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.
@@ArabellaBeatrice-099 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
@@ArabellaBeatrice-099 The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
I've owned a Roth IRA with Vangard for years. It's been in a target date fund which follows the 3 fund portfolio. Total Stock Market Fund, Total Bond Market Fund & Total International Market fund. Very low cost (key!) and index based. Has done very well!
Roth IRA's are where it's at. I wish I would have maxed out roth every year. I'm starting my daughter a Roth IRA as soon as she starts working next year at 14. Teaching her to max it out every year.
Because ROTH IRAs are tax-free, you'll be able to keep more of the money you've worked so hard to earn.I want to invest more than $300k, but I'm not sure how to go.
That’s true, Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, , and in just a few months, I was able to earn over $950K in net profit from high dividend yielding stocks
Her name is Monica Amanda McClure and she' a genius at her field. You can easily confirm her expertise by searching for her online. She possesses extensive knowledge of financial markets.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
@user-qk9ro8rp8t However, if you do not have access to a professional like JUDITH ANN PEACE, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments
Small taxes can affect investment decisions such as whether to choose tax-free municipal bonds over taxable bonds or do a Roth IRA conversion. I’ve been sitting on over $745K equity from a home sale and I want to invest on the stock market, how do I achieve this without being taxed twice?
There’s more benefit to holding fixed-income assets in tax-deferred retirement accounts as opposed to taxable accounts. If you're not who understands strategies to invest in the market, seek a Financial advisor to guide you.
I agree, having a brokerage advisor for investing is genius! Amidst the financial crisis in 2008, I was really having investing nightmare prior touching base with a advisor. In a nutshell, i've accrued over $2m with the help of my advisor from an initial $350k investment.
Gertrude Margaret Quinto, is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Is it still worth opening a Roth IRA if you're 43 years old? I'm currently debating whether to open an account with Fidelity, Wealthfront (with which I already have an individual and savings account), or Sofi. Any advice would be appreciated. Awesome videos.
My second time watching this video so I could absorb all of the great info. I've been looking at lots of videos about starting a Roth IRA and i'd heard the name M1 Finance mentioned a few times. This video has convinced me to go with them! Thank you!!!
I can't seem to find the answer to this question anywhere on the web -- is it advisable to have my Roth IRA account and my brokerage account for playing the stock market at the same place? For example, if I have BOTH of those accounts at Fidelity for instance, is that okay? Or is better to have (for example) my Roth at Fidelity and then my stock account through Vanguard?
I rolled over a few thousand into a roth a few years ago. Lost around $3500. That was fun. Closed it. At almost 49 I'm thinking of just matching my work's 401k and putting the rest into a new roth ira
Would the cap still apply if I where to do a Roth IRA and a fundraise account? Would it be $6500 each or together. Great video, keep up the work man 👍🏾
I believe, from the research I’ve done, if they’re both Roth IRA accs, the $6,500/yr (under 50yrs old) cap would be considered across both or how many you have. Don’t take my statement as fact, talk to an advisor or do the research to double check!
Does anybody know this answer. I am retiring and I want to withdraw my Retirement from my annuity account. Can I open a Roth IRA first and then roll that money into the Ira in order to avoid a tax penalty
Many financial institutions are FDIC insured but within those financial institutions any product that has to do with investments usually isn’t FDIC insured because investments by nature are always subject to risk and possible loss.
Hello, I just opened a ROTH IRA with Fidelity two months ago and contributed $1400. Now I see it is $1412.88 with dividends added. Can I just contribute yearly and leave it like this or do I need to invest or do something else? Thank you!
It’s never too late, but for your situation, if you haven’t already, talk to an advisor. Depending on your expected retirement age, they’ll hopefully guide you to something beneficial for you
Great video on an important topic. I 2nd the request regarding backdoor Roth conversions. I have a taxable brokerage account with Fidelity that is largely dividend paying stocks. I am planning on holding the stocks for the L-T. Currently have about $100K with value below my cost basis. I'd like to sell these holdings and use the proceeds to fund an IRA. Should be no tax impact due to loss on sale. Then I'd like to backdoor convert the full IRA value to a Roth. Again...should be virtually no tax impact other than any gains occurring between funding IRA and conversion to Roth. This should allow me to get $100K into a Roth and then have no taxable impact on dividends moving forward. Is this doable or am I missing something (like a holding period prior to converting)? Thanks.
Idk if you figured it out yet but no the only reason you’d have to do a back door Roth is if you don’t qualify by making too much money. But if you are going to do it you still can only contribute $6,500 a year… talk to an accountant not people online or you’ll get ran through by the IRS
How is 0.25% calculated because to me it seems like a lot? You have a 500,000 portfolio and someone charges you 0.25% of that account, which is about 1,250 dollars in fees. I suppose that is how it's been calculated.
Jeff, do you have a practical walk-through video on the back door Roth IRA? I have tried to understand it but I just can’t seem to wrap my head around it… basically you’re converting a tradition IRA to a Roth? does this conversion “count” in the $6,500/year contribution limit? Thank you so much!!!
@@josiahfisher4791 Income phase out range begins at $138k [Single] so if you make less than $138k you may directly contribute to Roth IRA. ~$45k is 12% Federal Tax Bracket so once you land a job with 401(k) that offers Roth, favor Roth 401(k) over traditional 401(k) while in that 12% FTB. For various reasons favor Roth IRA over traditional IRA [place your traditional money in the t-401(k)]. . Income phase out range is $138k to $153k [Single]. When your income approaches $138k with chance of exceeding $138k for the year, it's simply best to just contribute $6,500 to traditional IRA in January and promptly convert that $6,500 t-IRA to $6,500 Roth IRA. If you have existing traditional IRA balance, *pro rata tax* applies.
Hey Jeff! I hope you're doing well! I've been a fan of your content on financial advice. I wanted to reach out because I'm an aspiring graphic designer looking to gain experience in creating CZcams thumbnails. I'd be thrilled to collaborate with you and design eye-catching thumbnails that align with your channel's style. Since I'm building my portfolio, I'm offering my services for free to a select number of CZcamsrs. I believe together we can enhance the visual appeal of your videos and contribute to the growth of your channel.
You are contradicting yourself. Yes, the money in your bank is already taxed. So, if you keep the taxed money in your Roth IRA and it grows, you won't be taxed again. Your growth on that money won't be taxed
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...
@@Patricia-Margaret Bridget Mary Turow her trading strategies is working for me for more than a year now and I’m making good profit from the stock market and she's 100% honest, reputable and trustworthy
I can assure you that if you were to do a Caleb Hammer financial audit, we would see that you simply spend money poorly, most likely eating out too much.
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.
@@ArabellaBeatrice-099 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
@@leoma-l7r My advisor is VICTORIA CARMEN SANTAELLA;
Victoria Carmen Santaella , lookup with her name online.
@@ArabellaBeatrice-099 The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
I've owned a Roth IRA with Vangard for years. It's been in a target date fund which follows the 3 fund portfolio. Total Stock Market Fund, Total Bond Market Fund & Total International Market fund. Very low cost (key!) and index based. Has done very well!
great job!
Roth IRA's are where it's at.
I wish I would have maxed out roth every year.
I'm starting my daughter a Roth IRA as soon as she starts working next year at 14. Teaching her to max it out every year.
I had no idea that Charles Schwab had bricks-and-mortar locations. Thank you for this info.
Because ROTH IRAs are tax-free, you'll be able to keep more of the money you've worked so hard to earn.I want to invest more than $300k, but I'm not sure how to go.
Currently, my primary worry is how to increase revenue during periods of quantitative easing. I cannot afford to witness my savings dwindle away.
That’s true, Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, , and in just a few months, I was able to earn over $950K in net profit from high dividend yielding stocks
Please who is the consultant that assists you with your investment and if you don't mind, how do I get in touch with them?
Her name is Monica Amanda McClure and she' a genius at her field. You can easily confirm her expertise by searching for her online. She possesses extensive knowledge of financial markets.
Wow! I looked up Monica complete name online just out of curiosity and was pleasantly surprised by her credentials. Thank you for sharing.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
@user-qk9ro8rp8t However, if you do not have access to a professional like JUDITH ANN PEACE, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments
@user-qk9ro8rp8t Judith Ann peace is her name
Lookup with her name on the webpage
@user-qk9ro8rp8t You are welcome .
What was the essence of the advice you received from them?
I am a Fundrise investor since 2019 after watching your video. I do have a ROTH with them as well - opened when they offered to investors. 🎉
woo-hoo!
Is Fidelity any good? Started with them, but I'm not sure it was a good choice
What about fidelity?
I am so confused about opening an IRA Roth.
I am an investor with Fundrise since 2021 after watching your video I am to open a Roth IRA with them. 😅
Small taxes can affect investment decisions such as whether to choose tax-free municipal bonds over taxable bonds or do a Roth IRA conversion. I’ve been sitting on over $745K equity from a home sale and I want to invest on the stock market, how do I achieve this without being taxed twice?
There’s more benefit to holding fixed-income assets in tax-deferred retirement accounts as opposed to taxable accounts. If you're not who understands strategies to invest in the market, seek a Financial advisor to guide you.
I agree, having a brokerage advisor for investing is genius! Amidst the financial crisis in 2008, I was really having investing nightmare prior touching base with a advisor. In a nutshell, i've accrued over $2m with the help of my advisor from an initial $350k investment.
*@disney-hefner* That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?
Gertrude Margaret Quinto, is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
can you go over the different types of investors such as Passive, Active, Hands off etc. idk what i am.
Thanks for the idea!
I second this comment!!
Is it still worth opening a Roth IRA if you're 43 years old? I'm currently debating whether to open an account with Fidelity, Wealthfront (with which I already have an individual and savings account), or Sofi. Any advice would be appreciated. Awesome videos.
You still have time to take advantage of the compounding growth inside of it.
My favorite Roth IRA is Robinhood mainly for the 3% match and yes I know about Webull offering 3.5% but I already had Robinhood and I like it.
I have a Roth Acorn account and they have 3% match.
A win win!👍
M1 for the win 💵
You like?
For the M1 500 required deposit...can I roll.$500 over from my current 401k?
Thanks Jeff
I have a TD Waterhouse, but am considering sofi
I live in Australia & would it be safe for me to invest in one of these?
My second time watching this video so I could absorb all of the great info. I've been looking at lots of videos about starting a Roth IRA and i'd heard the name M1 Finance mentioned a few times. This video has convinced me to go with them! Thank you!!!
Glad it was helpful!
AWESOME video! I love Robinhood for the match and the high interest rate on uninvested brokerage cash… 4.65% APY currently
That’s a good rate!
how do you check the apy?
@@jackson___hessshould be right on the Home Screen of your Robinhood app.
I can't seem to find the answer to this question anywhere on the web -- is it advisable to have my Roth IRA account and my brokerage account for playing the stock market at the same place? For example, if I have BOTH of those accounts at Fidelity for instance, is that okay? Or is better to have (for example) my Roth at Fidelity and then my stock account through Vanguard?
I rolled over a few thousand into a roth a few years ago. Lost around $3500. That was fun. Closed it. At almost 49 I'm thinking of just matching my work's 401k and putting the rest into a new roth ira
Would the cap still apply if I where to do a Roth IRA and a fundraise account? Would it be $6500 each or together.
Great video, keep up the work man 👍🏾
I believe, from the research I’ve done, if they’re both Roth IRA accs, the $6,500/yr (under 50yrs old) cap would be considered across both or how many you have. Don’t take my statement as fact, talk to an advisor or do the research to double check!
Not a huge fan of robinhood but you can now get 3% match with gold. Can’t pass up a free 3%
so could you do a fundrise account and a normal IRA?
Absolutely
Does anybody know this answer. I am retiring and I want to withdraw my Retirement from my annuity account. Can I open a Roth IRA first and then roll that money into the Ira in order to avoid a tax penalty
I don't know much, but Robinhood isn't FDIC insured. I think that might be an issue, no?
Many financial institutions are FDIC insured but within those financial institutions any product that has to do with investments usually isn’t FDIC insured because investments by nature are always subject to risk and possible loss.
Yes they are.
They are up to $1,000,000.
what is the best IRA broker for options spreads and risk defined strategies?
Hello,
I just opened a ROTH IRA with Fidelity two months ago and contributed $1400. Now I see it is $1412.88 with dividends added.
Can I just contribute yearly and leave it like this or do I need to invest or do something else?
Thank you!
Did you select an investment: stock, mutual/index fund or ETF?
I haven’t. I do not know which one to pick!
Consider as core or majority holding a S&P 500 Index Fund [ETF] or Total US Stock Market Index Fund [ETF].
I am 58. Is it too late to start for Roth IRA? I can contribute the max each year. Or shall I go with different options?
It’s never too late, but for your situation, if you haven’t already, talk to an advisor. Depending on your expected retirement age, they’ll hopefully guide you to something beneficial for you
Great video on an important topic. I 2nd the request regarding backdoor Roth conversions. I have a taxable brokerage account with Fidelity that is largely dividend paying stocks. I am planning on holding the stocks for the L-T. Currently have about $100K with value below my cost basis. I'd like to sell these holdings and use the proceeds to fund an IRA. Should be no tax impact due to loss on sale. Then I'd like to backdoor convert the full IRA value to a Roth. Again...should be virtually no tax impact other than any gains occurring between funding IRA and conversion to Roth. This should allow me to get $100K into a Roth and then have no taxable impact on dividends moving forward. Is this doable or am I missing something (like a holding period prior to converting)? Thanks.
Idk if you figured it out yet but no the only reason you’d have to do a back door Roth is if you don’t qualify by making too much money. But if you are going to do it you still can only contribute $6,500 a year… talk to an accountant not people online or you’ll get ran through by the IRS
How about Fidelity?
How much do you need to at least put in for Charles Schwab?
My money is going to fidelity right now because I'm not sure what to do
great video
Thank You
Thank you too!
I know it's out of topic. But which one is better? trad 401k or ROTH 401k??
Depends on a lot of factors. Biggest ones are age until retirement and tax bracket. If i were younger I would choose Roth personally
Match beats Roth beats traditional
How can you built your own portfolio if dont know anything about Wallstreet
How is 0.25% calculated because to me it seems like a lot? You have a 500,000 portfolio and someone charges you 0.25% of that account, which is about 1,250 dollars in fees. I suppose that is how it's been calculated.
Jeff, do you have a practical walk-through video on the back door Roth IRA? I have tried to understand it but I just can’t seem to wrap my head around it… basically you’re converting a tradition IRA to a Roth? does this conversion “count” in the $6,500/year contribution limit? Thank you so much!!!
Coming soon! Thanks for the suggestion
@ *Josiah* are you over the income limit to contribute directly to Roth IRA and do you have existing traditional IRA balance?
@@alrocky not yet! Still in college but I anticipate I will be one day.
@@josiahfisher4791 Income phase out range begins at $138k [Single] so if you make less than $138k you may directly contribute to Roth IRA. ~$45k is 12% Federal Tax Bracket so once you land a job with 401(k) that offers Roth, favor Roth 401(k) over traditional 401(k) while in that 12% FTB. For various reasons favor Roth IRA over traditional IRA [place your traditional money in the t-401(k)].
.
Income phase out range is $138k to $153k [Single]. When your income approaches $138k with chance of exceeding $138k for the year, it's simply best to just contribute $6,500 to traditional IRA in January and promptly convert that $6,500 t-IRA to $6,500 Roth IRA. If you have existing traditional IRA balance, *pro rata tax* applies.
Hey Jeff! I hope you're doing well! I've been a fan of your content on financial advice. I wanted to reach out because I'm an aspiring graphic designer looking to gain experience in creating CZcams thumbnails. I'd be thrilled to collaborate with you and design eye-catching thumbnails that align with your channel's style. Since I'm building my portfolio, I'm offering my services for free to a select number of CZcamsrs. I believe together we can enhance the visual appeal of your videos and contribute to the growth of your channel.
I can't decide between Betterment, M1, or Robinhood =/
Best one is the one you start with
I'd Edward Jones good?
they're ok
Seems like Robinhood out ranked Fidelity 😮
People keep saying it's taxed free, not really. The money you put in is already taxed when you receive it
The growth is not.
You are contradicting yourself. Yes, the money in your bank is already taxed. So, if you keep the taxed money in your Roth IRA and it grows, you won't be taxed again. Your growth on that money won't be taxed
@peterokpara4451 I have had a roth fir years I max it out every year most of these people commenting don't have a roth ira traditional or 401k
I heard you can roll your payroll 401k and get tax free that way, not sure if it’s true though.
What about fidelity?
They’re a good option
Don't trust robin hood lol 😅 if U love your money
Why’s that? I’m skeptical just because of the promotions offered by them and Webull too. Looking to transfer a 401k somewhere.
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...
@AustinWalker67 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
@AustinWalker67 I will give this a look, thanks a bunch for sharing.
@@Patricia-Margaret Bridget Mary Turow her trading strategies is working for me for more than a year now and I’m making good profit from the stock market and she's 100% honest, reputable and trustworthy
I can assure you that if you were to do a Caleb Hammer financial audit, we would see that you simply spend money poorly, most likely eating out too much.