You have to try both Traditional IRA and Roth IRA because you get immediate Tax Savings on Traditional. I've been in market since 1997 and I'm multimillionaire now, and you will be if you continue this path. There are few factors that will help. Tax savvy, frugality, simple living, aggressive savings, also 401-k, and learn the trade (know finance, time value of money, tax law) Because you are in L.A. and taxes are very high the immediate tax benefit of traditional IRA is a good option to get more money back today. I have a 3 step plan: 1. Early retire @ 55 2. Move to single tax state of Florida before 59.5 years, for residence and Tax filing. 3. Spend money elsewhere where $$$ goes twice as much (Caribbean, Latin America, parts of Europe, etc.) You will be surprised you can work 20 years and save a lot, and make more in one year than your whole life of savings. This year I just broke that barrier. That is the magic of compounding and doubling every 4-5 years.
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.
@@Elliot-Ivan 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?
Opening a roth ira account is a pivotal step in my journey to financial success. It's like giving your money the green light to work for you 24/7. Over the years, I've seen substantial growth in my investments, and this account has been at the heart of it.I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made.
I invest across the top markets but not by myself though. i follow the guidelines of Regina Louise Collaro . you might have heard of her.. I can correctly say she's worth her salt as a investment advisor as her diversification skills are top notch, I say this because i see that in her results as my portfolio grows by averages of 5 to 1O% on a monthly basis, unlike i can say for my other investment which has just been trudging along. my portfolio just mirrors what she place and not just on some particular industries of my choosing. I was able to retire early and gain financial freedom through her help.
personally, I'm blessed and realizing I'm not the only one working with Regina Louise Collaro. I will consider myself lucky. I've been able to feed and make a living through her advice and great work. For such a person as Regina, I owe her gratitude, support and endless prayers as it is not easy to gain access to such a competent and reliable adviser. Who isn't just wise but has all it takes to handle an investment and is good at what she does.
Thanks Skoopqueen.I have had the intentions of starting investing. But I always thought it was late and I think I need to stop procrastinating. I will definitely 🔍 Regina Louise Collaro and see what she can advise .Thanks a lot . This was of so much help to m
This is the third time I've seen this name, Regina Louise Collaro. The name is getting more popular as the day goes on, I'm happy with how many lives I've seen on testimonials. Regina has really helped people financially. I pray that he get blessed as he helps so many.
Watching this video knowing I make like 36k a year and had just expected I couldn't make that type of income, or set myself up financially 😮 thank you for explaining it is possible!
What do you mean brokerage account? What is the difference between the roth IRA fidelity account vs. the brokerage account? Newbie here and trying to figure out where to open my first roth IRA account.
Hi, i’m above 50 and just opened a Roth IRA account with Fidelity this February 2024. If i contribute the maximum allowed for 2023 before April 15, 2024, will this go to my 2023 funds?
Yes it will! You have till April 15th to max out your Roth for 2023. After that you can focus on your 2024 Roth! You can even put $7,500 as a catch up contribution (normally it’s $6,500) because you’re over the age of 50! Hope this helps
Very nice man. I’m 26 now. I want to retire at around the same age as you or hopefully in 30s. I have a bit over $100k in 401K, and $150k ish in brokerage account. Roth IRA is new and only have like $10k in it. I’m trying to
I have a Fidelity IRA, and I will prolly open a Roth IRA for the next ten years. I've been doing 22% YOY over he past 10 years because I do covered call options on my NVDA investment. My problem is that my portfolio has Ballooned astronomically, so I feel the need to Open a new Roth IRA and also start doing partially Trad. IRA to Roth IRA conversion.
ok help me understand something please. there is a 10% penalty on withdrawing capital gains from the roth. However, unless you're low income, the taxes you would pay on literally *any* withdrawal from a taxable brokerage account will be at least 15%. So, aside from the yearly limit to contributions, is there really any reason to not max out a roth IRA no matter what else you're doing?
Thanks for this video if you don't have up to $6500 say you only had the $20 and added $20 a month how can you still transfer to invest or do you have to wait till its $6500
You can transfer whatever amount of money any day/week/month of the year and buy whatever amount of shares of stock wit that money. So, for example, I could add $100 65 times throughout the year and invest $100 in FXAIX 65 times. I hope that makes sense LOL
What’s the lowest investment amount I can do for the fxaix trade? I’m only 21 yrs old and 6500 is not in my budget rn should I start saving? Lol or what can I start with for now.
I have a sep-ira because I'm a business owner! But totally recommend getting a 401k through fidelity and choosing your own investments such as fxaix or or fskax
Anything is great! Just try your best to get to $6,500 if you can! This year they raised it to a maximum of $7,000 so try to hit that $7,000 as your income increases!
If you retire at age 42, and live off your investment account, in order to put money in a Roth account, don't you have to have income from a job? You can't put more money in the Roth than you earn from your job.
Correct. You won't be eligible to put money in. But what does it mean to "retire"? Will you have a part time/side hustle? If so, you can contribute to a Roth IRA
Yep exactly! I would need an income in order to actually invest in my ROTH. I'll still have my businesses which earn me income, I will just be way way way way less active in those businesses hahaha
Make sure to like and subscribe if you found this video helpful! Let me know if you need help on any of the steps as well!
You have to try both Traditional IRA and Roth IRA because you get immediate Tax Savings on Traditional. I've been in market since 1997 and I'm multimillionaire now, and you will be if you continue this path. There are few factors that will help.
Tax savvy, frugality, simple living, aggressive savings, also 401-k, and learn the trade (know finance, time value of money, tax law)
Because you are in L.A. and taxes are very high the immediate tax benefit of traditional IRA is a good option to get more money back today.
I have a 3 step plan:
1. Early retire @ 55
2. Move to single tax state of Florida before 59.5 years, for residence and Tax filing.
3. Spend money elsewhere where $$$ goes twice as much (Caribbean, Latin America, parts of Europe, etc.)
You will be surprised you can work 20 years and save a lot, and make more in one year than your whole life of savings. This year I just broke that barrier. That is the magic of compounding and doubling every 4-5 years.
Fidelity charges 10% fee when taking mony out. do you know any companies that dont charge fees?
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.
@@Elliot-Ivan 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
@@FlorentGulliver My advisor is VICTORIA CARMEN SANTAELLA;
You can look her up online
@@Elliot-Ivan 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?
Opening a roth ira account is a pivotal step in my journey to financial success. It's like giving your money the green light to work for you 24/7. Over the years, I've seen substantial growth in my investments, and this account has been at the heart of it.I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made.
I invest across the top markets but not by myself though. i follow the guidelines of Regina Louise Collaro . you might have heard of her.. I can correctly say she's worth her salt as a investment advisor as her diversification skills are top notch, I say this because i see that in her results as my portfolio grows by averages of 5 to 1O% on a monthly basis, unlike i can say for my other investment which has just been trudging along. my portfolio just mirrors what she place and not just on some particular industries of my choosing. I was able to retire early and gain financial freedom through her help.
personally, I'm blessed and realizing I'm not the only one working with Regina Louise Collaro. I will consider myself lucky. I've been able to feed and make a living through her advice and great work. For such a person as Regina, I owe her gratitude, support and endless prayers as it is not easy to gain access to such a competent and reliable adviser. Who isn't just wise but has all it takes to handle an investment and is good at what she does.
Thanks Skoopqueen.I have had the intentions of starting investing. But I always thought it was late and I think I need to stop procrastinating. I will definitely 🔍 Regina Louise Collaro and see what she can advise .Thanks a lot . This was of so much help to m
This is the third time I've seen this name, Regina Louise Collaro. The name is getting more popular as the day goes on, I'm happy with how many lives I've seen on testimonials. Regina has really helped people financially. I pray that he get blessed as he helps so many.
Why is this dude don’t have more subscribers, his content is amazing.
Super appreciate you saying this!
Omg thank god for this video! I'm 26 and new to this. This helps a lot.
Thanks so much! 26 is a great time to start
Watching this video knowing I make like 36k a year and had just expected I couldn't make that type of income, or set myself up financially 😮 thank you for explaining it is possible!
What do you mean brokerage account? What is the difference between the roth IRA fidelity account vs. the brokerage account? Newbie here and trying to figure out where to open my first roth IRA account.
Can you explain more about what a brokerage account is vs a Roth account!
Hi, i’m above 50 and just opened a Roth IRA account with Fidelity this February 2024. If i contribute the maximum allowed for 2023 before April 15, 2024, will this go to my 2023 funds?
Yes it will! You have till April 15th to max out your Roth for 2023. After that you can focus on your 2024 Roth! You can even put $7,500 as a catch up contribution (normally it’s $6,500) because you’re over the age of 50! Hope this helps
great content. this video needs more exposure
Thank you! I really appreciate the kind words
awesome video ! very helpful thankyou!
Hope I made it as simple as possible!
Very nice man. I’m 26 now. I want to retire at around the same age as you or hopefully in 30s. I have a bit over $100k in 401K, and $150k ish in brokerage account. Roth IRA is new and only have like $10k in it. I’m trying to
I have a Fidelity IRA, and I will prolly open a Roth IRA for the next ten years. I've been doing 22% YOY over he past 10 years because I do covered call options on my NVDA investment. My problem is that my portfolio has Ballooned astronomically, so I feel the need to Open a new Roth IRA and also start doing partially Trad. IRA to Roth IRA conversion.
Is there dividends in Roth IRA?
How much and how often would I need to invest in the SP500, and do I have to keep reinvesting or could I just buy more of that stock here and there?
Does fidelity charge like a fee for buying let’s say VOO in your fidelity Roth IRA ???
Its so hard not watch your hands. Lmao good video tho.
When is the Vanguard version of this video coming out?
Next week! I'll make it happen haha
So you don’t pay gain tax in brokerage account when withdrawal ?
ok help me understand something please. there is a 10% penalty on withdrawing capital gains from the roth. However, unless you're low income, the taxes you would pay on literally *any* withdrawal from a taxable brokerage account will be at least 15%. So, aside from the yearly limit to contributions, is there really any reason to not max out a roth IRA no matter what else you're doing?
Thanks for this video if you don't have up to $6500 say you only had the $20 and added $20 a month how can you still transfer to invest or do you have to wait till its $6500
I think he said you can use the $20, but continue to add $$ to the account.
You can transfer whatever amount of money any day/week/month of the year and buy whatever amount of shares of stock wit that money. So, for example, I could add $100 65 times throughout the year and invest $100 in FXAIX 65 times. I hope that makes sense LOL
What all positions do you hold in your regular brokerage account?
What’s the lowest investment amount I can do for the fxaix trade? I’m only 21 yrs old and 6500 is not in my budget rn should I start saving? Lol or what can I start with for now.
I believe there are no minimums so you could even start with $20 at a time! It all adds up!
Can I sell and buy stocks within the Roth? Thank you
Thank you Phillip. If one already has a FXAIX brokerage account, how do I continue adding funds to it at a later date?
We love Fidelity!! Fidelity > Vanguard
Yep! I’m team Vanguard 🫢🫢
Omfg teach me everything you know!!
Do I need to report to my employer how much Roth IRA can I invest?
Phil do you book calls? I would like a conversation I possible.
Do you also have a regular 401k through your employer?
I have a sep-ira because I'm a business owner! But totally recommend getting a 401k through fidelity and choosing your own investments such as fxaix or or fskax
⭐️⭐️⭐️⭐️⭐️
So what if I invest 4k a year? Is that bad?
Anything is great! Just try your best to get to $6,500 if you can! This year they raised it to a maximum of $7,000 so try to hit that $7,000 as your income increases!
If you retire at age 42, and live off your investment account, in order to put money in a Roth account, don't you have to have income from a job? You can't put more money in the Roth than you earn from your job.
Correct. You won't be eligible to put money in.
But what does it mean to "retire"? Will you have a part time/side hustle? If so, you can contribute to a Roth IRA
Yep exactly! I would need an income in order to actually invest in my ROTH. I'll still have my businesses which earn me income, I will just be way way way way less active in those businesses hahaha
Fidelity is the best!
It sure is!
What are your opinions on fidelityGO?
honestly never used it so I wouldn't know. My policy for life is the simpler the better, for me FXAIX or FSKAX is all I need!
Damn!!! You save 45,000 a year? You are a millionaire already to be able to do that. Did I not hear that correctly??? Someone help!!! 🧐
Question; As a beginner, which platform do you suggest getting for a Roth IRA ? Fidelity or vanguard? I would appreciate your wisdom! @phillpak
I actually use Vanguard! So that video is coming soon. I'd say they're both equally easy to use!