividendGrowthInvesting Yes! I just got the dividends in an excel sheet. I only track those on M1 though. The other accounts I just let it sit and forget. My wife mocked the 19 cents the first month, now it's enough to pay the family phone bill.
@@dzikus.minimus.maximus lolol same here...
Great video sir. Wish this would have been out there when I first started investing. Thank you for this
Hi DeWayne! Better late than never I guess :) Thank you for watching!!
So why arent you maxing out your 401K again? Sorry a bit confused!
무제 the reason I don’t max out my 401k is because I do not want to wait till I am 59.5 to start living from the portfolio. I do invest up to the employer math though.
@@DividendGrowthInvesting Doesn't that apply to the Roth IRA as well though?
무제 that’s true. I still invest into a Roth IRA because of the flexibility that comes with it compared to a 401k account and the limit is only $6,000 a year not $19,500 like with a 401k account.
@@gildonge you can take out the contributions tax free before 59.5 years old if in s Roth. So if he has 1,000,000 in the roth and 600,000 is contributions and the rest is pure growth he can take the 600,000 without getting taxed. Once he starts taking the growth amount out, than he would start getting taxed if he is under 59.5
@@ISILENTNINJAI how about a 401k/roth 401k?
Movie in vid was about bawling?
Yeah its an old moving about bowling.
I have a Robinhood account under my parents and a custodial Ira, I’m 14
Wow! That is so great! I am so jealous! I wish I started so early in life!
You are going to be balling in your 30s. Whatever you do, keep investing and don't use your money to buy flashy things when you reach a good amount of money keep investing until you are able to retire.
At 23, I have an employer 401k with $7,400 in it (all of my contributions are Roth with traditional employer 4% match), a Roth IRA at $7,600, and two taxable M1 Finance accounts with $2,500 in them. Contributing $75 a week to my M1 Finance accounts, $500 a month to my Roth IRA, and 13 % of my income to Roth 401k contributions.
You are miles ahead of me when I was 23!! This is so great! Thank you so much for watching!
I agree, all the different accounts at first can be intimidating. For me personally I’m a big fan of the individual account despite not being tax sheltered. Considering I want to retire as soon as possible. With that said the Roth IRA is a great account, just wish the funding amount wasn’t capped annually.
I'm also a big fan of individual accounts. It is hard to beat the flexibility that comes with them if you are starting to invest early in life and want to retire early. Thank you so much for watching!!
So if my work 401k is at 5k, can I put another 6k in a Roth on my M1 account and not pay any overage fees, can't seem to find a clear answer.
Yes, that is correct. Your 401k/Roth 401k is separate from your IRA/Roth IRA.
@@DividendGrowthInvesting I appreciate it, sorry if I missed it in the video, keep up the good work always enjoy watching.
@@robbiefinley8661 No worries at all!
😂 Kingpin?
lol ya
King pin lol
lol
The movies called king pin funny movie
Yes!!!