DO NOT MAKE THIS ROTH IRA MISTAKE #investing #money #retirement #cash #rothira

[NicholasBall]

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.

[gwenhughes]

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

[BrewNoCarbs]

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.

[elenab]

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.

[ThatDataLady]

*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

[Aziz__]

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.

[velayuthman]

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?

[deborahpollitt]

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.

[valentinaarrelaro]

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.

[JayJayGradyU]

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

[akin]

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]

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

[azieltobias]

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.

[Hafsahreviews]

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?

[Justine-utho]

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.

[roseroland]

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?

[anthonyray]

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.

[themoneydownloader]

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

[benalfredo]

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?

[heavenlystash]

OMG thank you 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.