In this video I share an update on another one of our home run plays 🏌🏾🏌🏾🏌🏾I rarely miss in the stock market. Just looking to celebrate all the winners today.💯
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I’m Chris, a DEBT FREE Millennial, a 2 Time Best-Selling Author and I’ve been an entrepreneur for over 10 years. Over time, I have built a mini-empire in which I Coach-Consult-Speak-and-Write Books. I also work with Brands and Businesses on special projects. I founded a nonprofit, Grand CITY Sports, Inc. in 2008 where I work with promising youth, returning citizens and detention youth. Here on YouTube however, I teach entrepreneurs and aspiring entrepreneurs how to invest in the stock market, build a successful business, monetize their personal brand and become debt free. This channel takes you through my journey of how I invest and build wealth as well as how I build my business from the ground up, while sharing information on hardships, how I achieve success, build wealth, save and invest. I share all of this in hopes that it helps you in some way.
EACH WEEK, the Deeper Than Sports series highlights questions from my subscribers related to investing or business and stocks I purchase throughout the week #dividend #stock with the #robinhood app. My goal is to generate more passive income through purchasing shares of high quality dividend paying companies.
Dividends are some of the most powerful tools for building passive and retirement income. Dividends are the life blood of executives, the wealthy and powerful which is why income on them is TAX FREE up to $38,600 (or $77,200 when filing jointly)!
It’s not that difficult to get started building your very own portfolio that pays you money to sleep. Follow my journey and let’s create some wealth!
Legal Disclosure: I’m not a financial advisor. The information contained in this video is for entertainment purposes only. Before investing, please consult a licensed professional. Any stock purchases I show on video should not be considered “investment recommendations”. I shall not be held liable for any losses you may incur for investing and trading in the stock market in attempt to mirror what I do. Unless investments are FDIC insured, they may decline in value and/or disappear entirely. Please be careful!…(read more)
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#100KChallenge | ANOTHER HOMERUN 🔥🔥🔥 | Stock Lingo: Back Door Roth IRA
If you’ve been following the world of investing and personal finance, you’ve likely come across the hashtag #100KChallenge. It has been gaining traction on social media platforms, especially among young investors looking to reach significant financial milestones.
The #100KChallenge represents a goal to accumulate $100,000 in savings or investments, and it has motivated many individuals to take control of their finances and grow their wealth.
One way to supercharge your savings and investments is by taking advantage of the Back Door Roth IRA strategy. While it may sound complicated, it is a legal and efficient way to maximize your retirement savings.
To understand the Back Door Roth IRA, we first need to understand what a Roth IRA is. A Roth IRA is an individual retirement account that offers tax-free withdrawals in retirement. Contributions to a Roth IRA are made with after-tax dollars, but the growth and withdrawals are tax-free.
However, not everyone is eligible to contribute directly to a Roth IRA due to income limitations set by the IRS. This is where the Back Door Roth IRA strategy comes into play.
The Back Door Roth IRA allows high-income earners to convert traditional IRA contributions into a Roth IRA, regardless of income limits. Here’s how it works:
1. Open a Traditional IRA: If you are ineligible to contribute directly to a Roth IRA due to income limits, you can open a Traditional IRA, which has no income limitations.
2. Make a Non-Deductible Contribution: Contribute money to your Traditional IRA, but do not claim any tax deductions on the contribution since you are using after-tax dollars.
3. Convert to Roth IRA: Once your Traditional IRA is funded, you can convert the funds to a Roth IRA. This conversion is done by contacting your IRA custodian, who will guide you through the necessary steps.
The main benefit of the Back Door Roth IRA is the potential for tax-free growth and withdrawals in retirement. By paying taxes on the initial contributions, you can enjoy tax-free growth on the converted amount, enabling your investments to compound over time.
However, there are some considerations to keep in mind before diving into the Back Door Roth IRA strategy. First, ensure you have no existing pre-tax Traditional IRA assets. If you do, the conversion will be subject to taxes based on the proportion of pre-tax and after-tax amounts.
Additionally, it is crucial to consult with a financial advisor or tax professional to understand the tax implications and any potential pitfalls associated with the Back Door Roth IRA strategy.
The #100KChallenge serves as a reminder that financial goals are achievable with the right strategies and discipline. Utilizing tools like the Back Door Roth IRA can help individuals make significant strides towards their financial aspirations.
Remember, it is crucial to do your due diligence and educate yourself on personal finance and investing before jumping into any investment strategy. The more informed you are, the better decisions you can make to work towards your financial goals.
So, if you’re interested in boosting your retirement savings and have a high income, consider exploring the Back Door Roth IRA strategy. It might just be the extra push you need to make your #100KChallenge a reality.
Like & Subscribe if you are excited about making money consistently. #LetsGoooo
How do you pull shares and move to different stocks? Please help
I love your videos!
youlle never see this but how should i invest my first 110$ ??
Hi Chris,
I really appreciate what you are doing for us. You give us a lot of gardeline to deeply involve ourselves in this business. Everytime I am listening you I fill more confident to jump in. I am really to by in touch with you person in person. Let me know how to do, I will like to show something that could interesting for all the youtube family. I prefer you to do that because you how to do your thing. I am waiting to hear from you very soon thank you.
Once I receive my stimulus check l'll be starting an investment in crypto known as Bitcoin
How do you join your options picks?
HELLO.. SHOULD WE TAKE SOME PROFITS OUT FROM ZOM??? OR WAIT TILL MARCH
I started watching your videos today. I subscribed to your channel and will begin my journey with you this week with a $5000 starting investment. I look forward to the journey this year. How would you recommend me to diversify and buy different amounts of stocks with that amount?
Subscribed
Dats wassup I love to hear young son get in the game that was a beautiful feeling the best feeling for me when a young brother listen to me now he on his journey much love fam
Chris i have a 457 and 401k Roth. Should i also open a Roth ira and throw the max 6k in it ?
I am a novice, stuck on when to sale, when to hold. Need advice!! Videos are dope!
Well I've got both Roth IRA and 401k but not to be cynical these wont take you from $100k to $1million as soon as we might want. so I'd really appreciate lucrative tips on how to make better return over a short period of time.
Is it good to have both Roth IRA and an investment account?
I came back to this video to say, you are so right. Most pple see the end result & very few consider the journey. I will hit 50k or more on by the end of the year & ive been trying to get pple to join this journey but they dnt care for it. When I show them what I’ve got at the end of the year, while paying my bills & still being able to maintain… Watch more pple try to join lol.
Good honest video, thank you
Hello Chris. Yes I took profits on MVIS also. A little over $350 dollars in profits and I got out. Thanks again.
I have 130 shares, at $1.00 average
it's a good idea to buy more at the actual price $ 1.87 ? How bad my average will rise? I want but more , I'm sure zom will keep going up.
What do you guys think? Should I buy more at the actual price or wait for a dip? Thx
Hey Chris, just recently found your channel, been consuming your videos for the last 10 days or so. Absolutely loving them. Jumped in on ZOM at .93 and it popped to almost $2 now, was going to accumulate more but didn’t have time and now a little hesitant, waiting for a pullback if it comes. Jumped in on SOS a few days ago and that’s doing well. When you’re new to the channel it can be a little overwhelming to know where to start or how far back to go in your recommendations. Wondering for someone new to your channel that have some cash (dry powder. :-)) ($10,000) to invest where should I be focusing that money? APXT could be an option but I probably don’t want to invest all if it in the one play. Currently have a good portion in GNUS, had that before I saw your video that mentioned it. Appreciate any guidance you have. Look forward to your videos each day now. Keep up the great work!
I'm sitting on 10,000 shares of ZOM at $.15 a share. Load up guys!
You now have so many followers you move the market
I tell everyone about you!
This guy is the greatest YT discovery I’ve found
Chris, I watch your videos everyday. I know you are a Man of God but today "Exceedingly and abundantly" (Ephesians 3:20-21) stuck out to me. Always praying for you and your family, Chris! http://www.TeachPrayLoveBrand.com Y'all support, fam!
How long are we staying in this play?? I got in at 91cents!
Got in at .97. Setting my trailing stop loss
Investing in crypto is the only big chance of making money
If ZOM dips down this upcoming week is it still a buying opportunity? Do you think this stock can go higher?
So are we getting out of ZOM asap ?
Hey Chris, I just got turned on to your channel, and I'm liking what I'm seeing. I've been trading for about 4 years now and I'm doing real well, but I would like to do even better. Do you have any private courses that you teach? I would like to catch your trades before or when you make them, rather than finding out about them a few days later on your channel.
How do I get to the options class?
Just opened my daughter a UTMA account. She put $50 and bought 3 shares of APXT. She's down about 3% but is excited and plans to contribute about $100 a month. She's only 15 so I'm super excited for her future.
I just recently started getting back into the stocks. I did it once before and scored big on ambio pharmaceuticals. But do not have much experience.I’ve been listing to you speak and hearing you talk about family and also how you react to your subscribers comments. Your a genuine person and are helping people make money. And breaking bread. Keep up the good work
Hi Chris, could you explain the difference between Traditional IRA and Roth IRA? and what will be better to put the money in? Thanks
Averaged down on zom from $1.07 to $.98. I had 2,500 shares. Sold at $1.2 and made $550. Always planned it as a swing trade since it was on margin. I'm happy, even if it climbs higher. Putting that money into GNOG for now 🙂
Do u think ZOM will hit double digit?
UP ALMOST 100% ON ZOM LETS GO! Patiently waiting for coach Chris analysis for this coming week
Podcast??
Whats the best platform to trade stocks on NYSE with no monthly fees?