Don’t Make This Huge Roth IRA Mistake!
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where the hell is this guy putting his money?
He's definitely talking about American Funds. Was with them for years before I finally wised up and switched to Vanguard about 7 years ago. I made the mistake of investing through my bank, and they pushed American Funds, and I was clueless back then. There's absolutely no reason to pay those kinds of fees for a mutual fund. The same performance can be achieved through low cost index funds.
Does it make sense to use your Roth IRA as your emergency fund since you can access the principal without penalty? Thanks!
Sounds like American funds to me. Rip off alert.
Good lord…5.75%?! Someone is making out with those fees and it ain’t you. If these are the only 2 choices then put it all in the work Roth. Otherwise do what the guys say and go with Vanguard et al.
If your Roth IRA has those fees…
then thats the wrong place to have a Roth IRA.
My HSA account charges $30 dollars a year for a "investing fee" the funds are good low cost however. Is there anything I can do?
Again people being uneducated on their finances….to many magazines…books and radio and TV shows to be stupid with your money…it's not rocket science..educate yourself and take care of your own financial situations…most financial people I have met are only interested in getting their hands on your money and helping themselves with high fees and or selling you crap ( annuities) that are not in your best interest….it's not hard people…do it yourself…Vanguard is the best fund company I think for easily getting into mutual funds and navigating their website…been a investor for 25 years with them doing it myself and am very pleased with what I have built over the years…
Tax bracket … back door conversion? Elaborate moneyguy
If they guarantees 12% return, exponentially better than 5.75% fees!
AM A' RIGGHT!
Holy crap, Nick, get your money out of that Roth IRA right now. Literally, right this instant, go to Vanguard or Fidelity, open a Roth IRA, and start the transfer process.
Always go Roth 401K first for the higher contribution limits and the match, even though the match is still pre-tax.
But I think people absolutely misunderstand the "A-share" funds.
1) A-share loads are reduced based on the total household balances with that fund family; The more you have, the less you pay on loads.
2) While there are great no-load funds, most people just buy static-portfolio index funds, like VFINX/VFIAX. Even if you paid the maximum load of 5.75% on AGTHX, you would have beaten those S&P 500 index funds, especially in 2020.
3) Low cost does not equate to better value. Performance in relation to risk is a better value indicator.
Are Class A Shares or Class C shares better for a target date fund?
I am so glad I found this show
Can you max out a Roth 401k and then max out a back door Roth IRA if you make above the income limits for a regular Roth IRA? Also can you withdraw the principal on a back door Roth IRA early the way you can on a regular Roth IRA?
I think 1% is too much, anything above that is insane.
Very engaging from beginning to end. Nevertheless, Becoming goal oriented and investing are the most crucial life style to learn from a billionaire. My goal this year is to become a millionaire and I am almost there with the help of my forex investments, I have been able to shoot so high in my financial status. I earn 4 figures weekly and that has built a strong back bone for me,,,when you learn to invest,then you are ready to become wealthy.
I like your videos but I have to disagree with you I have 7 class a mutual funds in the same company I remember having 5.75% back then but if you do your homework with high return rates and max out every year your 5.75 will start dropping down due to you hitting the threshold. And you can have really good return rates I have 3 of them between 25-35% one of them at 16 another one at 14 it’s due able if you do your homework
How about hsa included?
ROTH IRA is much better but not why they said so.
TODAY at 45 you can put in $12000 for 2020 and 2021 then $6000 every year after in a ROTH and by age 67 you have $555,000 at normal market rate of 12%. If you invest in TQQQ where the rate has been more like 23% then you will be a MILLIONAIRE at 67. You may be able to do better by selling well out of the money calls often on the security you own. You will NOT be able to do this in your 401k.
Updated thoughts on Bitcoin?
Who charges 5.75% comission?. Dave Ramsey?
My work goes through Edward Jones for my 401K and matches 3%. I believe they charge 1%. How do you feel about that. I also max out my ROTH IRA through them.
It’s not that hard, get your money into the market as a whole while paying the smallest loads, fees, and expenses possible
Is there a 6k limit on a Roth 401k, and does a Roth 401k have the same income limitations as a Roth IRA does?
Thank you for this! I have been looking for that answer for a while and I concluded with Bo’s opinion. Good sanity check.
Can you have 2 Roth IRAs? 1 for yourself, 1 for your wife? Per IRS, it APPEARS so, but not 100%.
"When I hear 5.7…I think I know exactly…," so what fund do you think it is?
This is very good information. I just change job and wondering if I should rollover my 401 k to the new company or to roth IRA or keep them as it is?
Why go back to the 401k after a match and not just a traditional ira?
I still don't understand why people pay loads. Absolutely nuts.
Why do people start an ira at a place that costs that much?
American Funds
Someone say where they think this guy had his IRA.
First