How to Legally Hide Money from the Government FOREVER in 2021 (Roth Secrets Revealed)

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[turnej]

No one ever talks about the fact your videos are ad free. I’m sure you guys could be monetizing this channel but choose not to. This does not go unnoticed. Listening before YouTube channel. True heart of a teacher and I tell many to follow. Thanks for your generosity

[mucusofwanderhome]

I personally believe folks should contribute to both the traditional and Roth. Don’t dismiss pre-tax money earning potential in the traditional it grows significantly faster and also the reduction to your AGI is pretty important. Contributions to both are the best approach.

[Pappas]

FINALLY! I have been listening to you guys for years, but over this last year I feel like this show has turned into the same echo chamber everyone with a basic knowledge of finance has been pushing all over YouTube. I come here to hear and learn from a CPA and a CFA. This video is the exact kind of content that makes you stand out and makes you better than your competition. The way you started with basic knowledge and working your way into more advanced strategies and complexities in the same video was beautify executed. I typically listen from Spotify, but had to come home and leave this comment out of excitement for this episode.

Keep going!

[DrJack]

Thanks for making this. I realized in some comments of a Dave Ramsey video recently that most people don’t understand “tax free growth”. I kept saying traditional IRAs have tax free growth, and people kept telling me, “No, they’re taxed when you take $ out”. Yes, I get that. That is NOT growth. Contributions, growth, and withdrawals. 3 aspects of these accounts, folks. Understand all 3. HSA’s are the only ones which have tax advantages for all 3! Roth/Traditional/Brokerage have advantages for 2 of the 3, but never the same 2.

[iro]

I’m guessing that one dislike is the IRS🤔

[acat]

Assuming 10% going forward is fairly optimistic, it might happen but should probably plan for closer to 6 or 7 long term and then if it ends up being better then it's gravy.

[lynnquirk]

I listen to your podcast every morning when I run, I have learned so much! I am 57 most of my money is invested into my college housing real estate investments/properties that I have owned/run myself for the last 25 years. I am very tired of being a landlord so I decided I better start learning about investing and start my income journey in investing started! Better late than never! I am sure I will be messaging you both with questions!

[Kjin]

Wish I could give this a million thumbs up. Great detailed information.

[BCV]

Great video, guys! Can you make a video on 457b accounts, please?

[averagejoe]

Great video but a few points to consider. When you convert a traditional IRA to a ROTH you must pay additional tax. That may require selling assets and generating additions capital gains tax. Be careful! Another opportunity is to complete a Roth conversion (which generates additional taxes) but file for an installment agreement to pay the additional tax over 6 years. May not require you to generate added capital gains by selling off assets and the IRS interest rate is low so you can earn more than the IRS interest cost. And, with higher inflation you are paying back with cheaper dollars.

[donofd]

I’m semi retired and use Roth up to to top of the 12% bracket, then traditional after that. Doing conversions until 70 then will start social security.

[bobhouse]

I really appreciate your guys show. You two are bouncing of each other and it keeps me involved in the conversation!

[svalentina]

Come for the great info, stay for the humor. I gotta say, I re-watched that intro at least 3 times. HAHAHAHAHA!

[Blessed]

Great information!!! You both broke this down so well.

Also, best intro EVER!!!! 😂

[tomvonneefe]

I did a catch up when I started my Roth IRA in 2020 my financial advisor allowed me to find my 2019 in the year of 2020.

[gueeds]

I max my Roth every year, but am concerned down the line some politician comes in and wants to tax Roth accounts

[gthree]

If your spouse stays at home raising kids and you choose to do a spousal ira does the income of the working spouse dictate the contribution type (say the working spouse makes 200k annually) allowed for the "non worker" (I say that with all the knowledge of how much work the stay at home spouse does actually do)?

[ididntdoit]

Do 457b plans have a mega roth back door or is it just for 401ks

[stevenbowdich]

have a roth 401k as well for this. Me and my wife. over 50k a year hidden away. Also, for those who want to retire in Europe make sure to check tax consequences. A roth is a terrible investment for countries without a tax treaty with the US. For example, Germany would tax all of your withdraws from your roth IRA but since its not taxed by the US government, you don't even get the benefit of foreign income credit If instead it was a traditional IRA, you would still be taxed by Germany but could offset the US taxes. Some countries like the UK or Malta recognize the roths tax free status. Make sure to move to one of those countries.

The opposite is true if you work overseas. Germany will tax you regardless if you contribute to a roth or traditional but if you contribute to a roth, you can offset the US taxes with the foreign income deduction. Its always advantages to contribute to a roth in this situation as you have to pay taxes regardless.

[mr.wilken]

I don't think there's a country in the world people want you to win with Money so much, free advice from the smartest people. Thank you gentlemen now im teaching my kids already with confidence how to win with