Millionaire EXPLAINS: $40,000 Passive Income Roth IRA For Beginners

Hi friends!

This video is broken down to two parts:

1. How to build a $1M Roth IRA
2. The 3 income streams strategies

a. Collecting dividends ($13,000/year)
b. 4% Rule ($40,000/year)
c. Selling Covered Calls ($24,000+/year)

I typically like to invest in S&P 500 funds and companies since I'm more on the conservative side.

In the end, only invest in what YOU believe in and what YOU'RE comfortable with. This is your money and I want you to have full control over it.

Building passive income takes time and I don't believe in get-rick-quick schemes. However, if you develop small positive wealth habits of saving and investing 10-20% of your paycheck a month, "future you" will thank you.

Let me know if you have any questions. I'll try my best to answer them!

Thanks for the support everyone!

-Steve

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[MHousley]

I wish they taught investing at school level. There is so much advantage to doing this! My biggest regret is that I started so late.

[BerchtwaldEliasEH]

I came across your channel through this video—case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.

[KeanuReevesf]

I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K savings.

[jtcoucht]

I am 27 and i just started my ROTH IRA and deposited the max for 2024! I feel stupid for how long it took to get my life straight. The problem here is, what is the best way to invest the money to grow for retirement?

[ChanMingMason]

I really appreciate the dedication in each video you post. To be successful one has to have multiple income streams and so on, also investors should understand the crossover between asset classes & liquidity flow, Ann Elizabeth Messer focuses on Multi-asset trading, a single strategy to manage risk, profit, and the code or the actual decision-making across multi-asset classes. Her skills set is top notch

[Pambegay]

With a good investment plan that ensures steady incomes without any doubts I am prepared for a well organized retirement. I started investing 3 years ago and so far, I am making a good yield on my dividend. Great job bud.

[FernandoBowen-]

Buying stocks might seem easy, but picking the right one without a solid plan is tough. I've been trying to grow my $100K portfolio, but the tricky part is not having clear plans for when to buy and sell. Any tips on this would really help.

[MaintainJohnson]

*I had problem comprehending trading in general. I tried watching other YouTube trading channels, but they made the concepts more complicated. I was almost giving up until when i discovered content and explain everything in detail. The videos are easy to follow*

[YoungExpress-leqp]

I am 39 years old. I started last year which is 2023 and max out my Roth IRA. Thanks Steve ❤.

[Tinatut]

Thanks to you, I just start my investing journey today. I would say you are the only person i found in the Internet who could explain investing in away that a beginner could understand. You truly are a good teacher! Looking forward to watching more of your investing classes. Thanks

[Kunyazaforever]

Your channel and knowledge are priceless. I love how you simplify and explain things in detail. Not to mention show tutorials or step by step process. That is was makes you stand out from other channels. Must be th teacher side of you lol. I can only imagine how effective you are as a teacher and speaks volumes. Please continue with this informative and much needed formula. 🙂👏🏽☺️

[sarawilliam]

I just switched up my Roth IRA to 50% SCHD, 25% SCHX, 25% SCHG, and my Roth 401k is 70% vanguard S&P 500 index, 20% vanguard growth index, and 10% vanguard international index. Seeking best possible ways to grow $350k into $1m+ before retirement, I'm 55.

[MMJ]

You are the bestest man on the internet

[JJ-gnwg]

I followed everything until the sell covered calls topic. I would like to see more video of that please

[maqmaniac]

Very informative and concise. Not too complicated. Depending on your learning curve.

[racheldeluise]

I love your videos! You are a wealth of knowledge. Thank you for sharing!

[DonnaJewettDicken]

I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Karen Cullen.

[minsasohr]

Taking your dividend is great, but you have to pay heavy in taxes, especially if you're in a state where you have to pay for both federal and state. Lesson learned.

[ArmidaFlores]

I'm 57 and just starting my path to financial freedom. With that being said, my gains won't be tax and penalty free for 5 years. Am I correct on that? I am not in a hurry. I'm still working and will continue to work for another 10 years or so. However, I will encourage my children to start saving for themselves and l will most likely start something for my two grandchildren, 2 & 4. Thank you for sharing all your knowledge with the rest of us. I am also a fellow teacher. ❤😊

[njmorgan]

Outstanding information!!! Your explanation and charts make it very easy to understand!