A MILLION off a Roth IRA?!

Comments · 47

• DR

  @drrm123 · 6 days ago

  63 year old here. Just remember this is something for the long term. There maybe years when it’s down. But continue to stick with it. You’re not going to get rich overnight. This is for retirement. Try not to touch the money until it’s time to retire. Invest in ETF’s, mutual funds or index funds. Try not to put to much in individual stocks until you get a feel for what your doing. If you do pick individual stocks don’t put more than 20% of your money in them.

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• JU

  @Judahtribe-p1m · 7 days ago (edited)

  Same and I’m 32😂, 90s baby, we not done yet

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• LI

  @lisaburke7506 · 6 days ago

  Last year was the first year I maxed out my Roth. I got a late start in saving for retirement because I spent my twenties getting debt free, and my early thirties building an emergency fund. In hindsight, eliminating risk was the right choice because life was life-ing, especially when the pandemic happened.<br><br>Would love to hear about brokerages and what people are doing with them.

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• YO

  @youandmeweremeanttobee · 2 days ago (edited)

  I started investing in my employer&apos;s 401k at 27, 31 now. Left that employer and rolled it into a Traditional IRA. I&apos;m contributing 5%, with a 4% match, with an extra 3.5% that becomes vested at 3 years. It auto increases 1% a year.<br><br>I haven&apos;t been able to invest consistently in my Roth, but there&apos;s almost 1k in there. In February I&apos;ll be contributing a lump sum of $2,100 to my Roth IRA, instead of paying off my 0% interest loan. The math made may more sense to invest it! I&apos;ll also start contributing $150/mo on top of that, and I&apos;ll increase that every year. Emergency savings is the goal right now, &nbsp;but I think I could start maxing it out by age 34! <br><br>I also have an HSA, highly recommend! I haven&apos;t started investing through there just yet, but at least I&apos;m paying for health expenses.

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• MA

  @Mal-o7y · 1 hour ago

  I manually invest my money in my Roth but I did set up automatic investments for my dividends. Great video 👍🏾

• EN

  @enigmathegrayman2953 · 5 days ago

  Rule 1. DON’T SHARE YOUR ROTH IRA BALANCE ON SOCIAL MEDIA! <br>Rule 2. Don’t forget rule number 1

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• CH

  @Chris-hr2uj · 2 days ago (edited)

  Great video. And kudos to you for disclaiming that you are not a financial advisor. I thi k its great that you spread information, but you also tell people that they must do their own reseaech or consult a professional. This is always imlortant; even financial professionals also ibclude caveats, as every person&apos;s situation is different. Not enough youtubers are careful in this respect. But this gives a level of credibility to your channel. I really enjoyed the video!<br><br>Also, your point on asking questiond to learn about mistakes from others, it greatly resonates with me. I work in the financial industry, and your experience of simply putting money into a roth but not investing is not unique, i am trained in finance, and i still did the same thing. Your video highlights a lot of great points.

• JU

  @JustTryingToFigureItOut2 · 2 days ago

  Hello! Generation Xer here and I didn’t learn about Roth IRA’s until recently. One caveat is that there are income maximums. Unfortunately, after I learned about it, we were making too much money to take advantage of it. There’s some kind of back door system but it sounds complicated and I would need a financial advisor to figure out.. I’m not there at this time. But fortunately, I will help my teenage child start one once he gets his first job.<br><br>Also, if you work for an employer, that does some kind of match on 401(k)’s or deferred compensation, take full advantage of that. If I had started at 20, when I started my career, I literally would’ve been a millionaire by now. Start wherever you’re at my friends! Great video!

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• AR

  @artzychic · 8 hours ago

  I&apos;m 48 and I opened mine a few years ago. My husband is 53 and we just started his literally 2 months ago after I spent a few years begging him to start one so now his 5 year wait period will be over by the time he turns 59.5. I deposit and invest it for him.<br><br>Thankfully hubby will have other retirement income through his job. I started seeing how much trouble SS will be in when my husband is at retirement age so I knew I needed to do something extra to offset any reduction in SS benefits and it&apos;ll help his future pension with inflation costs because his pension won&apos;t have an inflation rider.<br><br>I try to tell my children and my niece all the time and none of them listen. I SOoo wish I knew sooner. All of this years raising my children, if I only had $500 a year to invest, it would have been better than nothing.

• TH

  @The-Fergusons · 7 days ago

  Good points. Another aspect is the employer 401K plan, having it managed via Voya, Fidelity, etc, having it invested in Stock, whilst taking advantage of the employer match is a very nice approach.

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• JO

  @joefrmwork · 7 days ago (edited)

  I started Roth at 34 and didn’t start maxing it out until 36… it’s never too late. One think I also started doing is open a HYSA with CIT Bank and Apple HYSA. CIT bank offer 4.0% APY if you have over 5K in their saving and Apple offer 3.4% with them but you need to have the Apple credit card with them. You will make more money with a good high yield savings account with these banks than your traditional bank who only offers .3% APY. 5K with a 4% APY you will get $200 by the end of the year. &nbsp;But if you use a Traditional bank with .3% you will only earn $15 by the end of the year 😬…. That is $185 you are missing out on. It’s never too late to start saving your future self.

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• KO

  @kolibry91haiti32 · 5 days ago

  TSP is a cheat code. y i outsource fed job

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