DO NOT MAKE THIS ROTH IRA MISTAKE

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  • Опубліковано 7 тра 2022

КОМЕНТАРІ • 437

  • @HugoBergmann-lu4nd
    @HugoBergmann-lu4nd 27 днів тому +447

    Recently retired and unsure if my 401(k) and IRA will provide a stable future. i need an approach that will align with my risk tolerance and financial goals, i set aside $1m to achieve this. Do you suggest i get into stocks or buy a rental property?

    • @StocksWolf752
      @StocksWolf752 27 днів тому +1

      Look up dividend aristocrats. Pick six to ten from that list. Those companies have a track record of 25+ years of paying dividends. Also, its advisable you work with a financial advisor to help set up a well-structured portfolio.

    • @LiaStrings
      @LiaStrings 27 днів тому +1

      I agree. Based on personal experience working with a financial advisor, I currently have $2 million in a well-diversified portfolio that has experienced exponential growth from when i started. It's not only about having money to invest, but you also need to be knowledgeable, persistent, and have strong hands to back it up.

    • @JerryOrion
      @JerryOrion 27 днів тому +1

      Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.

    • @LiaStrings
      @LiaStrings 27 днів тому

      I work with Sharon Lee Peoples as my fiduciary advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.

    • @grego6278
      @grego6278 10 днів тому

      I searched for her name on the internet, found her page, and reached out via email to schedule a conversation. Thank you.

  • @NicholasBall130
    @NicholasBall130 Місяць тому +420

    Biggest financial mistake I ever made was with my 401k. My company had a Roth 401k when my kids were in college, but I didn't actually start contributing until year 3 of the 6 years I had kids in college. Because I was helping them with expenses, I was entitled to the tax credits, so my effective tax rate was extremely low. That is the time you NEED to be in a roth! i still retired with about $350k in my 401k.

    • @StacieBMui
      @StacieBMui Місяць тому +4

      People don't really know this, You need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving.

    • @StocksWolf752
      @StocksWolf752 Місяць тому +3

      I totally agree; I am 66 years old, recently retired, with approximately $1.2 million in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, I didn't do all this alone, but with the help of a financial advisor. Having one is currently the best way to trade in the stock market, especially for people nearing retirement.

    • @DilaraKamelya
      @DilaraKamelya Місяць тому +2

      Fantastic! That sounds wonderful. How can I get in touch with your financial supervisor?

    • @StocksWolf752
      @StocksWolf752 Місяць тому +2

      Sonya lee Mitchell is the manager I use. Just research the name. You'd find necessary details to set up an appointment.

    • @VictorBiggerstaff
      @VictorBiggerstaff Місяць тому +1

      I searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you

  • @gwenhughes8650
    @gwenhughes8650 Рік тому +481

    Literally, NO ONE has ever told me this!! THANK YOU!!!

    • @Ash-pp6yt
      @Ash-pp6yt Рік тому +3

      But that doesn’t come without risk. For the love of the lord, please seek professional counseling and look into the risks 😢 no worthwhile investment is risk free and if it is, then it isn’t a worthwhile investment.

    • @rqb6731
      @rqb6731 11 місяців тому +11

      Just but vti or voo and on a long enough time horizon youre good
      Or if you want dividends you can buy jepi or schd(or others)
      Right now i dollar cost avg into schd jepi and vti, all efs which are super safe(unless the usa collapses)
      Its pretty safe just be really careful buying individual stocks because that can end badly (or fantastically)
      Just tryna give advice, im a normal dude so take this with a grain of salt and learn as much as you can

    • @serialliker.
      @serialliker. 10 місяців тому +2

      😂 they taught this in one math lesson each school year, but you weren’t listening.

    • @gwenhughes8650
      @gwenhughes8650 10 місяців тому +9

      @@serialliker. Where do you live? They def weren't teaching this in my math classes.

    • @billytothe6thpower
      @billytothe6thpower 9 місяців тому +3

      Wow . Did you need someone to tell you you need to stop when the light turns red

  • @BrewNoCarbs
    @BrewNoCarbs Місяць тому +612

    I have a very good income and contributing max to 401k and putting in my wife's roth IRA. I have so much cash on side lines until I can figure this out. I am 53 and needs to to make all this cash work for me so I can retire tomorrow.

    • @rrandd0
      @rrandd0 Місяць тому

      You can put your excess cash in a 5% HYSA or work with a financial advisor to create a good portfolio that can average 20% annually for you.

  • @elenab3052
    @elenab3052 4 місяці тому +536

    Increasing tax rates are the reason I rolled over my 401k to a Roth. I don’t want to be 59 paying taxes on current income on withdrawals made from my retirement account.

    • @peterpahor8228
      @peterpahor8228 4 місяці тому +5

      I’ve heard a lot about this. Thank you so much for going over it. I've been told to start a solo 401k with my business. Then convert it over into my Roth IRA. Seems very confusing. Do I pay taxes on the money the year I convert? How does this work exactly?

    • @loritobia1056
      @loritobia1056 4 місяці тому +4

      Pre-tax contributions may help reduce income taxes in your pre-retirement years while after-tax contributions may help reduce your income tax burden during retirement.

    • @alpgeorge7012
      @alpgeorge7012 4 місяці тому +4

      Both have their perks but you can also save for retirement outside of a retirement plan, such as in an individual investment account or employing the services of a retirement planner/investment advisor.

    • @elenab3052
      @elenab3052 4 місяці тому +4

      I have thought about this, but haven't figured out how to get consultation, I don’t live in a big city.

    • @alpgeorge7012
      @alpgeorge7012 4 місяці тому

      Really? Have you searched? Use any investor/advisor tool. Look for monicamary Strigle I am close to retirement with 1.4 M to my name outside of retirement accounts. I hired her services 3 years ago, she contributed immensely to my portfolio progress.

  • @ThatDataLady
    @ThatDataLady 11 місяців тому +91

    *huge tip* the last one she said: A Target Based Investing Fund is the one MOST people do. It’s extremely easy. If you use Schwab or Fidelity, or whatever, it usually says ya know “2050” meaning you are shooting to retire in 2050 and it will invest your money FOR YOU

    • @Selena-yr6cj
      @Selena-yr6cj 5 місяців тому +1

      How much would you say is the best amount to invest in a Target Based Investing Fund? Do you put all your contributions in there or just a specific amount? I’m new to this and no idea how to go about things. TIA

  • @velayuthman
    @velayuthman 7 місяців тому +200

    There is also no earned income requirement to convert to a Roth. As long as you have a balance in an IRA, in theory, you can keep converting to a Roth as long as you like. But how best can i compound at least $2m in retirement savings without holding cash?

    • @Curbalnk
      @Curbalnk 7 місяців тому +1

      Consider hiring financial advisors, estate planners or tax experts. They can provide specialized knowledge and help you navigate complex financial decisions in such as retirement planning

    • @greekbarrios
      @greekbarrios 7 місяців тому +1

      Agreed, It's really challenging to create a strong retirement portfolio, so I always preach about the importance of having an advisor.This helped me stay afloat and improve my portfolio 0f $450k by 40% in 5 years.They have strategies that are specifically suited to your long-term objectives and financial aspirations.

    • @colleen.odegaard
      @colleen.odegaard 7 місяців тому +1

      This convo makes me realize how important it is to monitor the financial health of retirement plans and fund and also understand how they're invested. It's not something to be taken lightly. Please who is the advisor that guides you?

    • @greekbarrios
      @greekbarrios 7 місяців тому +3

      I personally have my portfolio overseen by California-based wealth advisor and fixed income strategist at that 'Monica Selena Park'..She's well established and you'd find her professional bio on the net If you look her up, i'd suggest you do this and let me know what you think

    • @colleen.odegaard
      @colleen.odegaard 7 місяців тому

      Thank you for sharing, I must say, Monica appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled a call

  • @Aziz__0
    @Aziz__0 Рік тому +105

    Investing in Roth IRA can be a good choice since they are funded with after tax dollars, your contributions can grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, which will help you keep more of your hard-earned money. Compounding is the process of earning interest on your initial investment, as well as on the interest that investment earns. This means that over time, your investment can grow exponentially. So the earlier you start investing, the more time your investment has to grow through compounding.

    • @carter3294
      @carter3294 Рік тому +1

      Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.

    • @floxydorathy6611
      @floxydorathy6611 Рік тому +1

      @@carter3294 I completely agree; I am 60 years old, recently retired, and have approximately $1,250,000 in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.

    • @floxydorathy6611
      @floxydorathy6611 Рік тому +2

      @Bill Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. "NICOLE DESIREE SIMON" is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.

  • @valentinaarrelaro
    @valentinaarrelaro 6 місяців тому +216

    I'm left struck with thousands of dollars disappearing from my 401k due to soaring inflation. Where can I safeguard and grow $500k cash for the next 2 years with minimal risk? my goal is to retire early and afford my lifestyle after retirement.

    • @M.Morgan
      @M.Morgan 6 місяців тому +2

      , there are strategies that could be put in place for solid gains regardless of economy or markt condition, but such executions are usually carried out by investment experts or advisors with experience since the 08' crash

    • @heatherholdings
      @heatherholdings 6 місяців тому +2

      @@M.Morgan Agreed, I've always delegated my excesses to a professional, ever since suffering major portfolio steep-down amid rona-outbreak in late 2019. As of today, I'm semi-retired with barely 25% short of my $1m retirement goal after subsequent investments, and only work 7.5 hours a week.

    • @Castro-worldbravest
      @Castro-worldbravest 6 місяців тому +1

      @@heatherholdings How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?

    • @heatherholdings
      @heatherholdings 6 місяців тому +1

      ​@Castro-worldbravest > I really don't like making such recommendations, because everybody's situation is unique but I have been working with “Theresa Leigh Detrick” for about four years now, and she's really, really good. If she meets your discretion, then you could go ahead with her. I endorse her.

    • @canbank3662
      @canbank3662 5 місяців тому

      Buy a gold ira

  • @GiovanniM309
    @GiovanniM309 2 місяці тому +21

    I’m favoured financially, Thank you Jesus $34,000 weekly profit regardless of how bad it gets on the economy

    • @HaldweMeje
      @HaldweMeje 2 місяці тому

      Same here, with my current portfolio made from my investments with my personal financial advisor ‹Patricia Vesely> i totally agree with you

    • @sinitkaiauliana1946
      @sinitkaiauliana1946 2 місяці тому

      Wow! Kind of in shock you mentioned expert, Patricia Vesely. What a coincidence!!

    • @DoganZata
      @DoganZata 2 місяці тому

      YES!!! That’s exactly her name (PATRICIA VESELY) so many people have recommended highly about her and am just starting with her from Brisbane Australia 🇦🇺

    • @KelaySolak
      @KelaySolak 2 місяці тому

      I have heard a lot of wonderful things about Patricia on the news but didn’t believe it until now. I’m definitely trying her out

    • @GiovanniM309
      @GiovanniM309 2 місяці тому

      Such a genuine personality!!, Sincerely speaking. I will continue to trade and stick to Patricia Vesely’s daily signals and guides as long as it works well for me.

  • @JayJayGrady4U
    @JayJayGrady4U 7 місяців тому +8

    And here I was thinking that the money magically grew by itself.....thanks for the info

    • @chrisxgarcia
      @chrisxgarcia 5 місяців тому

      NO WAYY 😂😂 i wishhh free money like that? Ezzz

  • @azieltobias
    @azieltobias 5 місяців тому +191

    Putting well-earned money into the stock market can be over emphasized for first-time investors, unlike a bank where interest is sure thing! Well, basically times are uncertain, the market is out of control, and banks are gradually failing. I am working on a ballpark estimate of $5M for retirement, and I have a good 6-figure loaded up for this, could there be any opportunity for a boomer like me? I'm nearly 60.

    • @lilyhershey1
      @lilyhershey1 5 місяців тому +2

      It's a good idea to seek advice at the moment, unless you're an expert yourself. As someone who runs a service business and sells products on eBay, I can tell you that the economy is struggling and many people are struggling financially.

    • @sloanmarriott5
      @sloanmarriott5 5 місяців тому +1

      It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.

    • @Gallo-firestone
      @Gallo-firestone 5 місяців тому +1

      ​ *@shirleygarland4766* That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?

    • @sloanmarriott5
      @sloanmarriott5 5 місяців тому +1

      The decision on when to pick an Adviser is a very personal one. I take guidance from “Gertrude Margaret Quinto” to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.

    • @Gallo-firestone
      @Gallo-firestone 5 місяців тому

      Thank you for this Pointer. It was easy to find her handler, She seems very proficient and flexible. I booked a call session with her.

  • @deborahpollitt7533
    @deborahpollitt7533 Рік тому +13

    Wish I had understood to put my money in a Roth IRA. Taxes are higher now that when I was investing in a regular IRA before I retired.

  • @akin242002
    @akin242002 Рік тому +3

    Some inconsistent choices to invest into.
    - VOO (S&P 500 from Vanguard)
    - FNILX (Large cap from Fidelity)
    - SWTSX (Total USA from Schwab)
    You could just tell a cluueless friend VTI, SCHB, or ITOT.

  • @chelseaap
    @chelseaap Рік тому +51

    I had $500 sitting like this for a year. Yall!!! 😭

    • @Moneyway77
      @Moneyway77 Рік тому +3

      Could’ve doubled by now, is never too late🤞🏾

    • @eleigh1312
      @eleigh1312 10 місяців тому +4

      Ok but at least you didn't find out 10 years from now... 😅

    • @amiyasparks
      @amiyasparks 10 місяців тому +4

      Bro I had 15k sitting there

  • @Thepennypicker91
    @Thepennypicker91 Рік тому +22

    I m so glad I searched this. I have maxed out already on my roth ira and it never grew so I searched it and your video comes up. Thanks for sharing that. But what happens if the index funds go down?

    • @themoneydownloader1247
      @themoneydownloader1247 Рік тому +2

      Then it goes down but overall performance you should see 10% at least in annual performance so just keep it in there for 5+ years you should be good.

    • @jacobg8640
      @jacobg8640 Рік тому

      If the index fund goes down, then you lose money. The good news is most popular index funds have historically always earned money over the long term. Not a guarantee they won't in the future though, but those are better odds than a savings account with inflation.

    • @erseshe
      @erseshe 11 місяців тому

      Well, you're betting that the US doesn't collapse basically. As long as it doesn't the markets should be fine, and you should be good for the future. And if it does collapse, I don't think cash reserves would be much better

    • @bloxer9563
      @bloxer9563 11 місяців тому

      ​@@erseshe💀

  • @benalfredo
    @benalfredo 7 місяців тому +205

    I’m 60 and want to retire in 6 months. I have a $170K savings plus a 401k depleted to $200K of money that I’m not sure what I can do with at this point. My retirement plans seem to be out the window. Is it a good idea to get professional help?

    • @_davidturner
      @_davidturner 7 місяців тому +3

      With everything going on, , consider financial planning, that is okay. You can get your money to work for you. but I would say delay retirement a little

    • @benalfredo
      @benalfredo 7 місяців тому +1

      I have heard how they can help you make the best decisions and to be honest I don’t want to lose anymore money or I will have to work till I die.

    • @Javier_Rodri
      @Javier_Rodri 7 місяців тому +2

      And what if that is all you have, even with SS you may not have enough to retire with. If you opt to work with a financial adviser, make sure they are certified from AARP or FINRA.

    • @_davidturner
      @_davidturner 7 місяців тому +1

      It's a good idea to look for a fiduciary who has a legal obligation to work in your best interest and can’t recommend products or services just because they’ll receive a financial kickback for doing so. I and my spouse work with a retirement planner, Monica Mary Strigle we met in NY, learnt about Monica from Danielle Dimartino Booth in an interview.

    • @_davidturner
      @_davidturner 7 місяців тому +1

      Under guidance, we split our investments, traditional IRA and the individual brokerage account where she copies her moves on our account from her master. We have been up by 74% precisely in the past year She rebalanced again when the year began, we still hold cash and are cautious with how much we let into the market at this point.

  • @roseroland1998
    @roseroland1998 10 місяців тому +99

    As an investing enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $745K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?

    • @ConradGosling
      @ConradGosling 10 місяців тому

      @AlexanderWebber How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?

    • @ConradGosling
      @ConradGosling 10 місяців тому

      @AlexanderWebber I just checked her out and I have sent her an email. I hope she gets back to me soon.

    • @heidikamrath1951
      @heidikamrath1951 7 місяців тому +2

      SCAM ALERT

  • @anthonyray5515
    @anthonyray5515 Рік тому +9

    A great way to improve your financial savvy, listen to audio books.
    Rich Dad Poor Dad.
    How the stock market works.
    And all the other no 1 best sellers.

  • @Justine-ut8ho
    @Justine-ut8ho Рік тому +2

    I’ve put into a global index fund and I’m literally not going to look at it until it’s time to take money out. I can’t stress about market fluctuation.

  • @themoneydownloader1247
    @themoneydownloader1247 Рік тому +4

    I forgot I even set mine up and didn’t know much about a Roth IRA so I didn’t know I had to allocate it.
    Had it for about 2 years until I realized I really needed the money (thank god for seeing my companies letter in the mail).
    I’ll take the 10% percent penalty.
    But now I have a way better understanding of the account and will invest wisely 😊
    Just opened up another one with Fidelity 👍 which will be my primary going forward

    • @Mo-nd8lp
      @Mo-nd8lp 11 місяців тому

      Can u tell me more about the 10%tax penalty? I recently took my money out but i had no idea i needed to pay 10% of it to tax

    • @ellisonriley4414
      @ellisonriley4414 11 місяців тому +2

      ​@@Mo-nd8lpYou shouldn't need to if you only take out what you put in (the principal). Because you already paid the taxes when you put the money in.

  • @heavenlystash349
    @heavenlystash349 5 місяців тому +1

    OMG thank you sooooo much for this information. I just started my Roth IRA today with automatic deductions from my savings. I’ve been thinking about VTI or V00 as a separate investment. Thanks again.

  • @aidapanosyan7949
    @aidapanosyan7949 Рік тому +7

    How do I set up a Roth IRA account.

  • @jbw8471
    @jbw8471 8 місяців тому +1

    VTSAX ,VFIAX and Target 2050 is what i have in my Roth

  • @hkoepfle
    @hkoepfle 7 місяців тому +1

    I had NO idea. Thank you! I’m going to my computer to fix mine.

  • @lailacraig1545
    @lailacraig1545 Рік тому +47

    Buying a stock is easy, but buying the right stock without a time-tested strategy is incredibly hard. Hence what are the best stocks to buy now or put on a watchlist? I’ve been trying t0 grow my portfolio of $160K for sometime now, my major challenge is not knowing the best entry and exit strategies, I would greatly appreciate any suggestions.

    • @YusufEymen248
      @YusufEymen248 Рік тому +6

      The market is volatile at this time, hence I will suggest you get yourself a financial-advisor that can provide you with entry and exit points on the shares/ETF you focus on.

    • @gabrielaevita6058
      @gabrielaevita6058 Рік тому +7

      Very true , I diversified my $400K portfolio across multiple market with the aid of an investment advisor, I have been able to generate over $900k in net profit across high dividend yield stocks, ETF and bonds in few months.

    • @gabrielaevita6058
      @gabrielaevita6058 Рік тому +5

      ​@@lailacraig1545Having a coach is key to portfolio diversification, My advisor is "Patricia Grace Ellis" You can easily look her up on the internet, she has years of financial market experience.

    • @RandolfSpieker
      @RandolfSpieker Рік тому

      ​@@gabrielaevita6058 I just looked up Patricia Grace Ellis online and researched her accreditation. She seem very proficient, I wrote her detailing my Fin-market goals..
      Thank you.

    • @stealthis
      @stealthis Рік тому +16

      Whole Interaction reads scam

  • @oman4229
    @oman4229 11 місяців тому

    I never knew this!!!! Thank you so much

  • @CucoNava
    @CucoNava 5 місяців тому

    Thanks BFF!

  • @vani846
    @vani846 Рік тому +3

    just turned 30 and will take this as a friendly reminder that my sexy thirties also means glaming up my finnancial life.❤😊

  • @scantojack09
    @scantojack09 5 місяців тому +4

    OMG your video is ssssooooo helpful big thanks!

  • @crazymike1706
    @crazymike1706 9 місяців тому

    Thank you!

  • @hotgarbage926
    @hotgarbage926 5 місяців тому +6

    For the beginners that don't know how to start roth IRA. Just create a robinhood account, open a roth IRA, fund account (get 3% match for every dollar). Set up a recurring investment plan. Let them auto withdraw, and auto invest for you. You still have time to max out year of 2023 ($6.5k) and 2024($7k) until April.

  • @nevermindmine
    @nevermindmine 10 місяців тому +9

    bruh i was so baffled when i noticed my roth ira wasn’t growing when i opened it at 19 and although i realized a year or two later to actually buy funds, i was only getting dividend stocks. now at 23 i’m just starting to invest into an actual RETIREMENT FUND THAT I NEED A MINIMUM 1k-3k INVESTMENT FOR BYEEE 😭😭 i think i knew to buy a retirement fund but i didn’t have the 1k to buy a vanguard retirement fund and just completed forgot about it. sucks that i could’ve already had a good chunk of growth by now /: i wish financial gurus actually emphasized to BUY THE FUND AFTER CONTRIBUTING TO THE ROTH IRA rather than just fuckin contributing making us think that’s how we start to grow because we can’t take the money out after that and i was totally misled. it’s not like these accounts tell you what to do after opening them either.

    • @menomisespeanut
      @menomisespeanut 9 місяців тому +3

      I agree with you on that. These fucking wanna be gurus only stop at telling you to get an IRA, max out and wait to retire. Never hear anyone go into depth about investing.

  • @PtownSoccer15
    @PtownSoccer15 7 місяців тому

    Just moved my investments around some, put more into index while taking some out of stocks

  • @nikkilong7377
    @nikkilong7377 5 місяців тому +2

    I just got your book yesterday and started reading it last night!! I am so excited for this ride!!!

  • @wallacewondersfungames6732
    @wallacewondersfungames6732 7 місяців тому +1

    Hi! I have a 401k do you suggest a ROTH also??

    • @heidikamrath1951
      @heidikamrath1951 7 місяців тому +1

      I have both. I don’t contribute to both in the same year. Your accountant and/or tax advisor can make sure you contribute optimally for your situation. You don’t want to over-contribute and end up having to take the money back out and pay a penalty/taxes.

  • @lottidabodi
    @lottidabodi Рік тому

    Thank you for this this is what my financial advisor was trying to explain to me the other day, but I just could not understand it

  • @vitaluka
    @vitaluka 5 місяців тому

    Me learning this about my Canadian TFSA a while ago. Luckily I don’t live in Canada and haven’t used it in years because I’d be losing so much money.

  • @IsrealJHenry-yx9ww
    @IsrealJHenry-yx9ww 7 місяців тому

    Hey gurl, you Rock!

  • @NigelBaird-vy1lo
    @NigelBaird-vy1lo 5 місяців тому +1

    As a Portfolio manager, don’t always look for your commissions or money. It is your responsibility to guide your client and help him choose the best investment plan.

    • @user-qg7sc2ly3g
      @user-qg7sc2ly3g 5 місяців тому

      I'm glad someone got to say this...Most of these managers only interested in their commissions not caring if these investments are convenient for the client.😒😒

    • @NigelBaird-vy1lo
      @NigelBaird-vy1lo 5 місяців тому

      ​@@user-qg7sc2ly3gI'm glad you totally get this.

  • @MissBambamouch
    @MissBambamouch 2 роки тому +21

    Please explain how to independently set on up.

    • @johngill2853
      @johngill2853 Рік тому +3

      Just call Vanguard or Fidelity. Then read the book "Investing for Dummies"

    • @en2p187
      @en2p187 Рік тому +2

      Or bogleheads guide to investing

  • @tehsheik
    @tehsheik 11 місяців тому

    Please remember to tell people that Roth IRAs contributed to AFTER tax. The tax "advantage" is only if you feel that tax rates will increase over time.

  • @twocents7509
    @twocents7509 2 місяці тому

    My only question is, why is the Roth IRA account necessary? Why not just invest money that’s in a savings account into the same thing?

  • @AnthonySwiff824
    @AnthonySwiff824 Рік тому

    Dope

  • @eboni257
    @eboni257 Рік тому +1

    Ooops🙁🤷🏿‍♀️

  • @Sunfl0wer25
    @Sunfl0wer25 Місяць тому

    I contribute into my Roth IRA, it pulls from my account automatically....how does someone invest into it?

  • @gabbym4118
    @gabbym4118 8 місяців тому

    More like Vivian is a bad ass and she’s teaching me what they didn’t in school!!!

  • @milenavilca7142
    @milenavilca7142 Рік тому +1

    I m confused. Im kind of new in the country trying to set up my retirement plan so I thought opening and having an Ira means the institution where I opened up it is going to invest automatically :( and this video said is not like that :(

  • @sayladytea
    @sayladytea Рік тому +92

    An idiot investor did that to me. My money only grew a few centss after a year. Thanks Vivian.

    • @janecoe9407
      @janecoe9407 Рік тому

      WOW

    • @Flips44
      @Flips44 Рік тому

      😂😂😂

    • @TitiLectric
      @TitiLectric Рік тому +1

      Same here except I was the idiot investor 🥴😩😮‍💨

  • @AnthonyOnTheGo
    @AnthonyOnTheGo 23 дні тому

    I made this mistake for 5 years

  • @prinsceillacoulter9140
    @prinsceillacoulter9140 3 місяці тому +1

    Do I call fidelity to do this? I pt 250 to300 a month in company it's I didn't know I cud invest it in stocks & mutual funds

  • @katana4919
    @katana4919 Рік тому +1

    Coughs in Ramit Sethi

  • @cruz47144
    @cruz47144 5 місяців тому

    Buy 10 of TQQQ 1 year stock options long position you'll be on your way to 1/2 million by years end

    • @joy2come119
      @joy2come119 4 місяці тому

      Whats so special about it..has alot of the same companies as the s&p

  • @ahhthenohh
    @ahhthenohh 2 місяці тому

    But can i loose my money by investing vs just leaving it in a cd account?

  • @magma7935
    @magma7935 6 місяців тому

    Does this actually happen? People put money into the account without investing?

  • @slf5141
    @slf5141 9 місяців тому

    Ive lost money in mine ughhhh

  • @ChiChiBby
    @ChiChiBby 3 місяці тому

    I did not know this and I’m ashamed to say how old I am. I know now. 😊

  • @geminiots2121
    @geminiots2121 10 місяців тому +3

    I've maxed out my contributions for my 401k and my HSA.
    I recently opened a Roth IRA with a small amount to start. I plan to fund it with the full amount.
    My question to you is, do I need to have the full amount in the account first or can I start with a small amount then contribute more as I go?

  • @Paola-zy6be
    @Paola-zy6be Рік тому

    I use Acorns Later Roth IRA. Does it automatically invest my contributions or no?

  • @In_the_Paddy_Proo
    @In_the_Paddy_Proo 5 місяців тому

    Which cryptos can you put your ROTH money into? Hex, Pulsechain? Eth? Chainlink? Doge?

  • @stephenkapler2299
    @stephenkapler2299 Рік тому

    please do not invest in a target date fund. they are terrible

  • @m.araneta8054
    @m.araneta8054 9 місяців тому

    Hi bestie. Can you discuss about REITs. A cousin of mine keeps pushing me to invest on those.He now sounds like a pushy MLM guru. Haha, sorry....

  • @caroleappling2007
    @caroleappling2007 5 місяців тому +12

    I had a coworker, who put 25% in to his 401k every week, it was sitting in his money market account. He mention to me he was doing this to me. I said, what the h* ll are you doing?You have to picks funds to put it in. You will be surprised how many people do this, he was doing it for years!,

  • @Ab97121
    @Ab97121 5 місяців тому

    So it doesn’t automatically invest it for you? That wack

  • @Scole23786
    @Scole23786 7 місяців тому

    I didn’t know this! Thank you!!

  • @newsomsr2000
    @newsomsr2000 3 місяці тому

    You say investment times which you don't say what's wants to invest in A lot of people lose money. Remember two thousand a week 2008

  • @leeannswaid
    @leeannswaid 7 місяців тому

    Thank you for sharing your knowledge

  • @frankievargas4834
    @frankievargas4834 11 місяців тому

    How do I even do this do I like talk to a bank or something

  • @michaeltaylor3917
    @michaeltaylor3917 Рік тому +1

    Thank you for educating me on the Roth IRA however what do you know about the Roth 401k

  • @dianes5762
    @dianes5762 5 місяців тому +4

    I love Vivian and I hope younger people will heed her. I'm older, sick and unable to any of this now. Don't let that happen to you with such a wonderful resource at your hands. 💕💖💕

  • @highlyconsintrated
    @highlyconsintrated 11 місяців тому

    You just answered every broke mindstate question i had can i start with 200 and just work with that or is there a minimum

    • @highlyconsintrated
      @highlyconsintrated 11 місяців тому

      Do the roth i put money in offer investment options or do i have to find my own

  • @scottmasih9175
    @scottmasih9175 5 місяців тому

    If you get a robot advisor it will trade for you. Exp vanguard

  • @DoubleEdgeCat
    @DoubleEdgeCat Рік тому +1

    i do it through my work and I'm not sure if they're investing for me or what

  • @hippiegypsygirl
    @hippiegypsygirl Рік тому +2

    What!! I didn’t know you had to invest it. Good thing I saw this before I got one

  • @jaminezesmith6256
    @jaminezesmith6256 4 місяці тому

    What about TSPs????

    • @lovebug6388
      @lovebug6388 3 місяці тому

      Right! Cause if I can roll that over and stop losing money on it I'll be ecstatic 😮

  • @singh853_5
    @singh853_5 Рік тому +2

    Thanks I would’ve made this mistake!

  • @redninja4132
    @redninja4132 Рік тому +5

    Can someone help? Do I make the account, and then just put the money from the account into some stocks using a trading app, or is there some special way of investing with that, and if I sell stocks do I also put it back into the Roth ira?

    • @eliontheinternet3298
      @eliontheinternet3298 Рік тому

      I think it depends on your company. I would call your institution, like Vanguard or Fidelity or whoever you're using.

    • @idaalmonte253
      @idaalmonte253 Рік тому +2

      You can open a trading account with TD Ameritrade/Charles Schwab or Fidelity and within the platform you can open an IRA deposit money into it and from there trade on those ETF’s she mentioned.

    • @omgfreddy698
      @omgfreddy698 Рік тому

      @@idaalmonte253 so whats the difference between investing in the market thru a roth ira vs the market thru robinhood?

    • @idaalmonte253
      @idaalmonte253 Рік тому +1

      @@omgfreddy698 To start taxes wise you don’t pay 30% on stocks you sell as you will if you trade direct on a personal account platform than if you within that platform trade from your IRA.

    • @crazy4beatles
      @crazy4beatles Рік тому +3

      @@omgfreddy698 The main difference is tht Roth IRA is for retirement. So there's rules on how much you can contribute, when you can take money out but the growth/profit is tax free. If you have a regular brokerage account that's not a ROTH IRA, you can buy and sell whenever, but you pay taxes on the profit you make from selling those stocks. IRA = individual retirement account. Think of the accounts as different wallets your money is going into, but then from there you use the money to invest however. Because it's all money. It's just that depending on what wallet that money came from, it determines what you can do with it and what taxes are charged etc

  • @Lili-eh4js
    @Lili-eh4js 11 місяців тому

    Bff where to get roth ira?

  • @The-realnews
    @The-realnews Рік тому

    😅😅 This is hilarious

  • @KevinSamuelsKid
    @KevinSamuelsKid 3 місяці тому

    How tf is this not blatantly obvious? I’m confused?

  • @usernamenotfound101
    @usernamenotfound101 Рік тому +2

    I've been looking for this. Thank you, RichBFF.

  • @nanceelala
    @nanceelala 8 місяців тому

    Im so lost and new to investing! Where do I start? I every time I watch a video about it I get overwhelmed with all the words they use and I have no idea what they mean. I have money in a Roth IRA but it’s just sitting there. Is she saying to use that money in there and invest it???

    • @joy2come119
      @joy2come119 4 місяці тому

      Exactly, I was just like you up until covid hit and I had nothing but time on my hands to learn.. the money that you have been contributing to your Roth is sitting in a core account within the Roth you have to actually go in and select trade to purchase stocks, index funds bonds etc. You can also do automated investments into a certain fund, stock etc.. easy to set up recurring investments. I've learned the best investment to start out with is the s&p 500 or a target date fund and do dollar cost averaging(same amount every week,bi week, or monthly).

  • @christinajones93
    @christinajones93 2 роки тому +4

    I have questions I lost everything two years ago and I am just getting back on my feet I need more information

    • @kevaleva
      @kevaleva Рік тому +2

      What is your question?

    • @lordmind
      @lordmind Рік тому +2

      ​@@kevaleva "how to get a refund"

    • @serenaclairetalks
      @serenaclairetalks Рік тому +2

      What do you mean when you say you “lost everything?”

    • @christinajones93
      @christinajones93 Рік тому

      @@kevaleva I am trying to rebuild my retirement and invest aggressively for me to be able to retire what would you recommend for someone having to start over

    • @kevaleva
      @kevaleva Рік тому +1

      @@christinajones93 first of all, how did you lose everything?

  • @darkangeABBY
    @darkangeABBY Рік тому

    Wait does this apply to 401k?

  • @Aaaaaaaaaaaaaaaaaaaaaaaaa369
    @Aaaaaaaaaaaaaaaaaaaaaaaaa369 6 місяців тому

    It’s not really a tax advantage. You still have to pay taxes, the only different is when you’re paying the taxes

    • @joy2come119
      @joy2come119 4 місяці тому

      How so? The money is taxed already once you put it in. At retirement its tax free. You can also withdraw contributions anytime tax free.

    • @Aaaaaaaaaaaaaaaaaaaaaaaaa369
      @Aaaaaaaaaaaaaaaaaaaaaaaaa369 4 місяці тому

      @@joy2come119 because you’re still paying taxes… you’re just paying taxes now rather than later

  • @Hybrids4meok
    @Hybrids4meok Рік тому

    But isn't Roth IRA that is invested in the market not fdic insured?

    • @FoodieQueenBee
      @FoodieQueenBee Рік тому

      All investments r SIPC insured up to 500000 but they dont insure if you lost money if the stock crashes

  • @tinariley-humphrey6505
    @tinariley-humphrey6505 Рік тому +1

    Does 529 plans work the same way? Does it need to be invested?

  • @poopfarts6969
    @poopfarts6969 Рік тому +10

    Does the same happen for 401k?

    • @heidikamrath1951
      @heidikamrath1951 7 місяців тому

      Yes. You must allocate where the money gets invested or it is just in “cash” as the default. Same with HSA.

  • @tyresebrown310
    @tyresebrown310 6 місяців тому

    This is the same rando women that told us to put your money in roth ira

  • @monsegonzalez33999
    @monsegonzalez33999 11 місяців тому +3

    Wait so can you add in money in a monthly basis to a ROTH IRA account and invest let’s say in the same types of index funds everytime? So you reinvest in the same index fund multiple times? I’m still very confused about how this all works 😭

    • @jeffenriquez9929
      @jeffenriquez9929 5 місяців тому

      Yes, first you deposit money into the account. Then you choose which funds you’d like to buy. Some accounts let you automate this process.
      Most people have other people manage it for them, whether that’s through work or a financial advisor.

  • @Alistando3712
    @Alistando3712 Рік тому +3

    You lost me on part 4. That’s too much risk for me personally. My dumb ass would forget to make the payment or I’d spend more than I can actually pay back. No, step 4 is too much responsibility for me.

    • @kevaleva
      @kevaleva Рік тому +1

      What is step 4?

    • @poopfarts6969
      @poopfarts6969 Рік тому

      Seems like someone is impersonating rich bff account @yourrichBFf

  • @Ricebow11
    @Ricebow11 2 роки тому +17

    Still confused, can you please go over the invest vs contribution? So if I open a roth irs and add money to it for "retirement " is that the contribution part? I never knew about the invest after you add money to an ira, still all new to this. I'm 35 and would like to start . Does same rule still apply, being that you can only put up to $6000 in a year cycle for ira?

    • @2paranoid2think
      @2paranoid2think 2 роки тому +5

      Find out if the company you used uses robots to automatically buy stocks for you. You usually have to pay a small fee for this. If not, then you have to manually go in and purchase each stock from the $6000 you put in. It will probably say "buying power" somewhere with a number. That's the amount you need to spend from your account in order to invest. So if you transferred $6,000, you have $6,000 buying power. Now you have to select where you want that money to go. If you don't, it will just sit there.

    • @Aspire2tone
      @Aspire2tone Рік тому +5

      yes everything you need to know is on UA-cam
      somewhere just search it up

  • @timmusician5060
    @timmusician5060 10 місяців тому

    👍🏽

  • @TamagoHead
    @TamagoHead Рік тому

    Great info! Saving & investing is foundational. I wouldn’t even waste money on faux luxury, but it is a good treat.

  • @tacrewgirl
    @tacrewgirl 6 місяців тому

    Vivian, there are a lot of bots and spam commenters in this comment section.

  • @billiecooley6180
    @billiecooley6180 Рік тому

    What are the best Roth IRA???

  • @Jordan-yd2um
    @Jordan-yd2um Рік тому +1

    Can you please do a video on the Wealthfront Roth IRA?

  • @kendrickf-d6695
    @kendrickf-d6695 6 місяців тому

    This is an other forex trap😂

  • @momogoes3329
    @momogoes3329 Рік тому

    Did not know this, thanks.

  • @scozzbaggs9224
    @scozzbaggs9224 5 місяців тому

    How