DON’T MAKE THIS COMMON MISTAKE‼️
Many people mistakenly believe that simply opening a Roth IRA will ensure their money grows. The key to growth is actually investing in assets. It’s essential to research your investments carefully. I prefer S&P 500 ETFs for their solid long-term potential.
If you max out your Roth IRA annually for 40 years, you could end up with around $3M based on average market returns 😱. But if you don’t invest your contributions, you’ll only accumulate about $280K.
Remember, every small financial decision and investment you make brings you closer to your wealth-building goals. Stay disciplined, keep investing wisely, and watch your financial security grow! 💸📈
-Steve
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Have you opened up your Roth IRA? Let me know in the comments below! 👇
#money #investing #finance #personalfinance
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@liliana13337
Hi Steve a question how much money do you need to have in your Roth IRA to see it work?
@s1234pro
OMG! Thank you! I had no idea. Will be investing immediately.
@carolabraham9629
If it wasn’t for the videos, I wouldn’t have known there were two steps!
@kdjones5149
My wife and I are in the 24% tax bracket and will be in this bracket after I retire next year with Roth conversions. We have been filling up the bracket every year since 2020. I disagree with your approach for married couples.
We still have $1.2 million in tax deferred income. Our fixed income will be about $215k per year from our SS and my pension. She receives $41k from SS. It may appear to be a wash if BOTH of us stayed alive through the end of IRA money, you may be correct. However, tomorrow is not promised and either one of us could die.
If either of us died, the fixed income goes to $176k. I would still be in the 24% tax bracket. However, the single tax bracket is compressed. Example, joint filers pay 12% between $23,850 – $96,950, while single filers 12% bracket is only $11,925 – $48475. The single filer pays significantly more taxes than joint filers with the same income.
Additionally, when RMD kicks in while over $1 million in tax deferred income, you’d be paying an additional $45k in taxes. New income amount would be approx. $220k. Now you are in the 32% bracket because of RMDs. Regardless, the single person is paying higher taxes at every bracket (12, 22, 24, 32).
So, the math says that joint filers should do the conversion while they can if their tax rates remain the same or is higher after retirement. Also, who thinks the tax rates will remain the same forever? Not me.
@MememMe-k2i
Thank you for being very explicit for people like me.
@DavidGuap
I’m using fidelity and I’m thinking I should’ve used vanguard idk but for those with fidelity what should I invest with for my Roth? Already have 1000 invested but for my following investments what should I invest in
@TheArvind90S
Follow
@mssvadali
Is a wash sale rule relevant for a Roth IRA? Thank you!
@dawnv9822
Our Company offers 401k with Roth401k option. We cannot add outside after taxes personal funds into our Company Roth401k. My CPA told me we can’t open Fidelity IRA using after tax dollars or Roth IRA and do backdoor Roth
@TheRealD05
This in my opinion is the most important thing. Adults love telling 20 year olds to open up a Roth IRA and dump $7k into the account thinking that amount of money will magically grow without even telling them the specific execution plan to grow the money (I.e buy assets like index funds ETFs such as VOO).
@GG-mr9iz
Um… isn’t this common knowledge? Your suppose to used the funds in Roth Ira account to invest. Did you people thought this was a savings account or something?
@valerieeno3799
Thank you for teaching me something I didn’t know! It’s one of those “you don’t know what you don’t know” kind of things
@austinrose2987
I just opened one and I have $350 in it but I’ve been investing it all in SCHD I’m only 20 am I doing it right?
@godlikenovauniverse1118
I need my money working for me
@gregthesplintercell
So what are you supposed to do then? How does investing in something else affect a different account (Roth IRA)?
@bremansuosa-andrews6872
What if I bought my Roth through work place retirement benefits? Do I still have control to determine how I invest it?
@Rachel_AllThingsFoster
How do you invest the money once it’s in the Roth IRA?
@Xoxo44444
I’m confused
@bigpapykane
This is what I just found out as well. Good thing it's been less than one month.
@getwap5017
Tryna figure out what all this means😂😅
@Daanyjsksjjks
It’s a nice explanation! Could you please suggest which platform is best to start with for creating a Roth IRA account (Vanguard or Fidelity)? Any other helpful suggestions for account setup and beginning small investments?
@leonardomoretti5958
Such a genius…. Thank you very much ! You are born to be a teacher/Master/ leader 🫡🫡🫡🫡
@007GQGQ
Duh😂
@angoakfield1132
Finally somebody Saaay it!!! TY
@jrami223
Question do u do 1 sp500 or a couple
@charlieaguiluz2725
Invest
@earthlylynx
do you have a video where it shows once you contribute into it, how to move it to invest into it? thanks
@beverlycurtis2255
Can you guide for covered calls?
@sameehasworld5155
Can you do a video step by step please?????
@Lila-dt5yx
❤
@rmac1828
So you have to invest your S&P into the IRA so it can grow?
@elfinaehrig9937
That happened to me toooooo! I didn't understand all of this at the time and no one at the bank brought it to my attention! Found out the hard way ! 😊
@Aryan_King13
Isn't this common sense when you open up a Roth IRA lol
@OpenTheAbcess
Bro they warn you multiple times while depositing funds into the account that they are settled into their money market fund, youre right though that the IRA itself is just an account, it isnt itself an investment.
@archstanton3430
And for anyone with no experience with this, stick with buying shares of S&P 500. There's virtually no risk, and guaranteed growth in the long term. Take it from a guy who made stupid mistakes that cost him big.
@esp885
thanks bro…that's what i needed to know. Blessings on you