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Lawyer explains how to LEGALLY become a tax-free millionaire through a Roth IRA.
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Hello! My name is Erika Kullberg. I’m a lawyer by profession, but my passion is personal finance. After I graduated, I had over $200,000 of student debt, so I made it my mission to dive into everything personal finance-related, so I could equip myself with the tools to pay off the student loans as quickly as possible. I ended up paying them off in under 2 years, and now it’s my passion project to share with you all of the strategies I’ve used to pay off my student loans, increase my net worth, credit card hack (travel on points), invest, house hack (invest in real estate), build passive income streams, and more. I hope you’ll join me on the channel!
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Guide to Legally Protecting Your Business
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Disclaimer: I am not a financial advisor. Although I am a lawyer by profession, I am not your lawyer and no attorney-client relationship is established with you in any way. This video, and the ideas presented in it, are for entertainment purposes only and should not be construed as financial or legal advice….(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
Scroll up and hit the like button please! 🙂 It helps the channel! Also, have a great day!
I’m 21, what if I decide to retire at age 30. Would I have to withdraw all that money ?
Thank you for this important info! I'm "older" and wish I had some positive influence to make better decisions on my future when it came to retirement. I will follow your channel and watch your videos and "catch up" on some time loss and hope for the best. Thank you for helping me understand more about money, I general.
Absolutely incorrect. The word millionaire has always been used with tax free for a millennium.
How much should a 43 yr old put in monthly?
Mine says rollover IRA. Is that the same? The money was from 401k but I changed job and the new one didn’t have 401k so i moved it. I’m not sure what I was doing… and I still don’t know what I’m doing.
If you open a Roth IRA with a job can you keep that same Roth IRA account if you change employers?
If I have a Roth thru my work I contribute to out of my paycheck. Should I open another one outside to put even more money? Or just contribute to this one?
Thank you SM! Ps.wink and smile made me melt.
Do you recommend HSA? And do you have a video on it?
What happens to the ROTH IRA if one passes away before 65?
Hey! Can you make a video on after you have your Roth IRA (I seen your simple video on TikTok) how you then can invest for example my $400 a month into low cost index funds?
How much should a person put in their Roth IRA if they are 42 yrs old?
So after I contribute the maximum ($6k), I have to wait another year before contributing another 6k again?
You would have to put in closer to 350 (so close to double of what you mentioned) per month if you were 20 years old. But that is assuming you are averaging a 6% return, which you can get from following the s&p. For instance the 20 year average return on an say SPY you're looking at 6.5%. However, if you started investing in a bull market over the last 10 years you're actually looking at a 14% return. It all depends when you enter the market. The average s&p return over the last 65 years is closer to a 7.5% AAR. But again just looking at an index's 1,5,10,15 or 20 year return isn't telling you everything you need to know about what kind of returns you're likely to see because they are using an average annual return vs's the average annual rate which takes in account large swings and compounding.
The problem with the roth over a 401k, is with the 401k you're employer will be contributing to not to mention you can put up to 20k per year in it vs the 5500 in the roth. Not that your employer can't contribute to a roth, but its far less common. As far as the taxes go, you your paying those taxes regardless, and you need to ask yourself what income bracket you might possibly be once your much older–that should guide your decision.
Interesting! Is that only applied in us?
You are very persuasive. I am going to open an Roth IRA today.
Great information! Thank you!
Schwab “Qualified tax-free withdrawals
Withdrawals can be taken out tax-free and penalty-free providing you’re 59½ or older and you have met the minimum account holding period (currently five years).”
When using a Roth IRA calculator online, there is a box for “marginal tax rate” and it automatically enters 25%. What is that? I thought Roth IRA is not taxed. Thank you for your help!
Erika- Thank you so much for your videos! I wanted to share with you my son has invested into a Roth and his portfolio has had tremendous returns from the high quality stocks recommended by a stock advisor I have used for +20 years. Best to you!