In this video I will show you exactly how to retire with over $1,000,000 in your retirement account with just $458.33 using a Roth IRA. I will show you how powerful it is to start investing early, especially when using a tax-advantaged retirement account such as a Roth IRA.
Having a fully funded retirement account is a great way to enjoy your golden years by being worry free about your finances. This will allow you to travel, pay for your grandkids education, give to charity, and live an overall comfortable lifestyle.
If you found this video valuable, please share this with two people who you truly care about.
(The max annual contribution for a Roth IRA is now $6,000. I knew that going into the video, but the calculator will only use $5,500 per year as the max.)
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Instrumental Produced By Chuki:
ABOUT ME 👇
My mission is to provide my viewers with actionable content that enables them to create financial wealth. My videos are a reflection of my real-world experience as a real estate investor, stock market investor, student of finance, and entrepreneur.
This channel allows me to share my passion for personal finance, stock market investing, real estate investing, and entrepreneurship. I produce content that I would want to watch, and because of that, I give 100% effort in every video that I make. I also believe in complete transparency and open communication with my audience.
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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion….(read more)
LEARN MORE ABOUT: IRA Accounts
INVESTING IN A GOLD IRA: Gold IRA Account
INVESTING IN A SILVER IRA: Silver IRA Account
REVEALED: Best Gold Backed IRA
QOTD: Have you started saving for retirement?
So what’s better investing into a Roth IRA or an index fund? Or both?
Sadly for me I wasn't taught anything on how to save and invest because my family (mainly my mother) had no faith in me and told me I wouldn't amount to anything. I'm bound and determined to change things around even though I'm almost 40.
And that’s only at 7%. My IRA is around 17% returns from just my ETFs alone. Many people can easily become Millionaires by their retirement with a Roth IRA. Roth IRAs are literally the #1 best way for normal people to become rich without actually being a celebrity. The problem with most Americans is many of them are either not financially disciplined or have way too many unnecessary financial obligations that’s hindering them from investing.
1:32 this nigga nailed it wtf
where are you getting a roth with a 7% interest rate?
I’m 19 right now. How likely do you think when I retire when I’m 65 that the rate of return will still be 7%. Because a lot can change in 40 years.
Ppl dont spend 450 just going out
Cool video, I just turned 20, and I want to have a Roth IRA investment, To be frank I know nothing about it, I do not wanna loose money. What do I do? How do I begin?
Why don't you ever mention a Roth 401k? The max I can contribute to mine is triple that amount of an Roth IRA. It's good to take advantage of a roth 401k.
Marko—I’ve had a Roth IRA with EJ for years now and stopped contributing for a few years due to some circumstances. I’m starting back at it but have heard lots of people suggesting to get away from EJ. Who else should I be considering?
Can you please share this calculator
Thanks for the info. Subscribed and shared!
This is the stuff they need to be teaching in high schools these days. Absolutely amazing that most in the US are financially illiterate and yet simple tools and things like this aren't taught to kids at an early age.
This is helpful info, I just wish I had known this at 18. I'm 31 and am just now looking at this stuff so I'll have to play catch-up. In the end, having money for retirement even if it isn't a million dollars is great, but it's rough to see how much I have already missed out on. Especially going into the military right out of high school, I had all this disposable income that I didn't use for anything useful. I wish I would have invested it, but at least I have no debt either so there's that benefit. If anything, it just goes to show how important it is to educate our youth about such things. I wish I had learned about this in high school. Better late than never!
Thanks
Ill settle with my 400k at 55. I had to work very hard in my 20 to even be able to contribute to a ROTH now in my 30s. If you are already late dont waste time looking at the clock start now! Thanks for the info man!
Short, concise, and to the point; I love it! 🙂
The best investment is to invest in yourself. College, Retirement, WhiteBoard Finance on YouTube, etc.
:40 "I DON'T THINK SO" rapskalion!!
Great advice! Though the average 18 y/o doesn't make enough to put away $458+ per month, I advised my son to start with a percentage of his gross income, say 10%, then increase that by 1% each year until you max out the legal amount you can put into a Roth IRA. If his income increases rapidly, bump it up more each year.
Love your vids. I like your bottom line narrative (thankfully, I never bought Gucci pants!)
Hello Marko, how does one who is self employed partake? Meaning, since income is not tax until April. Can one put none tax monthly income in a Roth every month without future complications?
Basically you're going to choose to have no life by putting away $500 for 47 years of your life and be a millionaire by age 65 or have a life and have fun because you live only once in this universe, I choose option two and eat dog food when I retire.
The challenge tho, is that the $1,000,000 target is completely arbitrary. Think about this: Do you know how much a gallon of gas in 20 years? Do you know how much it will cost for a weeks worth of groceries? How about Health Insurance? Choosing a "target" is sub-optimal, and it's actually better to instead optimize how much you are saving (Your Gross Savings Rate) meaning are you saving 20% of your income? 30%? 5%? That number is the most important. Nonetheless, a valuable video because it highlights a valuable financial product – the Roth IRA.
I will have a later start than I would like I am 27 and will be 28 when my debt is paid off in a few months/year. Then I'll be able to start contributing towards a Roth IRA. I also want to diversify my investments with a few stocks and an ETF or two. While I pay off debts and start to invest in retirement I also plan on pursuing a self-employment opportunity as a low overhead second income. A lot of really great facts in a condensed and informative way, thank you!
After I pay off my debt ill be 27 when I start. I was thinking of forgetting about doing the 401k from my job and just doing the Roth Ira for the rest of my life. Yes my job does a match up to 7% .50 to every $1 but the options they have for investing don't look good nor do I plan on staying at this job for a long time. Would just saving, doing the Roth and personal investing be a good idea?
This is nice, but what 18 year old makes enough money to put away $5,500 a year? If you don't have a college degree, you are lucky to make $10/hour, or $20k a year. Who can put away 30% of their post-tax income at 18?
I didn't spend my 20s buying Gucchi belts. I spent half of it in college and grad school, and the next half starting to pay off my student loans and build a career. I didn't start investing until I was 30 because I barely made enough money to pay my bills before then. I had no car, my vacations were spent visiting my parents, and I had to have roommates to make rent.
Sure, I wish I could retroactively put $5500 in for all those years, but I was building my career then by going to college and doing internships.
That's not fair… I started at 30 and I had to learn everything by myself to become motivated
I come from generations of middle class blue collar family. Man I love listening to your vids, in the hoods where I grew up my ppl are oblivious to these techniques and are afraid thinking that it's a gamble. I appreciate u shedding light on these topics. Keep up the good work sharing knowledge on shit that keep most Americans from being financially stable in their future, and giving the future generations a fighting chance
Marko-Fantastic job on this channel. Provides valuable info on what we already should know. Riddle for you…Solve for X: How about a family w 1-2 kids, 20k cash, 30k in 401, and combined make about 200k. **40 years old. Equity in home about 40k. (orig 300k house) Debt about 50k (lets say 12% interst).
–I feel like this is probably your avg 40 year old-wht collar scenario. Realistic or not, (love to hear suggestions how) want to retire with 2m liquidish and live off about 100k/ yearnet (from the 2m) in interest/gains at 55-60yrs old. – Important thought for Marko***– this example is prob the actual subscribers/viewers, watching you videos. So prob a good one to make. Hope you read this!I don't know if you have a video for this already, but please do one on the cost of living. Over here near Tacoma, WA a 1100 sqft house is around $250k. The only reason my mom could buy one was because of a VA loan from being in the army. I just got a job at Costco at $15/hr and am working to help her with mortgage payments. She makes only ~33k/yr.
The entire reason we had to move is because the house we were living in was our grandma's. But she passed away and it was a reverse mortgage. I don't know if it was mandatory by law to move out or not, but maybe she just wanted to. It would have been invaluable to know this beforehand on what happens during a reverse mortgage. My mom just didn't have any idea I guess, it would have been invaluable information to know what happens. Hindsight is always 20/20 I guess.
I think the biggest problem in society today is the cost of living and the housing market. If my grandma didn't have a reverse mortgage, the house would have went to my mom. Just utilities, amenities, insurance and property taxes. But now, it's an extra $1400/m mortgage payment! I think it's just so unfair for my mom. My mom also said my grandma almost had the house paid off too, which makes it even more sad.
I wish there was an easier way to live without having the majority of your paycheck going to your house's mortgage payment. It just doesn't seem fair, but I guess once the house is paid off.. it gets better. But $250k.. it's going to be a long time 🙁
And we had to get new flooring.. There is uneven floors, the house is on a septic, it got clogged recently ($400 for that, etc). I really think my mom deserves better and just surprised at how bad / unfair life is in terms of the housing market. Sorry for venting a bit.
@Marko – what if you make to much to contribute to a Roth?
Marko, my wife and I make over 230K/yr before taxes. We have maxed out our contributions to our 401Ks and our home should be paid off in 5-6 years. From what I can see, we are not eligible for Roth IRAs. What would you recommend we do since putting money into a savings account seems like a waste.
I want to be a perpetual burden on my family. They deserve it.
i think you offer great financial advice, but your tone towards your audience is somewhat condescending and rude at times. most of the people who watch these video are trying to better their life situation and to make mean jokes about people not being as wealthy is crass.