How to Create a 1 Million Dollar ROTH IRA - Part 2
Vložit
- čas přidán 2. 08. 2024
- Being a Tax Advisor is a lucrative opportunity...Learn more here:
markjkohler.com/become-a-cert...
Ebook & Newsletter: markjkohler.com/youtube/
Call the MJK Team: 208-745-2865
KKOS Lawyers (My Law firm): kkoslawyers.com/contact-us/
Directed IRA (My Trust Company): directedira.com/appointment/
My Certification and Membership: markjkohler.com/become-a-cert...
Podcast: mainstreetbusinesspodcast.com/
Main Street Business Services: mainstreetbusiness.com/
Facebook: / markkohler
Instagram: markjkohler...
Threads: www.threads.net/@markjkohler
X: / markkohler
TikTok: www.tiktok.com/@markjkohler?l...
LinkedIn: / markjkohler
CZcams: czcams.com/users/markjkohlerf...
LinkTree: linktr.ee/MJKCZcams
#Taxes #avoidtaxes #paylesstaxes #wealth #tax #realestateinvestment
If you liked the video, please give it a "Thumbs up!" and please subscribe to see more!
I am 53 years old and consider myself to be a high earner. My job provides me the option to contribute the employer contributions to my Roth 401k. Should I do that or should I continue to direct that to my Traditional 401k ahead of retirement?
You're doing well for yourself but it is better to seek help from a professional. I am sure that an expert with experience provides more edge than a CZcamsr.
As a high income earner can you easily afford to contribute max of $22,500 to your traditional 401(k) and towards retirement? What is your Federal Tax Bracket and percentage of company match? I f you don't know all this then its best you consult with an advisor.
@@marcellasilva4015 Thanks for replying, You seem to know much, How did you go about it and can you recommend an advisor like yours?
@@marcellasilva4015 Mind if I ask you to recommend this particular coach you using their service?
Mind if I ask you to recommend this particular coach you using their service?
You cannot cut your way out of recession you've got to invest your way out of recession, the Conservative party are in the dark ages on policy they've got to think again. My primary concern is how to maximize my savings/retirement fund of about £170k which has been sitting duck since forever with zero to no gains.-
Definitely! All of this happened in less than a year after *JENNY PAMOGAS CANAYA* told me what to do. I started with less than $100,000, and now I'm about 17,000 short of having a quarter million dollars..
You are amazing, Mark. I'm a CPA and I've read your books. Simply amazing. I'm happy you continue to share your wealth of knowledge through other avenues like these. Thank you for the work you are doing.
Man this guy is a saint. Your effort and time is greatly appreciated sir.
Your comment made my day. Thank you :)
Yes@@MarkJKohler, really appreciate your wisdom. Sorry you had to tackle those negative comments. 12% in the market is absolutely realistic. See FSCSX mutual fund, 22% annual returns over the last 10 years. Keep encouraging people to save, brother!
0a j hq nh
How can you contribute $20K in the Roth IRA while you are only allowed up to $7000? I was waiting for you to answer this question but didn’t hear it?
@@yanutube1 there is another Roth video where he answers it - I think it is through back door contributions. I believe it is a 2 step process - put money in your 401k and then convert to Roth. You take the tax penalty but it works. I'll try to find the link
Love this video and the previous one! The point is start early to save more, power of compound growth... Mark keep up the good work!
Thanks James! So glad you took something away! Be sure to subscribe and share so you can help others!
Self-Directing methods caught my attention. Thanks Mark!
Thank you for sharing your time, effort and knowledge about this topic. This is gold!
Great part 2 Mark keep up the good work!
Thanks so much Mike! Really appreciate it!
Thank you for giving!!!!!
(You are doing the service for all of us)
You're very welcome! Thanks for watching the video!
You sir are a genius. Appreciate the hard work you’re doing.
For the 2020 & 2021 tax years, the combined annual contribution limit for Roth and traditional IRAs is $6,000 ($7,000 if you're age 50 or older). So how do you put in $19,800 if you 50. Investing minds want to know.
You can't. That is the biggest issue I had with his videos. Don't wait until age 50 to start investing. Lol
@@CharmCityMediaMD take his videos with a grain of salt... its not accurate..
Some plans allow you to contribute after tax dollars and do a Roth in plan conversion to your Roth. As high as 30-40k depending on your contributions to other retirement accounts.
Mega backdoor Roth conversion
Roth 401k accounts, you can put in $23,000 per year as an employee. Then you can match it as your own employer if you are self employed OR get a company match if you work for someone else. There ARE WAYS.
Excellent video once again Mark! Your info is priceless and the genuine enthusiasm is great. I’m overseas on a civilian defense contract for the Navy but when I return this fall your firm will be hearing from me for some LLC business.
I definitely want to explore the self directed IRA.
Thank you so so much for the kind words and for supporting me and what I do! I speak from the heart, spontaneously and sharing advice to protect people. My firm would love to have you as our new client and assist you with your LLC needs. Please reach out whenever you're ready 435-586-9366 ext 2024. If you're also interested in self-directed IRA, may I suggest you check out www.directedira.com. Mat Sorensen is a wonderful and knowledgeable SDIRA expert. They're running a special right now for $150 OFF FYI. Again, thank you for the comment!
Good Job....you can try but u can NEVER make people understand what it is that is Good for them because...most are Naysayers....half glass people...LISTEN we need them..because everyone can’t be in top 10% of Wealth in this Country...keep delivering Good Content!!
Thanks so much!! I appreciate that. I was really surprised by the response of people to my video. So upset about investing outside of the Wall Street machine.
I'll take the glass half empty approach.. these "acorns" with Starbucks that round up to the next dollar...your paying 3 bucks for a latte which has a 300% markup...
...must be talking about my ...5...hardheaded''...''Daughters'''...they just wanna take...selfi''s-...and HAIR-WEAVES'''...silly...rabbitts'''''ha...ha...ha...!?
Man with cash is king 😉
@@chuckincharlo EXACTLY!! The financial _ILLITERACY_ in this country (and in the west in general - countries like Canada are much worse), is *_astounding._* If you need an app to help you do BASIC math and save, then I don't even know if you deserve to exist (rollseyes).
This right here has helped me 100%. Thank you, and you got a sub.
Great info. There is just so much as a newbie it’s overwhelming to grasp all the concepts.
Mark, thanks for the videos. I am a student of investing. I started in 1991 and haven't looked back. I, too, have found vehicles that ride above 10-12%. And, yes, that don't stay there, but I enjoy the ride while they are there. I just created a spreadsheet and provided it to my nieces and nephews (and my kids) about how to forecast what their accounts will look like in the future if they stay consistent. In closing - the key is to program your mind to see your future. The money starts looking good at the 20 year mark and every year there after it gets really good. To all the readers that don't understand investing, look up the Rule of 72 and Mark's videos will make more sense (assuming they don't right now). Thanks, Mark and keep up the great work.
Cool. You're doing really great. Keep it on. I'm a dedicated investor too. No just stocks though. I have my funds spread among a number of securities and carefully diversified by my portfolio manager. I often hit up to 20% return monthly. She's just a genius in wealth management.
just when I think that your last video that I watched was your best, you surprise me with more amazing content! Thank you so much for all that you share! Do you consult in Georgia?
Thank you so much Sheena!! I don't have an office in Georgia (hopefully I will in the future :) ) but my team and I do work with clients all over the country so I can definitely help you with anything, tax or legal. Give my office a call 435-586-9366 ext 2024 :)
I love your videos and they totally out bid the ones about getting rich quick. That's just not realistic. I appreciate you taking the time to make these videos!
Yes, any scheme that looks too good to be true, is. Thank you for the support, it means a lot!
You just got a new sub today, thank you for these videos!
Thank you!!
@@MarkJKohler ...MAY i also ...claim you ON My ...Taxes'''...WELL i said ...May...i...!?
Thank you so much for these videos, watched also the first one. Yes, would also loved to see the third coming. I didn't understand though what you mean by "build a LLC *in* the self-directed Roth IRA". Do you mean build a LLC and link it to the self-directed Roth IRA? I'm afraid I didn't understand the concept, or rather the setup - meaning, which to set up first and to link it together.
Hi Mark, great video I learned a lot. I have a question about partnering with other LLC. For example, if I had the following setup:
Partner 1 sd IRA LLC: 30%
Partner 2 sd IRA LLC: 30%
Partner 3 LLC: 40%.
At the time of distribution, do I have to use the same percentage or would it be wrong if I choose this way to distribute?
Partner 1 sd IRA LLC: 45%
Partner 2 sd IRA LLC: 45%
Partner 3 LLC: 10%.
Wow! I learned a lot from you ! I should have stumbled on your video a year ago but I believe it’s not too late for my son’s future ..thank you for educating us and sharing what you know best! 🙏🙏
@14:50 the realness really shines through.. I can see there is no BS.. Thanks for the tips.. Roth IRA here I come!
I am trying to help you guys save money and build for the future.
Currently loving Acorns, Lets just hope they last as a company.
Can you do a more detailed video in self directing and setting up an LLC? This is a concept that’s new to me.
Sounds costly, and LLC in some states (like CA) you have a yearly tax of $800
Hey Claudeen, my law partner and I started a podcast specifically about self-directing. We have more than 20 episodes that are an hour-long, where we talk about self-directing. We cover topics like IRA/LLCs. If you are interested in self-directing your retirement, I would HIGHLY recommend listening, you can find them here: directedira.com/podcast/
Thank you! This information is awesome, and free!
I love your energy!
I like this guy answering those comments
Mark, you're doing great! Keep instructing. I have Roth's, SOLO ROTHs and Golden ROTHs. Awesome stuff. If you think 10% is good, try 2000%. Real estate, businesses, precious metals, real estate paper!
Thanks so much!!
This sounds really interesting. I run my own business (LLC) and once I pay off the IRS, later this year, I want to start investing $6k+ a month, plus start another side hustle with 100% of the profits also going to retirement (selling items on ebay). Can you guys assist and guide me? I don't have a 401k yet, but a vendor may be providing it soon, but wondering if there's a better way.
Nice video, new to all of this jargon but you helped me understand a lot and how to get started! Thanks
Thanks! Keep on watching my videos and you will learn the jargon in no time!
I am in my 30's and have stash, acorns, Robinhood, crypto, custodian account and a Roth IRA. I never knew that this was possible... great part 1 and part 2. You gained a sub and I am checking on the website! Appreciate the video. Keep the content coming.
Wow keep it up Gates! It IS possible! Thank you for subscribing. If you ever need any tax or legal support, I would love to be of service. Just call 435-586-9366 ext 2024
@@MarkJKohler thanks for the reply and the great content. I will definitely be in touch if I have any questions. Keep the videos coming, I have learned a lot over the last couple of days watching your videos 👍
New subscriber. Amazing set of videos, on the path to be a retired millionaire!
Mark is absolutely right. I'm also an attorney and I know he does great work explaining those concepts.
Absolutely fantastic insight and options to get really invested for the future!! Thanks
Love your enthusiasm Mark! A lot of good information.
Thank you for helping me out trying to figure things out man I appreciate you teaching me how to try to invest and save God bless you and many more blessings come your way
Glad to help! please subscribe and share!!
This is literally what I've been wondering about. The LLC owned by various IRAs is similar to what a hedge fund does - it's just private money investing with a manager for a fee. In this case, you are just having the IRA buy in. Interesting. I might be simplifying the whole thing too much!
Mark knows whats he's talking about, such a big eye opener can't wait to start saving !!!!!
Good luck Cris! Thanks for your support!
Thank you for this information.
Wow !! Thank you so much for all this info . It opened my eyes to how we can be smart about saving with tax benefits and investing at the same time 👏🏻👏🏻👏🏻
Love this man energy!
Thanks so much!
I’m just now watching, at 35 to learn what to. You seem so genuine on giving out information. It’s definitely not for everyone. 🙏 Thanks
Thank you so much!! So kind. I truly appreciate you vote of confidence. Please subscribe and share when you feel appropriate.
This is incredible! I already have a Roth, will form an LLC a.s.a.p. and plan to invest in racehorses like you suggested! When that starts paying off, I plan to diversify into: lottery tickets, Fentanyl and arms sales to the Middle East! I'll probably be at $1M by Christmas...I'm so excited!
Diversification pays off really well if done very meticulously. I prefer a more aggressive approach to the financial marke. Currently I have a managed portfolio with some huge 6 figures under the care on my financial adviser. Naomi Marie Dopson by name. She's a renowned and popular broker here in the US. My portfolio yeilds over 20% return monthly.
I hope you're kicking as well!
Nice to see that you adjusted the week, month, year.....just easier to follow for the novice
Thank you for watching!
Really appreciate this, thank you!
You're welcome! Thanks for watching!
Thank you 😊 im 21 yrs old and this is good for me but im from Philippines.
Kesha Gwen Mobile Bangbang snap ?
Thank you so much for this info!!!
You're welcome :)
I am SO grateful for you!
You're so kind. Thank you for watching :)
😮wow thanks for the information you explain it so simple
Thank you so much!
This is blowing my mind. 15-20% gross margin for a business isn’t great. But 15-20% average for the market is in the realm of dreams.
Thank you so much Mark ! ❤️❤️❤️
Amazing! thank you so much!
You’re awesome man!! People, just save money, no matter what.
Wow!! I love all the info you provide. Can you buy and sell real state with a self direct Roth IRA.
Yes you can buy, invest or hold your real estate in your Roth IRA. You highly recommend you check out www.directedira.com
Lol....loved the come back on the haters.... frankly speaking they are not haters but un-enlighted.... Great work educating everyone and appreciate Transparency! Wish I came across these videos 20yrs ago. I always contributed to 401k for 20yrs but only understood it 3 years ago, so I decided to self direction after realizing Wallstreet doesn't cut it.
Thanks, Mark. Be well!
So tempting! Are these LLCs reported on Sch C or 1065? Are your HSA account and your Roth account 50/50 owners of the LLC?
Wow...lots of questions and 20 answers with options. Sometimes the LLCs don't have to report ANYWHERE...and they certainly won't on a Schedule C. May I suggest two things. First, my partners best selling book on the topic at www.sdirahandbook.com. Next, just get a brief consult with one of my attorneys. They can tailor your questions/answers to your situation and it will save you a ton. Call Rosalie Phan at 435-586-9366 to set something up.
Thanks
Thank you so much for educating us!!! God bless you!!! Hope to consult you soon.
You're very welcome! I appreciate the kind words!
Hey mark, I know it’s 2 years since you made this video but I had to comment. I am that guy I’m 50 with next to nothing. I am fortunate though in that I have a job and a 401k . I made a lifetime full of mistakes but I’m gonna do it I’m determined to have something by 65. I’ve been sharing your videos with my 19 year old daughter and my 22 year old nephew.
Thanks for the information my friend
Hi Mark, thanks for sharing your videos. I'm pretty amazed by the contents you share with your audience. I've got a question though, I'm a European citizen (French) looking for a Roth IRA equivalence. I've found robo-advisors such as Betterment, Wealthfront & Yomoni (French platform) and I wondered if you'd consider those as great tools when it comes to planning financial independence. Please find the time to share your thoughts. Pierre
Thanks, I'm checking that website out now!!
Awesome :)
Why would someone give a negative comment to someone creating a great video with great content AND he's sharing it for free.
Thanks for sharing this information my friend...I'm 46 and I feel like I got a chance now lol!
So wouldn’t you recommend already having money in a Roth and rolling it over to a self directed one? ( so that you can already have some money to play with as to opening it brand now and not having much in it?)
I think you are doing great informing people to start somewhere! People an be way too critical. If I can give you 5 thumbs up I would!!!
Good advise hope is true, thank God!
Totally true. Check out my partners book on the topic of self-directing at www.sdirahandbook.com. The best selling book on the topic in the country.
Company match going into the same bucket as rounding up savings might confuse some - retirement account contributions need to be earned income.
Well...it all comes down to good accounting in the Trust Account/401k Account. There can be contributions, Roth, Traditional, roll overs, different investments, etc... It's exciting but with the right design and support you can do it. Check out our 401k services at our lawfirm at www.kkoslawyers.com.
I found a gold mine. Thank you so much sir. Excellent advise.
You're welcome. Thanks for watching!
Great tips. Very helpful. Thanks!
You're welcome! Thanks for watching!
Thanks for the advice Mark
I keep reading about INDEX FUNDS here and there are these a better instrument than a Roth IRA, do you have any info/videos on this ??
Thanks for taking the time to give all this info. I am a little confused though. What do you mean they took their Roth and formed an LLC and bought tickets, etc etc? I thought you could not deduct from your Roth because there is a hefty penalty/taxes. Please clarify. Thanks so much.
If I'm self employed what are your thoughts on having an Roth IRA and SEP IRA. Can you create a video explaining the differences, benefits and is a good idea or not to have both? Again always good stuff....I love your books and all your video content.
...BUT wasn''t ...clarke-HOWARD-''..Teaching exact same ...THING...along with Dave-Ramsey...& CHRIS''..!!
Is it better to set up a Roth online or with your bank ? A self direct is typically done online?
Do you have to buy index funds/bonds/etf etc right away when you contribute money into your Roth?
Thanks! Very helpful. Dont let the haters get you down
Thank you so much!
What if you make more then allowed to put directly into a Roth IRA. Do you have info about back door Roth?
Do you have a video on how to calculate your rate of return? I’m 22 and am looking to start my retirement fund and also looking to see (based off my return percentage), how much money I would need to contribute monthly to reach the 1M goal. Being new to investing, I’m not sure how to do so. I guess I would have to set up my plan first to get results, probably all depends on what securities I choose to invest in. Any help would be much appreciated, thanks!
Thank you for the free advice!!
You bet!
I will love you forever if you make a video about how I can invest the money in my Roth in my small business. Thank you
Similar concept to acorns i use my fidelity credit card for the 2% cash back that i then transfer to my Roth. Far more valuable than airline points.
...and that''s a ...'' FACT''....need to PUT That ...towards my GROCERY''...Bill''...!!!
Couldn't agree more. I have the same Fidelity 2% cash back credit card and it beats the heck out of a crappy old Acorn Debit Card.
Hey, I really appreciate and like your first video I have passed it down to other family members. I don’t care if the numbers are not exact, I get the idea, the only think is what is a LIC, I have been googling it but I don’t see it anywhere, or so you mean LOC, line of credit?
An LLC set up through an IRA or HSA like this, can the LLC apply for it's own line of credit, or business loans? Or is it all based on the upfront investment?
Also can you be an employee of it?
Thank you, for well informing me!
Thank you, for watching! (Hope you already subscribed too :) )
@@MarkJKohler I have!
Thanks mark I’ve been researching this Roth IRA stuff I’m the freaking out guy your speaking of I’ll be 51 in a month no 401K no savings 4 kids that drained me dry over the years gonna start putting away now but wish I had a long time ago like you said ..
I am sorry about that mrdave, I hope that you can get started fast so that you can have something there for the future.
Hey start and investing in crypto and or stock to fund it faster but learn how crypto works it can help u fund the Roth faster just have to be patient
Thanks
Thanks for the great info, Mark! Is it legally possible to transfer/rollover 500K from an IRA to a SD IRA and then buy a condo in a resort area, use it as an Airbnb, keep all profits from use in the SD IRA, yet still use the condo occasionally for family and friends?
Amerigo, that is an excellent question! I would be happy to answer that for you! Join me for my live stream on February 27th, starting at 4pm MST and I will answer that for you then! Thanks for the question!
Hello Mark, I love those videos keep them coming bro. Quick question, If I day trade in a Self Directed Roth IRA can the proceeds be withdrawn before age 59 without any adverse penalties?
Durrel James HSA
Pretty sure you can always withdraw contributions from an Roth, just not the gains.
What are the benefits of creating an LLC owned by the IRA to invest rather than investing directly from the IRA? Also, if we want to set up that LLC structure, how do we go about contacting you for that?
Loved both videos and I also have acorn - I’m going to set up a ROTH ira - I already have a 401k
Great to hear! keep it up! And please share with anyone you think could benefit!
Hi Mark, I was wondering if there is an equivalent rules for Canadians? I know the equivalent for roth ira is a tfsa, but how could I accomplish a self directed?
You just blew my mind!!! 🤯🤯🤯
@Mark - few questions on your 10% ROR(Rate of Return):
1) is it Real rate of return ?
2) 10% is it pre or post inflation adjusted assuming 5% is inflation?
3) what about the protection from market down turn? During the growing years say you are in 40s or 50s, the market take a dip 30-40%, then you don’t significant years to recover or your annual real rate of return should be compensated with high % for the loss.
Above example is best case scenario. But we know market can’t be best case.
4) is Roth 401k same as Roth IRA(Self Directed IRA)?
Nice Video! Great content like always👍...Creating wealth takes a little bit of composure and patience. Most people want to get rich over night and end up losing their money. Passive income gained all the billionaires we recognize worldwide their entire fortune.
You made a great point, Once your passive income exceeds your expenses then i feel like that’s Financial freedom. So you just keep growing and creating openings for more passive income
And so funny how people go into investing in the stock market and expect huge profits the next day
@markJkohler I am self employed and I dont have employees. Can I still work this process?
Yes you can invest in an IRA. That has nothing to do with your business or whether you have employees.
So when I put in IRA. Will it invest as It would do in 401K?
So glad I found your channel.
I’m 36 and I just opened my first Roth IRA.
Doing all the research on my own, investing in stocks.. does that mean I can’t open a self directed ira now?
I want to invest in crypto in my Roth ira also but can’t figure out how 🙏🏽😩
Fantastic!
Good content only issue is that the IRS severely limits IRA contributions by income so really the only option are Etfs, munies, etc.
Videos are fya 🔥🔥🔥
Thank you!
Great Video! How does this work if the yearly cap for a roth ira is 6k?
Is LLC can form identity as Partnership or S Corp and C corp by filing the form 2553? Can I use my LLC S corp business to open a trading account such IRA, trust account?
No...Sorry. First, there's more forms involved with an LLC than just 2553. That's specific to the S-Election. And...your IRA or Trust Account can't be owned by an IRA. But again, I may not be understanding your goal or question. I would HIGHLY suggest a 20-30min call with one of my tax attorneys. We apply the time to the set-up of an LLC or it's just great advice to point you in the right direction. A little investment with a consult could pay off big time later. Please call my assistant Rosalie Phan and she can set you up. 435-586-9366. Thanks