In this video, I will share five huge mistakes that people make with their Roth IRA’s.
A Roth IRA is an individual retirement account that offers tax-free growth and tax-free withdrawals in retirement. Roth IRA rules dictate that as long as you’ve owned your account for 5 years and you’re age 59½ or older, you can withdraw your money when you want to and you won’t owe any federal taxes.
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I am not a financial advisor. The ideas presented in this video are for entertainment purposes only. You (and only you) are responsible for the financial decisions that you make.
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THE SECRETE TO MAKING MILLIONS IS SAVING FOR A BETTER INVESTMENT. I ALWAYS TOLD
MYSELF, I DON'T NEED A NEW RIDE OR AN EXPENSIVE VACATION JUST YET. THAT MINDSET
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BY INVESTING THROUGH A PORTFOLIO MANAGER, SUZANNE STEPHENS ELLIS.
IT IS GOOD TO HAVE JUST MORE THAN ONE GOOD SOURCE OF INCOME.
Explain clearly when sell stocks you get taxed on capital gains not on original investment so not double taxation. Lots of young peeps don't know the difference when put in regular brokerage account vs roth ira…so if put in roth account and invest in stocks and when go to sell won't pay capital gains taxes if when you sell stock shares at a price higher than what you bought at. TY. Roth IRA funds cannot be withdrawn without penalty for 5 years from date of first deposit…so have to hold it for 5 years in Roth IRA. Traditional IRA you cannot withdraw funds without penalty until you are 59.5 years old and with a Traditional IRA you have to take RMDs at age 72…RMDs = Required Minimum Distribution which means a required withdrawal and if you don't withdraw at age 72 you could be penalized high …look at current tax rate laws…also when withdraw Traditional IRA its taxed as money deposited was pretax monies…he's incorrect Roth IRA you don't have to wait to withdraw at age 59.5 just have to have held Roth IRA account for 5 years.
Is it possible your monthly Roth IRA contribution can be put into a stock that pays dividends to where enjoying growing dividends? At same time saving for retirement
Do you get tax back for IRA capital Losses?
Can I invest less than 6k a year for roth IRA ?
If a Roth IRA is an account we can deposit a portion of our check into, then how can we lose money in a Roth IRA? Wouldn't it continue to grow as we contribute?
This guy seems to stress himself about finance. Lotta disappointed sounding sighs lol
I will not invest anything that is tied in govt. they are corrupt and all they want to do is steal your money. Don’t be fooled.
With the traditional IRA or 401k you're paying taxes twice almost? No you're not you don't pay taxes going in, you pay them going out. Most people are in a lower tax bracket when they're not working no more making the traditional best for most people. Of course not everybody is most people
Could you not use your Roth IRA contributes as your emergency fund? Since you can pull contributions without penalty, why have an additional emergency fund sitting and soaking up inflation?
yeah that's me just stare my 401k at 42 years old
You are wise beyond your years.
I’m starting at 18
running his fingers through this hair 7:24 <333333
Hey Penny Stocks are good for if you already have a diverse Portfolio. If you put $1000 into Shib last year you'd be $15,000 up.
I'm starting to think of retirement and trying to get it to come sooner. Thanks for this vid!
Being comfortable can be your worst enemy, you think you have enough until you find yourself in a situation where you do make money any more and then you realize it was never enough, so you must do your best to invest as much as you can. Most of us don't even realize how inflation reduces the value of what ever we have in our savings but the banks on the other hand, invest the money and still charge you for keeping it, that's why I invest with Suzanne Stephens Ellis. Just look her up online.
@Bob S You have no idea what taxes will be when you retire and obviously your simplified math has not helped you understand – taxable income from pre-tax accounts can actually be higher for people in retirement. Which is also a reason some people like to convert pre-tax IRAs to Roth accounts. You should truely rethink your tax planning mistakes before its too late.
@Bob S ROFL – My parents make more in retirement that they did while working. If you don't understand that, you are way behind on the taxes game. Please learn, then comment – Sean is correct.
Great video!!!! Thanx
If the government really cared for us they wouldn’t have created that windfall act
the 5 year rule: even if you are 59.5 y.o. you need to have your I.R.A. for 5 years before withdraw
Wanted to nit a statement earlier in the video: Investing in a brokerage account does NOT result in double taxation because only the the earnings portion is taxed, not the original investment
There are some other things that weren't mentioned.. Nate, you should do a video on what you can and cant invest in with an IRA/rIRA … ie. commodities, collectables, precious metals, i believe anything alcohol related is against the rules, OTC stocks i believe are also a big no no… investing in things like this can cause for you to lose all tax-free benefits on gains in a roth ira… the IRS will flip the switch on you and you'll owe taxes on all your gains, and that ira will no longer be an ira, it will get stomped right into a regular investment account, then you'll owe possibly tons in taxes etc… (This could be a good followup video to your "mistakes people make when investing in an IRA / R-IRA video….) … –just thoughts..
Here is what I am confused about: Roth IRA is a mutual fund account which means that you have to pay extra fees (evry year) since it is managed by professionals . also, yes you have to invest sooner BUT don't you have to invest at least 1000 dollars upfront so that you reap those exponential growth? so, I doesn't matter if you invest sooner or not. the answer is to invest higher at first and then contribute less with the years coming right? another question if you have a 401 K you can withdraw money early if you're not working there because employer provide that, so if you don't work there then money does not grow because you're not contributing. for example, i took out about 116 dollars out of 401 k and didn't get penalties. Also, Mutal fund account you can have 3 different options to invest low risk, medium risk and high risk. If you invest in high-risk account wouldn't you actually lose money?? NEED some help please because I need answers.
is it possible to lose money to put in roth IRA?
Thanks, this was useful.
Starting early is the best way of getting ahead to build wealth, It's such a pity most folks spend more and invest less while intelligent people always try to harness any investment opportunity. I've been diving deep into stock options.
Looking for a sugarmama to pump up my Roth IRA for me lmk !
I want to ask, what is your view on annuities? I feel they don't make sense unless you are over 55, and I think then only as an additional source of income. I don't know if the returns are in reality good enough to make it worth it. Maybe just as a tax shelter? What are your thoughts?
A star, Nate is an absolute star
What did you first invest in?
ROTH 401k, look it up. You’re welcome if you didn’t already know.
tl;dw:
1 Don't contribute to it
2 Withdrawl from it early
3 Not contributing for your spouse (LoL what spouse)
4 Buying penny stocks
5 Excessive fees
At the age of 45 I finally started educating myself on finances. I wish I someone would have talked to me about retirement. You are doing something great. Thank you for sharing your knowledge.
Thank you! Opened a Roth last week and this was good info.
Is that ok to buy $GOOGL in my Roth IRA account ?
I kept thinking to myself when I'm all caught up on my other finances and have extra money then I can invest in an IRA. I'm 46 and there are always new and more unexpected expenses that come up. It'll never happen. Opened up the Roth IRA and decided to treat it like a monthly bill instead of an added expense after everything else. It if I treat it like a bill, too, once it's in I can mentally compartmentalize it as gone and not touch it, too.