*Great video!! I have a Roth 401k with my company I contribute 8% of my income to; only need to contribute 7% to get a 50% match. So counting my Roth IRA contributions, my Roth 401K contributions and employer match. My total retirement contributions is 27.7% of a $43,000 in earned income.*
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
Couldn't agree more, investing with the help of a financial advisor set me up for life, retired as a millionaire at 55. I worked hard everyday as a teacher for 32 years, and my salary was over 100k annually. But if it wasn't for the covid-19 lockdown, I wouldn't have supplemented my income with stocks and alternative investments.
nice gains! truly appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor, mind sharing info of the professional guiding you please?
Personally, I've stuck with ‘’Katherine Nance Dietz” for 4 years now, and her performance has been consistently impressive. She’s quite known in her field, you can confirm her on the internet.
thanks for sharing, I must say Katherine appears to be quite knowledgeable.. just copied and pasted her full name on the web and at once came across her consulting page, no bs!
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.
@@ChristopherAnthony-9 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
You don't sell or trade you leave it alone,,it's a long term game. The most you'll get is 10% but over 30yrs. And you don't have to pull everything out when you retire just take what you need. And what's great your kids can inherit your Roth IRA if you were to passway tax free. So much going on here, it's a lot to learn I'm 42 and have 27 years to make something,,, no one will teach us thisy things. I tell everyone young open a Roth IRA starting your 20 put little by littlet ....as your income grows invest more. But don't go gun ho, and put everything in. I'll say 20% of what you add to the actual account.
3:39 "as long as your account is 5 years old you can take out your contributions at any time" There is no 5 year wait to take out your Roth contributions. You can take out Roth contributions one month later.
A question if anyone knows the answer to. If I were to start my Roth IRA with an income below the limit, what would happen if or when I begin making more than the income limit. Would it be a waste of time and would I only be able to take out the contributed. Thanks.
Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
I just turned 56 with not enough set aside for retirement and awfully late to investing with barely any portfolio except my 401k. I have always been curious about the market and have witnessed people who played the game right and retired early. I have a decent amount of cash saved up and with inflation currently soaring AGAIN, I'm getting worried about retirement, my intention is to retire before 60. How best do I maximize my savings of over $120k?
Sorry to say that around 60% of Americans can't come up with$1k in case of an emergency. So not many especially no 23 yr old can max out thier Roth I.R.A. lol. Maybe one day. Lol 😂🤣
Thanks for watching! What other investing topic do you want us to talk about next?
Marco making moves! Love that you’re partnering with nerdwallet!
Glad you're liking the videos! 🤓💚
*Great video!! I have a Roth 401k with my company I contribute 8% of my income to; only need to contribute 7% to get a 50% match. So counting my Roth IRA contributions, my Roth 401K contributions and employer match. My total retirement contributions is 27.7% of a $43,000 in earned income.*
My FA, Megyn Beth's strategy is the best at the moment, I recommend it for beginners because it is perfect for now and it is known.
Exactly, she's verified on the app. Get it installed and search her up using the name above, make sure there's no added letter or number.
Scammer in the comments here⬆️
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
Couldn't agree more, investing with the help of a financial advisor set me up for life, retired as a millionaire at 55. I worked hard everyday as a teacher for 32 years, and my salary was over 100k annually. But if it wasn't for the covid-19 lockdown, I wouldn't have supplemented my income with stocks and alternative investments.
nice gains! truly appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor, mind sharing info of the professional guiding you please?
Personally, I've stuck with ‘’Katherine Nance Dietz” for 4 years now, and her performance has been consistently impressive. She’s quite known in her field, you can confirm her on the internet.
thanks for sharing, I must say Katherine appears to be quite knowledgeable.. just copied and pasted her full name on the web and at once came across her consulting page, no bs!
3:20 Pros n cons
8:45 How to open one
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.
@@ChristopherAnthony-9 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
@@YinusaSaheed My advisor is VICTORIA CARMEN SANTAELLA;
You can look her up online
Nah I Can't say I can relate, VICTORIA CARMEN SANTAELLA charge is one-off and pretty reasonable when compared to what I benefit in returns.
At 5:04 the signs are backwards.
Finally someone I can understand, thankyou Im new to investing❤
How do you know what to buy? What if the stocks you buy go down
You don't sell or trade you leave it alone,,it's a long term game. The most you'll get is 10% but over 30yrs. And you don't have to pull everything out when you retire just take what you need. And what's great your kids can inherit your Roth IRA if you were to passway tax free. So much going on here, it's a lot to learn I'm 42 and have 27 years to make something,,, no one will teach us thisy things. I tell everyone young open a Roth IRA starting your 20 put little by littlet ....as your income grows invest more. But don't go gun ho, and put everything in. I'll say 20% of what you add to the actual account.
3:39 "as long as your account is 5 years old you can take out your contributions at any time" There is no 5 year wait to take out your Roth contributions. You can take out Roth contributions one month later.
Do you have to buy stocks ? With your money you deposit ?
Is there any penalty for purchasing a vanguard fund on Schwab? Funds such as VOO or QQQM?
A question if anyone knows the answer to. If I were to start my Roth IRA with an income below the limit, what would happen if or when I begin making more than the income limit. Would it be a waste of time and would I only be able to take out the contributed. Thanks.
Are you familiar with backdoor Roth IRA?
Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
I just turned 56 with not enough set aside for retirement and awfully late to investing with barely any portfolio except my 401k. I have always been curious about the market and have witnessed people who played the game right and retired early. I have a decent amount of cash saved up and with inflation currently soaring AGAIN, I'm getting worried about retirement, my intention is to retire before 60. How best do I maximize my savings of over $120k?
Thanks for the help
So if my wife and I gross over $240,000 and we file taxes jointly, what actually stops us from being able to open a Roth IRA?
Great question, learn more about contribution limits here - www.nerdwallet.com/article/investing/roth-ira-contribution-limits
So it's not tax free, it pre-taxed.
Yes but the advantage is that you can grow it and snowball your money and not pay taxes on that larger amount down the road
Are you still an advocate of Target Date funds in your Roth IRA?
Sorry to say that around 60% of Americans can't come up with$1k in case of an emergency. So not many especially no 23 yr old can max out thier Roth I.R.A. lol. Maybe one day. Lol 😂🤣