The Roth IRA is the greatest thing since sliced bread.
I love the Roth IRA 🤟I talk about it all the time.
I get a lot of comments on my channel about IRAs so I wanted to share the 5 absolute things you need to know before you start investing in a Roth IRA.
On the blog, GoodFinancialCents.com…
📍Roth IRA Rules:
💰Best Places to Open Roth IRA:
➡️1. How much can you put in? [2:00] – For 2020 the most you can contribute is $6,000 – unless you are over the age of 50 then you can contribute $7,000.
➡️2. Do it for the wife and kids. [3:22] – If you have a spouse – you can open a Roth IRA for them.
➡️3. Getting phased out. [5:24] – When you make too much money you can’t participate in the Roth IRA.
➡️4. Contributions. [8:23] – Anytime you put money into the Roth IRA – you have access at ANY time.
➡️5. How do you invest inside the Roth IRA [10:24] – You can determine if you want to invest in stocks, bonds, or mutual funds. Unless you go to a smaller bank or credit union that does not offer this option.
If you haven’t opened a Roth IRA….you are missing out.
I hope I gave you enough information to entice you to start investing in a Roth IRA. 🧑🏫
I have another video coming soon where I am going to break down some of the best places to start a Roth IRA, if you are a beginner.
#rothira #taxfreemoney
📍📍Great Resources for the Roth IRA📍📍
✅Roth IRA Millionaire 💸😎: How to Get Tax-Free Money Explained (2018)
🎦
✅The Greatest Tax Hack Ever? (backdoor Roth IRA explained)
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LEARN MORE ABOUT: IRA Accounts
TRANSFER IRA TO GOLD: Gold IRA Account
TRANSFER IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
Great well said. Just wanted to make sure before I open Roth IRA account 🙂 Me and spouse filing taxes jointly and we are under the salary limitations. So, can we open 2 separate Roth IRA accounts with 6000$ each? appreciate your help
Can you do a video on a backdoor Roth . I don’t understand how this is different than a Roth IRA
when I open an spouse roth ira do I need to open 2 accounts? I could U put the 12k in one account?
Hi if I’m single and make less than 100 k can I open a Roth IRA
I want an account but I don’t want to have to invest because I’m not sure if you can loose money investing in the stocks etc.
How can I put non taxable funds into a Roth Ira?
I contributed to a Roth and then found out that I made to much money at years end. What do I do now??
Don't you need to have your IRA opened for 5 years or more to take contributions out penalty free?
What if you win the lottery? Or earned over 139k one year but didn't earn that much the following year?
I won't waste my time and watch or subscribe.i will watch others who arev much better not corny like this boring jeff guy.
Thank you for providing such great information. I was wondering- does a Roth IRA require regular contributions or could you open up an account for example use $3k to open a Roth for a child without the need to make regular deposits?
I finally started a Roth
I am single with an adjusted income of over 139k$, no 401K and I opened and maxed out my ROTH IRA last year snd this year. My accountant didn't say anything about not being eligible due to my income and this video just made me freak out!!!!
Does this include common law or only through legal marriage?
What are the rules for married filling separate?
I have a question. I have only one fund (VOO), $12000.00 in a Roth IRA. Suppose I want to add another fund. Do need to add new money to cover the price per share or do the cost come from the current $12,000.00?
Awesome dad
Great video thank you. One question I do have and I’ve yet to see any YouTubers post about it regarding Roth IRA is what happens if you lose money in your Roth IRA investment? For example if you invest 10,000 and when it’s time to cash out it’s only worth 5000. Can you claim a capital gains loss like you can with Stocks? No one seems to address this scenario. Thanks.
Thanks for the video! I have a question. I know there's a max amount you can put into your ROTH IRA a year, 6k for me. So if I do trades inside my ROTH IRA let's say for example I buy 1k of a stock and then it goes up and I sell it for 2k (making me a 1k return) does that extra 1k now count towards the amount I've put into my ROTH? like now I can only put 4k more in? (6k total – 1k from my original investment – 1k from my profit) or is it just me depositing the 6k and EVERYTHING I make in profits (dividends, sales, etc) are free game?
And any profit I make in that case I can invest or cash out without any issues?
Anybody watching this help with a question? ( so, to open a custodial roth for 4 kids ) you need a business to hire them? for the shredding for example, or can one use his Earned Income $6k a year per child? Ill check some forums to but if anybody reading this please give opinion.
Can a person lose money in a Roth IRA? If so how?
I wished you left out all the extras and just do the video about the roth….. thank you
@ 6:25 "401(k) contributions those are tax deductible" That is false !
Dude hurry up and get to the important facts…stop rambling and trying to be funny.
nice birthday gift 🙂 thank you
Would be better if you stick to the facts as the title states: 5 Roth IRA rules. Just go thru them, from the beginning. I watched for 2 min and still nothing. I'm sure you know a great deal about Roth IRA's, I wouldn't argue about that. So, Its just my opinion, about the content of this video.
What is the max income for a roth ira?
Fidelity app, control your own IRA
Hey Jeff I just opened a Roth IRA at the age of 19. I should be set for retirement with the day comes but I got a question. I’m a senior in high school and I really want to go in to finance as a career. Is that a good career choice or should I rethink my career path?
1) first time watching your video – love the energy! 2) yes, ripping $100 was great and got the like!
So you can only invest 6000 dollars one time or per year?
Love the video! Really easy to understand, but I have a question. Arw financial advisors worth it?
Is it smart to open a Roth IRA if i have a lot of college loans to pay off?
I have a question, if I sell a stock and there is like $500 gain, but I reinvested that money on another stock or if I keep it in the broker account in my IRA, do I get penalize or do I get tax on the $500 gain from the previous stock.?