Investing in a Roth IRA can be a smart decision because it's funded with after-tax dollars, allowing your contributions to grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay taxes on it, enabling you to keep more of your hard-earned savings. I retired with $5 million.
If you're new to investing or dealing with a complex financial situation, working with a financial advisor can be beneficial. They can offer personalized advice and help you make well-informed investment decisions.
On the contrary, even if you’re not skilled, it is still possible to hire one. I am a project manager and my personal port-folio of approximately $750k took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my port-folio this red season. I’ve made over $150k since then
Sharon Marissa Wolfe has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
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.
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?
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.
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.
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.
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!,
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 :(
@@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
I'm recently retired and uncertain if my 401(k) and IRA will be enough for a stable future. I've set aside $1 million to help secure my financial goals and align with my risk tolerance. Should I consider investing in stocks or buying a rental property?
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.
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.
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.
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.
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
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?
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
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.
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
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.
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.
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.
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.
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?
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
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.
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.
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.
*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
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
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?
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.
I agree. Based on personal experience working with a financial manager, I currently have ($2million) in a well-diversified portfolio that has experienced exponential growth from when i started. It's not only about having money to invest in stocks, but you also need to be knowledgeable, persistent, and have strong hands to back it up.
I work with Sonya Lee Mitchell as my fiduciary advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
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?
@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?
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.
, 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
@@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.
@@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?
@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.
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.
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.
@@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.
@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.
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?
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.
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
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.
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.
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.
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.
@@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.
@@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.
Nobody who is rich is investing in money market and age based funds, they put their money in actual firms who yield real returns, returns that double, triple, and quadruple the federal standard, actual stocks…
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.
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.
Please for the love of God stop telling people to do a targeted age fund for retirement those are other garbage it's been proven historically that they don't work! The fees are high too. Vanguard or any Index fund. I had brookshire Hathaway class B shares that I bought for $40. I cried when I had to sell them to cove the cist of a divorce. It is not difficult to do some research and figure it out if you're out in public and there's a product that you like or you see a new machine that's doing something different stop and look it up that's how I found some of the best investments in my life. Be curious and learn. Don't let domeone else manage your money.
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
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.
this was me around 26 or 27 where i only contributed but was not aware/educated enough to actually invest it. I think i finally invested the cash around age 29 after i looked and was surprised the same amount of $ was in there, for the past 2-3 years.
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?
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 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.
@@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
Do not just invest in to a ROTH IRA …. Bad advice… You need to look at interest rates, and determine your expectations of income at the point of retirement. If you don’t expect to be in a higher tax bracket in retirement then traditional is better.
I'm still learning so I would love to hear your prospective.. even if I'm not in a higher tax bracket I favored the Roth because of the idea of tax free at the time of retirement. What are the benefits of the traditional outside of it being tax deferred gaining you credit on your tax return? Thank you for your response
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.
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.
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.
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.
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.
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.
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.😒😒
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.
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.
I completely agree; I am 60 years old, recently retired, and have approximately $650k 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.
Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. *Mary Onita Wier* is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.
Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.
Investing in a Roth IRA can be a smart decision because it's funded with after-tax dollars, allowing your contributions to grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay taxes on it, enabling you to keep more of your hard-earned savings. I retired with $5 million.
If you're new to investing or dealing with a complex financial situation, working with a financial advisor can be beneficial. They can offer personalized advice and help you make well-informed investment decisions.
On the contrary, even if you’re not skilled, it is still possible to hire one. I am a project manager and my personal port-folio of approximately $750k took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my port-folio this red season. I’ve made over $150k since then
Due to the market falls, I need advice on how to rebuild my portfolio and develop more successful tactics. Where can I find this teacher?
Sharon Marissa Wolfe has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
I searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you
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.
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?
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.
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.
I have thought about this, but haven't figured out how to get consultation, I don’t live in a big city.
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.
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!,
can someone tell me whats the difference between the "pre-tax" and "ROTH IRA" at Fidelity please?
This is the same rando women that told us to put your money in roth ira
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 :(
Not always. Where did you open yours?
It should be invested in stocks and bonds. That will help your ROTH IRA grow over time.
I have questions I lost everything two years ago and I am just getting back on my feet I need more information
What is your question?
@@kevaleva "how to get a refund"
What do you mean when you say you “lost everything?”
@@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
@@christinajones93 first of all, how did you lose everything?
You just answered every broke mindstate question i had can i start with 200 and just work with that or is there a minimum
Do the roth i put money in offer investment options or do i have to find my own
I WAS TODAY YEARS OLD WHEN I FOUND THIS OUT!
🤦🏾♀️
Did not know this, thanks.
😅😅 This is hilarious
Can we talk, for real?😊
I just opened up a traditional IRA. Can use it for tax purposes and put in a online bank where it's gonna grow
What are the best Roth IRA???
I'm recently retired and uncertain if my 401(k) and IRA will be enough for a stable future. I've set aside $1 million to help secure my financial goals and align with my risk tolerance. Should I consider investing in stocks or buying a rental property?
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.
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.
Could you possibly recommend a CFA you've consulted with?
Her name is Rebecca Nassar Dunne can't divulge much. Most likely, the internet should have her basic info, you can research if you like.
I looked her up, and I have sent her an email. I hope she gets back to me soon. Thank you
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.
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.
Literally, NO ONE has ever told me this!! THANK YOU!!!
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.
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
😂 they taught this in one math lesson each school year, but you weren’t listening.
@@serialliker. Where do you live? They def weren't teaching this in my math classes.
Wow . Did you need someone to tell you you need to stop when the light turns red
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?
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
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.
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
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.
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.
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.
*@shirleygarland4766* That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?
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.
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.
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?
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
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.
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.
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.
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.
*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
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
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?
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.
I agree. Based on personal experience working with a financial manager, I currently have ($2million) in a well-diversified portfolio that has experienced exponential growth from when i started. It's not only about having money to invest in stocks, but you also need to be knowledgeable, persistent, and have strong hands to back it up.
Your manager must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
I work with Sonya Lee Mitchell as my fiduciary advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
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?
@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?
@AlexanderWebber I just checked her out and I have sent her an email. I hope she gets back to me soon.
SCAM ALERT
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.
, 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
@@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.
@@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?
@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.
Buy a gold ira
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.
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.
@@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.
@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.
I had $500 sitting like this for a year. Yall!!! 😭
Could’ve doubled by now, is never too late🤞🏾
Ok but at least you didn't find out 10 years from now... 😅
Bro I had 15k sitting there
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?
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.
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.
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
@@erseshe💀
And here I was thinking that the money magically grew by itself.....thanks for the info
NO WAYY 😂😂 i wishhh free money like that? Ezzz
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.
just turned 30 and will take this as a friendly reminder that my sexy thirties also means glaming up my finnancial life.❤😊
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.
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
Neither did I
Which cryptos can you put your ROTH money into? Hex, Pulsechain? Eth? Chainlink? Doge?
Do you recommend splitting the Target Retirement Fund, VOO, FNILX, SWTSX, and NASDX equally (so 20% each)? I'm guessing that's the best way to do that
How do I set up a Roth IRA account.
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.
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.
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.
@@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.
@@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.
Whole Interaction reads scam
Nobody who is rich is investing in money market and age based funds, they put their money in actual firms who yield real returns, returns that double, triple, and quadruple the federal standard, actual stocks…
Listen… i did this for 2-3 years until I realized I was supposed to be investing that money into something. I’m playing catch up now lol
So it doesn’t automatically invest it for you? That wack
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.
But she mentioned these 3 in her video. Why is it inconsistent?
How tf is this not blatantly obvious? I’m confused?
Either you’re copying Erika or she’s copying you 🤔
So smart or stupid taking advice of the the internet. Smart or stupid actually getting a financial advisor.
What other things are you messing up.
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.
Wrong. Money market funds . Your cash sitting not doing anything still can work for you
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
Please for the love of God stop telling people to do a targeted age fund for retirement those are other garbage it's been proven historically that they don't work! The fees are high too. Vanguard or any Index fund. I had brookshire Hathaway class B shares that I bought for $40. I cried when I had to sell them to cove the cist of a divorce.
It is not difficult to do some research and figure it out if you're out in public and there's a product that you like or you see a new machine that's doing something different stop and look it up that's how I found some of the best investments in my life. Be curious and learn. Don't let domeone else manage your money.
VTSAX ,VFIAX and Target 2050 is what i have in my Roth
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
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
@@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.
Why does my rich bff have the worse video quality in the internet💀
Hi! I have a 401k do you suggest a ROTH also??
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.
If you get a robot advisor it will trade for you. Exp vanguard
Is there any benfit of doing both 401K and a Roth IRA?
Incredbile advice - lost this lady!
this was me around 26 or 27 where i only contributed but was not aware/educated enough to actually invest it. I think i finally invested the cash around age 29 after i looked and was surprised the same amount of $ was in there, for the past 2-3 years.
Vivian, there are a lot of bots and spam commenters in this comment section.
What if they don’t match it’s pointless
But can i loose my money by investing vs just leaving it in a cd account?
Or you could go to hawaii, I chose the latter
If this is a money secret you guys all must be slow
Nah this isn't true ,most once the account is open it goes into age accounts
We definitely found this out too late.
So beautiful ❤️ if your not sure i like :)
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?
I think it depends on your company. I would call your institution, like Vanguard or Fidelity or whoever you're using.
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.
@@idaalmonte253 so whats the difference between investing in the market thru a roth ira vs the market thru robinhood?
@@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.
@@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
Do not just invest in to a ROTH IRA ….
Bad advice…
You need to look at interest rates, and determine your expectations of income at the point of retirement.
If you don’t expect to be in a higher tax bracket in retirement then traditional is better.
I'm still learning so I would love to hear your prospective.. even if I'm not in a higher tax bracket I favored the Roth because of the idea of tax free at the time of retirement. What are the benefits of the traditional outside of it being tax deferred gaining you credit on your tax return? Thank you for your response
I made this mistake for 5 years
This is an other forex trap😂
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.
Bruv there is no way
Ew
Thank you!!!🎉🎉🎉🎉🎉❤❤❤❤
No one tells you that 😢
I had NO idea. Thank you! I’m going to my computer to fix mine.
U need to invest it LOL
how do u do that?
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.
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.
😂😂😂 the ? Im new
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.
What is step 4?
Seems like someone is impersonating rich bff account @yourrichBFf
So confusing
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.
Where is she?😊
Tiocfaidh ár lá
Dub
How
Thanks BFF!
😵💫 🤦🏻♂️ 😭
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.
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.😒😒
@@BilleHansen-b5zI'm glad you totally get this.
What about TSPs????
Right! Cause if I can roll that over and stop losing money on it I'll be ecstatic 😮
I contribute into my Roth IRA, it pulls from my account automatically....how does someone invest into it?
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....
I never knew this!!!! Thank you so much
Ooops🙁🤷🏿♀️
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.
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.
I completely agree; I am 60 years old, recently retired, and have approximately $650k 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.
@@hunter-bourke21 This is exactly how i wish to get my finances coordinated ahead or retirement. Can I get access to your advisor?
Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. *Mary Onita Wier* is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.
Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.
Does this actually happen? People put money into the account without investing?
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?
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.
More like Vivian is a bad ass and she’s teaching me what they didn’t in school!!!
You are a genius I love the golf course background
Coughs in Ramit Sethi