How to Create a 1 Million Dollar ROTH IRA - Part 1
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- čas přidán 4. 04. 2019
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For everyone out there who thinks what I am saying is crazy or impossible, I made a second video (part 2) just for YOU! It provides further detail and examples on how to reach that 1 million dollar ROTH IRA! Here is the link to part 2: czcams.com/video/bhWhcmUrryM/video.html
How can you put 20K per year in a Roth when the contribution limit is less than 1/3? Also, the million at age 20 now is lot of money in comparison to million when you turn 67. It would be worth something like 400K - assuming 2% inflation.
Mark, what is the link to the video of the "paradise " option with the HSA?
You only get a tax deduction for investment in a 401k if your gross income is under a certain amount, and then it's only about $100 for every $1000 invested.
Where is the video on the HSA?
I have an acorns account and I have a Roth IRA in it will it work the same way?
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, I'm 55.
Those sound like great picks! consider financial advisory so you don’t keep switching it up, top 3 payers for the month were $OHI, $KMI, and $EDP... not bad for 350k
@@greekbarriosYou have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 14.3%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an advisor.
You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 14.3%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an advisor.
@blaqueopaque I'm intrigued by this. I've searched for financial advisers online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?
I've experimented with a few over the past years, but I've stuck with ‘’Jennifer Leigh Hickman” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
Choosing a Roth IRA is advantageous as it uses after-tax funds and allows tax-free growth. When I retired, I had $1M million saved, and I won't be taxed on my withdrawals.
You're right, I used a financial advisor. Approaching retirement, I've benefited greatly from their guidance. Starting late, I knew index fund compound interest wouldn't be enough. It's funny how I've outperformed peers with more years of investing experience.
That’s impressive, I have earned almost 7 figures in profits too but obviously I didn't achieve that on my own. My knowledge of finance was quite limited. A skilled financial advisor truly makes a significant difference.
Definitely! Everything unfolded under 2 years following Stacey Lee Decker’s guidance. I began with just under $150,000 and now I'm only about $45,000 away from reaching a-million dollars.
Thank goodness . I just found her on the web. She seems well experienced.
At the very least, I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.
Most people simply enter the foreign exchange market without comprehending matters like this. The first stage in building money is determining your goals and risk tolerance, which you may do on your own or with the assistance of a financial counselor who works with a verified Finance agency. And also you can learn the facts about saving and investing and create a clear plan, you should be able to acquire financial security over time and enjoy the benefits of income management..
That is why I work with John Desmond Heppolette, who introduced me to a better Financial community, a verified agency where I learned how money works and how to create it, as well as free books, courses, and daily lectures. You also get to meet new people, which was the best decision I ever made.
You’re right! Working with a financial advisor who has worked in a solid financial firm for a long time, such as John D. Heppolette, will actually set you up for success in life. I'm delighted I was able to reach out to him earlier this year because while others were grumbling about the downturn in the markets due to the state of the economy, I was busy learning from him and eventually made over seven figures in the first quarter alone, which is why it's always good to join the correct community.
That's great, your financial advisor must be really good, I have seen testimonies of people using the help of financial advisors in making them more financially stable. I just discovered his exceptional resume when I made a Googled search of his names. I consider it a blessing that I discover this comment area!
It amazes me greatly how I go from living an average lifestyle to making over £63k monthly, utter shock is the word. I've learned a lot in the past few years to doubt that there are plenty of opportunities abound in the financial markets; the only thing is know where to focus.. Thanks to John Desmond Heppolette.
I might have missed this but another big advantage to Roth IRAs is they do not have Required Minimum Distributions (RMDs). This gives you better control over how much money you must withdraw (heavy liquid) and declare as taxable income, after age 72. For anyone with a large traditional IRA, they might end up in a higher tax bracket when RMDs kick in. I've heard it called a Tax Bomb.
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
Another advantage of ROTH is that investing post-tax dollars vs pre-tax dollars means you are investing more. People tend to spend the money that isn't invested, so this forces more investment.
"means you are investing more" that is the fallacy if you can invest more you can do it in either. In the Roth if you invest 100 you need the extra to pay the taxes that year (i.e. 120), meaning you can invest more in the pre-tax (120).
When ‘Carol Vivian Constable’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
I’m glad I pulled through, despite the crises. I am retiring next yr at 55 with 3 houses paid off worth 4.5 million. One is my place of residence the other 2 properties will give me $80,000per/yr rent . I will have an income stream of $20,000 per mnth through my super which gives me total $240,000 a yr to live comfortably. I have no debts ... Stay Motivated!!
You have done great for yourself.
May I ask which investments are good? I've been looking at a few different ones but want others' opinions as well
What I think everyone need is a Financial Adviser, who can help you get in and out of any investment at any time and you'd sure be in Profit
*ROCHELLE DUNGCA-SCHREIBER,* That's whom i work with
CZcams is a public place; i can't drop her information here but You can just put her name on google and you will be directed to her website and drop her your message.
Becoming a millionaire through a Roth IRA or a 401(k) involves different strategies for maximizing profits. A Roth IRA offers tax-free withdrawals in retirement, which can be advantageous if you expect to be in a higher tax bracket later in life. On the other hand, a 401(k) provides tax-deferred growth and potential employer contributions, boosting your savings. The optimal choice depends on factors like your current and future tax situation, employer match, and investment options. Consulting a financial advisor can help tailor a strategy that aligns with your financial goals and circumstances.
Prioritizing effective personal finance management holds greater significance than the sheer amount saved, irrespective of income source. Consulting a certified financial advisor can offer tailored strategies to optimize financial results by reducing expenses and enhancing income, regardless of whether it's earned through employment or investments.
I wholeheartedly concur. At 60 years old and newly retired, my external retirement funds total around One million two hundred fifty thousand dollars.. With no debt and minimal retirement fund allocation relative to my portfolio's value over the last three years, I recognize the importance of a financial advisor. Neglecting them isn't an option; however, thorough research is vital to find a trustworthy fiduciary advisor.
This aligns perfectly with my desire to organize my finances prior to retirement. Could you provide me with access to your advisor?
I'm guided by “Vivian Carol Gioia” an experienced coach with extensive financial market knowledge. While you can consider other options, her strategy has yielded positive results for me. She offers valuable insights, including entry and exit points for the securities I concentrate on.
Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.
I hope to buy a sandwich one day. Thanks for this video!
I am retiring next yr at 55 with 3 houses paid off worth 4.5 million. One is my place of residence the other 2 properties will give me $80,000per/yr rent . I will have an income stream of $20,000 per mnth through my super which gives me total $240,000 a yr to live comfortably. I have no debts ... Stay Motivated!!
You have done great for yourself. I understand the fact that tomorrow isn't promised to anyone, but investing today is a hard thing to do for me now because I have no idea of how and where to invest in. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.
That is so amazing, I’m trying to get onto the finance ladder at 40. I wish at 55 I will be testifying to similar success..
Credits to ROCH DUNGCA-SCHREIBER, she saw me through the process. You can glance her name up on the internet and verify her yourself. she has years of financial market experience...
Thanks so much I was able to find her page and I already leave her a message.
I’m dead he said this is OJ Simpsonized 😂😂😂
Nutrition Specialist #1 ikr😂😂😂😂😂😂
it’s true. OJ’s retirement money can’t be touched. They tried, and failed.
Anna Dee and rightfully so....
😂
So is Nichole Brown :-(
I have always been fascinated by investing, but without adequate knowledge on the right thing to do, I find it difficult to start. *I politely ask, what’s the best sector to invest in?*
It is entirely possible for a smart and patient investor to go into investing with the right information. One of the best ways to get started is to get help from an experienced Financial Consultant . I've been investing since *2015* and I'm extremely happy with the returns I get working with my investment advisor; *Hamilton Phoebe Zoe*
@@andreskylo5868 I am very interested in this information and I've some money sitting idly in the bank with that I can start investing without further delaying, If you don't mind How can I get in touch with your professional?
@@reedbrian290 As to get more details about my Investment Professional; *Hamilton Phoebe Zoe* easily do quick internet research where you can easily write her from, do your research with her full names mentioned.
@@andreskylo5868 I'm delighted to engage in this opportunity, I just found the professional's web page and have already written to her 👍
It’s good to make decisions that help you ensure good finances. It doesn't matter how many jobs you have, but what matters is how many sources of income you have. Getting a side hustle or passive income is a very wise financial decision.
“OJ simpsonized” 😂😂💀
There are annual Roth IRA limits.
For example in 2018 the max contribution amount was $5,500 year, & if over the age of 50 it was $6,500 year. For the years 2019 & 2020 the maximum amount was increased to a maximum of $6,000 & $7,000 if over the age of 50.
$583.33 a month x 12 months = $7,000
In your white chart example for age 50, your yearly contribution of $19,800 has exceeded the yearly maximum by $12,800 at the year 2020 rate.
It is impossible to bypass the IRS rules for contribution.
That’s true statement
Someone doesn’t know about the Roth 401k backdoor 😐
You can put money into your roth 401k and rollover it over to your roth IRA, this money will not be counted towards the 6k yearly limit
@@User-pu3lc
Many UCC filings coupled with S-Corps. 🎉
They should remove the limits.
Started maxing out roth ira at age 25. Will do until i retire.
This video needs to be included in every public school curriculum. It can play in the cafeteria once a week. It will bore them when they're young, but it will grow on them slowly.
Jeff Morrison seriously.
Agree!! Thanks so much!!
@@ambakaur3436 good to see a someone your age with some sense. Can I guess you're early 20's?
Lets see what happens when everyone directs thier money into a Roth IRA. If everyone does it, then you will be lucky to get 1 percent ROI per annum.
@@eajinabi you're only aloud to put in $6,000 a year. If everyone behaved responsibly we would probably have to diversify a little. It would still be for the greater good. Do you have any sort of retirement savings plan?
I’m 18 right now, but i hope i would’ve started when i was in the womb
I started at age 34. Smh.
Load up your Roth IRA at $6k a year and not $540 a year as he says, you will have way more than just a million
HAHAHAHAHAHA
Everyone told me to start when I was 18, i ignored until 28-30. Do it, seriously. Your future self making bank will thank you.
@@mvboutdoors That's the cycle of life
Came across your video 5 years ago, right before covid. In my 30’s but been putting money in my TSP like i’m in my 50’s. That simple configuration catapulted my compounding potential. Cant thank you enough.
I’m 20 and I’m putting $120 a week into my Roth IRA. Exactly what I need to max out every year. I maxed out 2018 a couple of weeks ago.
That is awesome. The ROTH IRA is the only thing I wish I had started earlier. My plan is ROTH IRA>401k (Match)>Savings> 401K maxed>Precious metals. The 401K has too many limitations for me, but if you have enough for everything else, may as well max it out if you can.
That's great. You will be a millionaire with those strategies.
Great video Mark! Thank you for sharing this great information. I need to have my kids watch this!
That's a great idea! Better start early than late right! Thank you for watching :)
"OJ Simpson-ized" LOL I SEE WHAT YOU DID THERE.
I like the "slow and steady plan" while you are snapping your fingers and moving quick. Mark, you are awesome and I appreciate you.
Thank you so much, and I appreciate you too!
Lots of value on this video! Thank you so much!!!! Subscribed!!!
Thanks for this! Much better this time around :)
Ohhh. I know. SO BAD before. :(
I’m 17 and a high school senior. I work as a CNA and house sit occasionally. I’m working on saving lots of money right now while I have zero bills. I’m starting a Roth IRA next month. I’m so excited!
Great news Reese! You won't regret it!
I started at 25 & I do the maximum amount. What do you plan on investing in within the Roth?
@@JC-li8kk this vid is misleading
Amazing.
Thank you I just did my Roth IRA on the betterment. My contribution will start next month
Thank you for giving me hope for the future! I’m inspired. 🙏
(Finally!) just opened my Roth IRA account and uploaded a video of the process! Wish I would have done it years ago😅
Better late than never! Great job!
Whats the link for the video?
I like Mark's delivery straight to the point.
Thank you Johnnie and that is what I always strive to do!
I’m glad I subscribed man thank you for this video
Best explanation I have ever heard! I wish you were around when I was in my twenties!
Appreciate the kind words Jen!
This gave me confidence to switch my 403 into a Roth. Thank you so much.
Why not have both?
LOL OJ holy crap. So good. Youre the man dude
I wish I'd done it before, but I was misinformed for a long time.
Thank you, you don't look younger than 40 but you have great attitude.
The trick is just: SAVE MORE. Take advantage of real, compound & continuous interest. Thank you Mark love the word "Self direct."
im 17 and u just motivated me to get one set up. Thanks man
Wow that's awesome!! I wish I was like you when I was 17 :)
You are a very smart young man!
Best thing you can do young man
Lucky u
How old you have to be to open a Roth IRA?
I LMFAO ...OJ Simsonized. I just subscribed!!
Thank you so much for making this video 🙏🏻🙏🏻🙏🏻
You are very welcome!
Thank you for the lesson on ROTH IRA.
Thank you for watching!
I CAN DO IT, THANK YOU🏆🏆🏆
Yes you can! Thanks for watching!
Appreciate your video! Recently I’ve learned not to go after the home runs, but to go after the singles and doubles to go after a steady 10-15% per year! It sounds slow to most people, but so do-able and can mint millionaires with your savings plan.
Mark- Thank you very much for sharing your Knowledge with me/us. My life WILL improve with this knowledge. Have a wonderful day!
Same to you! I am glad you enjoy it! Feel free to contact my youtube manager at janae@markjkohler.com if you want to set anything up with my firm!
I swear that breakdown gives me so much hope. I’m almost 27, that’s amazing to hear. I’ll happily sacrifice a few times eating out!
Kimberly Barnes right with you. I’ll be 26 in April and need to get this thing going!
So good to hear this gave you hope! Please subscribe and share with others who need hope!
Do it! Do it! I wish this kind of information was available when I was your age. 💰 💰
Kimberly Barnes, I hope you started. I started when I was 27 and now I am 58 with over $1M in my 401K. It is possible.
@@shipdog44 can I ask what sort of securities you invested in?
"OJ simpsonized" LOL
This is awesome Mark! Calling your firm this week!
More knowledge by watching your video, thank you.
I've got to admit, this was a punch in the face. The best 12 minutes I've seen in a long time. Straight forward, No BS information. This should be a required curriculum for teenagers! Thanks
Thanks David! Share with others!
God bless you thank you for this information my husband and I looking into Roth IRA my is 55 years old and I am 54 years old. Thank you, thank you.
Love the Austin Powers reference!
Thank you so much! You are the best and a God-send!!! Please keep making videos
Thank you, I will
Thank you so much!!!
Glad I did a 401K with my employer as it was needed, I am 23 now been with the company 3 years, doing 5% and they match up to 5% every year and so far 2 bonuses to deposit into my account of $1500 total. They are going to stop giving pension next January so I definitely want to start a Roth. Thanks for that
Joe Luis Starbucks?
Shoot for minimum of 15% + your employer match you'll be Thankful when your 65!!!
I’ll live off my dividends by 67 hopefully and the money will still be growing. I have some go into a Roth but I prefer the pre-tax option better. Pre-tax lowers my tax bracket and in CT, the taxes are ridiculous so it’s great for me.
Currently making 20% returns on my dividend portfolio for 2019. It’s a good year for investors.
Nice!! Yeah everyone's situation is different. I'm in NY and the taxes are a killer here as well. Tax diversification is a smart move because we never really know what it will look like when we retire.
Thank you for this video.
This is amazing. I was trying to
Put the maximum 6,000 a year. But this is an good plan. You are an amazing coach. Thanks for the information.
Just turn 24 and you just got me very motivated to open and start a Roth IRA !!
Thank you 🙏
Way to go Tony! Good luck! Please feel free to reach out if you'd ever need help with anything.
hey there
You don't mention the limitation on yearly IRA contributions between $6k - 7k per year. Your savings figures for age 50+ make no sense.
He mentioned the backdoor IRA, there are ways around the limits!
Brian Stinnett how to go around the limits?
Check out this video: czcams.com/video/6ncs0irkv-w/video.html
It should answer your question. The idea is that the money is Roth money, whether it is in an IRA or 401(k). Hopefully that helps!
Thanks, much enjoyed
Thanks so much for thos video
This one video may have changed the course of the rest of my life. Because if it, I went online and installed a compound interest calculator. I was nearly in tears when I ran calculations on what I would be worth now if I had invested as little as $5K or $10K way back when I was 25, and then factored in different interest rates and different annual addition amounts. It's absolutely CRIMINAL that it's not MANDATORY to teach this sort of thing in schools.
There's an old saying - "The best time to plant an oak tree is 20 years ago." The same is true for investing. If you're young, and reading this, PLEASE follow this man's advice. Don't play catch-up, like I'm about to have to do.
It's never too late to start off something. I became serious with investment just few years ago. I could say I wish I had started earlier but I'm glad i finally did. So, it's never too late. Get on it. I ca help you, if you'd wish.
@@josephrichardson67 - Thank you for the words of encouragement! Believe me, I am SO on board with this new stage in my life! I am spending the time up front to listen, read, watch, study and learn, then I'm diving in head first! Best of luck to you, sir -
@@atlanteum Alright. Just give it enough dedication and research. You'll learn. If you'd be quick enough, I can refer you to a good platform where you can start to invest and earn very good ROI quarterly. The earlier the better. Remember that.
@@josephrichardson67 Hi, Joseph - thanks for reaching out. Well, as you said - I'm in heavy -duty read/ study// watch/ learn research mode right now. I almost religiously watch anything by Stephen Graham, Meet Kevin, Grant Cardone, Mark Ferguson, Matt McKeever and the entire Bigger Pockets crew. I'm definitely in the loop - just laying low till I'm ready to make the first deal. I won't be long now!
@@atlanteum No problem. I personally invest at Lumentrades and it's been great. You should check them out as well and include that in your evaluations. Feel free to give me a shout here if you'd need my help with anything about this. Good luck.
This is Oj-simpsonized 😅😅; never heard that before!!!!
It's literally a chapter in one of my books. The asset protection he utilized is amazing. Check out my books on Amazon if the topic interests you. Just search Mark J Kohler in Amazon. Thanks!!
Thank you for sharing, Mark. Great video with easy-to-understand about Roth IRA
Thank you A F! I appreciate the support!
Needed thi$!! Thanks!
So glad I could help! Please Subscribe and share with those you think could benefit!
Thank you! I'm in my 30's.. I wasn't sure how this worked but you broke it down so easy!!!
You're welcome. Thanks for watching!
I just moved here in the US and i just started my RoTh IRa and i maxed it out.. i hope i can still reach the target☺️
Keep doing what you're doing. You're rocking it. Please feel free to reach out if you need help with anything 435-586-9366
What does that mean. Maxed it out.
@@jorgechavez8774 Maxed out means they contributed the maximum amount allowed for the year. In 2019 that was $6,000.
Welcome to the american dream you have to be sleep...tax tax...save youre money stay away from credit card...be careful on youre 401k remember it is not fully Federally Insured that means when you lost and market crash no one can save you.....it is not guaranteed that your money is secured...read the fine print about 401k... you can fully invest on it...but be careful put money on your bank savings accounts too..not only all on 401k...
@@valentinoreyes2960 Don't sell when the market is down.
And, understand what it is you are invested in.
Mark! Please do an update on this regarding the new legislation coming out!
The best video I’ve seen on this so far ! By self direct do you mean I work as a real estate agent and sell houses and put my commission check in there and do that every time I get paid?
Mark you make excellent videos. This video encouraged me to open a Roth IRA and start contributing in addition to my 401k. Keep up the great work! 23yr Accounting student from Chicago.
Wait for part two! I’ve gotten such a great response and even several more ideas to add to this video. Stay posted and share. Thanks
Check out my "Part II", you might like these additional points and I validate several of the comments made here and challenge others. Let me know what you think: czcams.com/video/bhWhcmUrryM/video.html
The roth is an essential vehicle for financial planning. It's actually mind blowing how many people are discounting the TAX FREE aspect of this investment vehicle; throw in tax free compounding and it's a no brainer
People aren't discounting it, they just might not be able to invest into because it doesn't offer pre-tax savings and they're living to paycheck. People who can afford to, maxes out all their retirement accounts: 401k, IRA, and HSA.
I have a Roth myself but traditional ira certainly has its place in retirement planning. A big first for me is I live in a high tax state but plan to retire to a tax free state.
Great comments everyone. There isn't a one-size fits all approach. I agree. But using a combination of Roth, 401ks and traditional IRAs is truly in the long run a great mix. But as some of the other comments below, some people are still living month to month, or getting out of debt, and simply working towards a better saving strategy. I'm just grateful all of you are watching my videos (and I'm sure others) to motivate and educate yourself. I CAN even do better!! We're all trying. It's not easy.
@@arcadion448 See my comment above that addresses yours. Thanks
@@kingleonidas4296 See my comment above that also addresses yours. Thanks
Thank you for the tip!
Amazing video WOW!!!!
How can anyone invest $19800 per year into their Roth IRA at age 50 when the max. allowed is $7000 per year?
Kim Phuoc Jewelry I LOVE IT!! Great question. You can contribute 19,000 per person (if married) into a solo 401k!!! And that’s a Roth Solo self-Directed 401k. Seriously!! I know this sounds crazy but I have answers, I have solutions, I’m trying to spread the word and I wish I had 500,000 views like some of these nuts out here that don’t even have the credentials and experience and knowledge that I have. Please share this video and call my office if you want a consultation.
lol
I was thinking the same thing. I also question the 10-12% return on an S&P index fund. I think the average is around 9-10%.
@@MarkJKohler OK I was confused. I thought you were talking about how much to invest each year to make $1 million in your ROTH IRA account.
His returns are optimistic. They assume an average compounding of 10 to 12 % annually. You can put the amounts he’s talking about into a ROTH 401(k) through your work if your work offers a ROTH 401(k). Over 50, the max contribution in $25k for 2019.
@@markbartoszek8585 I have gotten 30% on my 401 last year.
Haha here I am thinking 5k a year at 20 was probably weak sauce in this strat, but looks like I'll be 20 years ahead 😂
Fred Jackson bro if you’re maxing your contribution per year (6k) you’re going to be looking real good in even 20 years if you’re conservatively investing. I’m 23 and am relatively conservative (just doing mostly S&P index fund and some bond index fund) and am doing virtually the same you are. We are going to be kicking butt when we’re old hahaha
RDTV look into UPRO instead of SPY.
Awesome!! ty
good simple explanation for everyone to understand, thanks!
Thank you!
Thank you Mark,very encouraging and you make it sound possible to retire with Roth alone.
Thank you!!
Check out my "Part II", you might like these additional points and I validate several of the comments made here and challenge others. Let me know what you think: czcams.com/video/bhWhcmUrryM/video.html
max IRA contribution for this year is only 6000 dollars.
Roth 401k limit is 19,000 in 2019.
Over 55 is $ 7,k
Use to only be $5000
Max CONTRIBUTION each year, in 5 yrs. That's $30,000 plus interest.
Good video!! Knowledge is power. Consistent contributions in low-cost index funds will eventually get you there.
Great comment! I agree.
Thanks for the education 🙏.
I'm not tracking. If the max amount you can put in is 6k per year then how do you follow your plan when your 50? I can't put in the 20k
I believe theres an account called a Roth 401k, that allows you to put 19,000
He is using the word Roth in this video interchangeably with IRA’s and 401k’s. At age 50, you can contribute $25 into a Roth 401k (19k limit + 6K catch up contributions) and 6k per year into a Roth IRA (6k limit + 1k catch up contributions). While this can be done, it is very plan specific (meaning your company has to allow you to make Roth contribution into their plan). He provided #’s here, but did not state the ways that it needed to be done. People often this a Roth 401k is its own type of account. A 401k is a 401k the term Roth just states how the money within that 401k is held either pretax (traditional) or post tax (Roth)
Mutual funds
A couple of risks to consider, especially if you're 20 and considering a 47 year plan.
1. ALOT can happen in half a century, not excluding changes to legislation and tax laws. Don't assume the way things are now are the way they will always be. There's nothing to stop the government from confiscating your savings, like they already do with your social security. Consider bail outs, bail ins, or even a war. It's risky stuff.
2. Saving fiat currency is unwise, even if your interest is outpacing the average rate of inflation, because all fiat currencies eventually die, it's inevitable, not one in history has ever survived, and if you think your local fiat currency is any different, just look up the national debt of your own country and the decline in purchasing power of your currency. NO fiat currency is immune from hyperinflation and eventual collapse, in fact the very nature of a fiat currency makes this an inevitability. It's not a matter of if, but rather when.
As another educated commenter here pointed out; if it puts money into your pocket, it's an asset. If it takes money out of your pocket, it's a liability. If you're a wise investor you'll accucumlate assets and generate tax-free passive income/cashflow. A penny saved is not a penny earned.
A penny saved is more than a penny earned. A penny earned is worth less than a penny, it's worth a penny less taxes.
What an awesome video.. love the energy and positivity.. Most of all.. you didnt leave anyone out..
Thank you so much 😀
Mark thank you so much for this incredible information
You touched on Health Savings Account. I have a Health plan through my employer it's a non-castrophinc plan. They don't offer a HSA. What are my options?
Ed great question! I would recommend Self-Direct IRA. Give them a call at 800-818-1322 they handle the set-up of an HSA.
HSA Bank ---
“OJ Simpsonized” 😂😂
Andre Culley
I’m sold. Shut up and take ma money
😂😂😂😂
Thank you for your input. I’m taking action today.
Thanks so much Mark
Starting early is the best way of getting ahead to build wealth, It's such a pity most folks spend more and invest less while intelligent people always try to harness any investment opportunity. I've been diving deep into stock options.
I'm working toward generating $1,700 monthly from your dividend stocks.
@Sean Roger How long has Frost Hilda been handling your investment, as how has he enhanced your earnings?
@@rohitmajumdar1579 generating $1,700 A MONTH from your dividend stocks means your portfolio value is already 1 million dollars.
I am getting lots of cricket sounds from all the crypto lovers. I personally think anyone who’s interested in easily multiplying funds should consider buying the dips of most altcoin, this is an opportunity to get in.
I’m 18 & just started mine 🙏🏾
Way to go. That is great to hear!
Great job, set aside a % of your income every month for the fund and by the time you retire you should have a nice little nest egg.
I wish I started mine at age 18, but at the time there was no Roth IRA. I had to get a traditional IRA and roll it over to Roth in 1998. Put in the maximum every year and you will never regret it. You will be unlike your friends who will later in life will have regretted not investing at age 18.
I started investing aggressively this year at 23 and I am already mad at myself for not starting at 18. But I am glad I understand tax-free growth now so I am ahead of the game then never at all.
Awesome! Very informative and detailed, just what I was looking for!
Yay!! I'm glad :)
Great breakdown, it is totally doable! I retired early because I started investing my money - I didn't leave it sitting in a savings or spend it all on things that don't make my money work for me! Thank you.
When you retire early & live off of investments how do you file taxes? Are you considered unemployed or self employed? And how can you contribute to your Roth IRA without a job (since I don’t think investments count as earned income)?
@@JC-li8kk I have rental properties that I file taxes for & I did start an LLC so I self employed & you can always contribute to a brokerage account.
The first million in stock is always the hardest but afterwards it gets better and if you ask me I think picking red chip stocks sometimes is the smartest move to make because they can sky rocket on the long run so yeah Smart move..I just sold TSLA,NTFLX and S&P 500 this month (vacation secured✅😂😂). Picking new ones soon depending on what my FA decides. We’ve got it all planned out. She knows exactly what to pick. Work smart people...work smart. I’m cheating stocks and it’s working for me😂😊😊
Impressive, I myself just bought BRK-A I know quite pricey but it’ll be worth my while I hope..you mentioned an advisor. Do you do referrals i might need the help on my next pick this month, that’s if she’ll be willing to work with me???
Suree but I can’t leave her number here so you’ll have to google her the way I did, her name is Lucy Maria Koss. Look her up and goodluck with your stocks !!!
Serene Whopperman I’ve actually been meaning to trade for a while now, I think I’ll start with 30k..I just googled her and she seems credible. please what’s her commission like??
Spam
This has to be the best information on getting to a million dollars on you tube hands down. This is so practical. Thank you 🙏
You are so welcome! I am glad it's helpful!
Excellent!
Great job with this fast and simple explanation Mark! Keep up the healthy advice. I loved reading the comments about people who have found this motivating and life changing!
Thanks Kenny! I'm not going anywhere! I love helping to open people's eyes. Please subscribe and share with others who could benefit!
Exactly what Barking Shark said. You can only put $6,000 per year if you are under the age of 50. Over the age of 50 adds $1,000 to that number per year. Why is that not described in your video? If you have a way to make it happen, please, I'd love to hear it!
you can have as many Roth IRA's as you want. You could spread the amount across 3 or 4 of them.
@@jonathanfoster2263 If you're eligible for a ROTH at all then you CAN have as many as you want BUT ... Although you can convert or roll other savings vehicles like 401Ks or traditional IRAs into a ROTH, you can not add more than a total of 6000 or 7000 per year of new money directly into any kind of IRA. He did not mention that, nor did he mention the eligibility restrictions on ROTHs. I love my little ROTH but there is more to it than he implied.
It's called a backdoor roth. google it and it will tell you how there's a way around the $6k contribution limit.
I like your energy and your humor. Thank you for the info! 😁👍👍
Haha thank you!
Omg you amazing! Thank you!
Step 1: Open ROTH IRA. Setp 2: Deposit $1,000,000.
There is a limit every year, so you can not do that
@@stephenho6007 Umm ... I think it was a joke ....wow
@@littlefallsdoctoraccount3348 It wasn't a good joke. It would only confuse people that don't know much.
How can a 50 yr old put in $1650 per month when the 2021 IRA contribution limits: up to $6,000, or $7,000 if age 50 or older?
Thank you 😊
What about index funds like s and p 500? Hey is it better to allocate that 5500(which is 6000 in 2020), into many different investments or just a couple like 3? Also what are some good stocks to invest in that Roth ira umbrella for the long run?