Thanks for visiting our personal finance channel! We hope this content will help fast-track your financial journey! Please note that there are questions/ comments which I will not be able to answer without fully understanding your financial, personal & other circumstances. Everyone's financial journey is different. If you wish to set up a consultation call & discuss whether we can help you on an individual basis, please complete the Work With Us form on our website: www.diamondnestegg.com Do you guys have a 401(k) or IRA or both? And if you have an IRA - where do you keep it? Pop in your comment - would love to know!
Amazing channel! Thank you for empowering people with knowledge and financial literacy to help them find freedom and get ahead. I look forward to see more of your videos keep up the awesome work.
Thanks 🤩 Glad you found it useful! Financial literacy is such an important topic - we hope we can help as many people as possible reach financial freedom!
Our 401K plan, at Fidelity, allows us to move money to a Fidelity Brokeridgelink account. That is another good option that allows us to invest outside the limited number of funds our 401K provides.
Ha. DIAMOND. LOVE YOUR CHANNEL. ALREADY PICKED UP 2 I BONDS AND A CD WITH ALL MY EXTRA CASH. RETIRED US ARMY AND 23 YRS AT HD WITH A 401K AND ROTH. THEN THERE'S VANGUARD, READY TO RETURE SOON IN 2 OR 3 YEARS. THANKS FOT THE NEST EGG😅
I have a Roth 401(k) at work and it's very generous. Maybe they are trying to make up for the lower salaries? Anyway ... they simply give you 4% of your income and they match 100% of your contribution up to 5%. It's possible to get 4% + 5% + 5% = 14% flowing into there. The downside is the lack of good quality choices in the system. There's a lot of goofy company sponsored mutual funds that lag the S&P 500 in most cases. I elected to go with their S&P 500 index fund. It's the best of their bunch and only lags 1% - 2% behind SPY. So, the 14% I mentioned earlier is probably closer to a 12% - 13% real contribution rate. That's OK. Live on ashes and plow in. :)
Hi Jennifer, I now have a Roth 401k from my job apart from my rollover ira. My employer will not match the contribution. Should I continue to contribute the max to my Roth or focus on my ira?
Hi Michelle - What most of our clients do if there is no employer match is to invest in there personal IRA first and max that out. The maximum contribution in 2021 is $6K if you are under 50 and $7K if you are 50 and older. And once they've maxed that out, and they still have more $ to put towards retirement, they go back to the employer plan. The rationale for this when there is no employer match is that you have more choice in what to invest in within your personal IRA (e.g., individual stocks if you wish) - most employer plans have a limited number of pre-selected funds. Assuming your personal IRA is also a Roth?
Thanks for visiting our personal finance channel! We hope this content will help fast-track your financial journey! Please note that there are questions/ comments which I will not be able to answer without fully understanding your financial, personal & other circumstances. Everyone's financial journey is different. If you wish to set up a consultation call & discuss whether we can help you on an individual basis, please complete the Work With Us form on our website: www.diamondnestegg.com
Do you guys have a 401(k) or IRA or both? And if you have an IRA - where do you keep it? Pop in your comment - would love to know!
Thank you Jen for explaining the difference between Roth & Traditional IRA, I learned a lot ❤
Amazing channel! Thank you for empowering people with knowledge and financial literacy to help them find freedom and get ahead. I look forward to see more of your videos keep up the awesome work.
Thanks 🤩 Glad you found it useful! Financial literacy is such an important topic - we hope we can help as many people as possible reach financial freedom!
You explain really well, in simple language.
I'm so glad we found you - love this vid! Simple all the way 😀
Likewise Lizzie 👍💰
Loved this breakdown! Exactly what I was looking for! Thanks so much for sharing your expertise! :)
Thanks! Let us know if there are other financial topics that you want us to talk about!
Great topic. These are questions that get asked all the time. I have a Roth IRA and a 401K but I always get the benefits and restrictions mixed up
Thanks Doug! Stay tuned for more!
Our 401K plan, at Fidelity, allows us to move money to a Fidelity Brokeridgelink account. That is another good option that allows us to invest outside the limited number of funds our 401K provides.
Thanks!
Thanks for the wonderful info.!
Our pleasure Carol! Glad you found it useful!
Great information, as usual
Wait until you see what we have planned the next two weeks - ending the year with a bang 🎊
Great video. New subscriber here.
Thanks Arturo
Ha. DIAMOND. LOVE YOUR CHANNEL. ALREADY PICKED UP 2 I BONDS AND A CD WITH ALL MY EXTRA CASH. RETIRED US ARMY AND 23 YRS AT HD WITH A 401K AND ROTH. THEN THERE'S VANGUARD, READY TO RETURE SOON IN 2 OR 3 YEARS. THANKS FOT THE NEST EGG😅
Glad the videos were helpful!
nice, just connect to you.
Likewise - thanks!
I have a Roth 401(k) at work and it's very generous. Maybe they are trying to make up for the lower salaries? Anyway ... they simply give you 4% of your income and they match 100% of your contribution up to 5%. It's possible to get 4% + 5% + 5% = 14% flowing into there. The downside is the lack of good quality choices in the system. There's a lot of goofy company sponsored mutual funds that lag the S&P 500 in most cases. I elected to go with their S&P 500 index fund. It's the best of their bunch and only lags 1% - 2% behind SPY. So, the 14% I mentioned earlier is probably closer to a 12% - 13% real contribution rate. That's OK. Live on ashes and plow in. :)
That is very generous!
Hi Jennifer, I now have a Roth 401k from my job apart from my rollover ira. My employer will not match the contribution. Should I continue to contribute the max to my Roth or focus on my ira?
Hi Michelle - What most of our clients do if there is no employer match is to invest in there personal IRA first and max that out. The maximum contribution in 2021 is $6K if you are under 50 and $7K if you are 50 and older. And once they've maxed that out, and they still have more $ to put towards retirement, they go back to the employer plan. The rationale for this when there is no employer match is that you have more choice in what to invest in within your personal IRA (e.g., individual stocks if you wish) - most employer plans have a limited number of pre-selected funds. Assuming your personal IRA is also a Roth?
@@DiamondNestEgg Thank you so much for the advice.
Your welcome! Hope to see you again in one of our workshops when things normalize!
@@DiamondNestEgg You will 😊
❤
I have signed up with Vanguard Roth IRA and I trust capital (bitcoin) Roth IRA
Thanks for sharing!