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Understanding this video can make you a MILLIONAIRE! 💰✨😭 Pay Attention #rothira #investing
In today’s technologically advanced world, becoming a millionaire is no longer a distant dream. With access to unlimited information and the right guidance, anyone can turn their financial aspirations into a reality. One such resource that deserves your undivided attention is a video that can change your life forever.
The video in question revolves around the concept of Roth IRAs and investing. Before diving into the video, let’s first understand what these terms mean.
A Roth IRA (Individual retirement account) is a special type of investment account that offers immense tax advantages. Unlike traditional IRAs, Roth IRAs allow you to contribute after-tax dollars that grow tax-free over time. Withdrawals during retirement are also tax-free, which is a game-changer for savvy investors.
Investing, on the other hand, is the process of allocating money or resources with the expectation of generating profit or return over time. Investing can take many forms, including stocks, bonds, real estate, and more. It is crucial to understand the various investment options available to make informed decisions regarding your financial future.
Now, let’s delve into why understanding this video can potentially make you a millionaire. The video provides valuable insights into the power and potential of Roth IRAs and investing. Here are a few key points to pay attention to:
1. Tax advantages: The video will highlight how Roth IRAs offer significant tax benefits. By contributing after-tax dollars, you can enjoy tax-free growth and tax-free withdrawals during your retirement. Understanding this concept thoroughly can help you maximize your gains while minimizing your tax liabilities.
2. Long-term planning: Investing is not a get-rich-quick scheme; it is a long-term commitment. The video will emphasize the importance of setting long-term goals and sticking to them. Patience, discipline, and consistency are the stepping stones to financial success.
3. Diversification: The video will emphasize the significance of diversifying your investment portfolio. By allocating your investments across various asset classes, you minimize risk while maximizing potential returns. This crucial aspect of investing can safeguard your wealth against market volatility and economic uncertainties.
4. Compounding returns: The video will shed light on the power of compound interest, an essential factor in accumulating wealth over time. It’s essential to understand how even modest contributions, when consistently invested and allowed to compound, can result in substantial sums of money in the future.
5. Seek professional guidance: While the video may provide vital information, engaging with a financial advisor or professional is highly recommended. They possess the expertise to tailor investment strategies according to your specific goals, risk tolerance, and market conditions. Professional advice can significantly enhance your chances of making informed investment decisions.
It is important to note that merely watching the video is not enough; implementation is key. Apply the knowledge gained to your investment strategy and take action immediately. Start contributing to a Roth IRA and make sound investment decisions that align with your long-term goals.
In conclusion, understanding this video on Roth IRAs and investing has the potential to turn your financial dreams into a reality. By grasping the concepts, utilizing available tax advantages, and making informed investment decisions, you can pave your way to becoming a millionaire. Remember, the key to success lies not just in watching the video, but in taking action and staying committed to your financial goals. So, pay attention, absorb the information, and set your sights on a prosperous future.
Would also recommend if you are working a regular job, save the first 10 months of those 500, join a program or course to increase your knowledge and earning capacity, and save the increase in pay and live like you didn’t get the raise for the next 5 years. You’re welcome.
Is there any similar advice for people living in Europe??
I'm so depressed because I want to… I have so much debt
For people downing on this because it only seems accessible for people who already have money, I’m currently only putting in $20 a week (which I know is still more than some can afford, but most can with minor sacrifices) and I’m projecting to have over 700k when I’m 65. Sure I won’t be a millionaire but that certainly will help.
What I wanna know is how she became a marketing coordinator at 21 without going to university
If you invest $5000 at 22 in an IRA, by the time you're 65 it will have lost 95% of its value and the remainder will be eaten by fees.
At the rate the economy is going no one will have a retirement
Explain to me how this is even possible I’ve I’ve been investing in my Roth IRA for years now like 22 years and it’s barely at 100k after it lost a shit tone of money through Covid. I think this is all bull crap.
Would it be too late to start at 40?what’s the numbers looking at if I start now? Thank you
So, there’s a lot of caveats in all that. To start with, that millionaire figure is predicated on the idea that market only ever goes up. Which in real life, it doesn’t. Markets swing. Saying you’ll hit a million dollars by retirement requires a lot of things outside your control to go right. On top of that, what good is 2 million dollars to you by the time you’re 65. By that point you’ll be too old to actually enjoy the fruits of your labor. There isn’t exactly a point in having a fancy sports car or a big house by the time you’re at an age where your best bet is to move to a retirement community.
now consider the fact that taxes raise every year and when you access the money locked in retirement accounts it is taxed as income.
if you had taken the cash today you would have and extra $500/yr that is effected by the 6% inflation and 35% tax rate
if you invest that money for 45 years you pay the 30% tax of today, the estimated 45-60% tax of 45 years in the future as well as the 6% inflation which has shown a trend of climbing for the last 45 years from 0.5% to where we are now, estimating a 9-12% inflation when you take that money out.
Essentially that 2million you pull out in 45 years will have the purchasing power of less than the 270k you invested.
If you really want to grow your money you are better off taking that $500/yr and buying a single stock of goverment backed corporations such as microsoft, apple, tesla or amazon. Those tend to increase at a rate equal to inflation unlike the interest offered by banks which is generally far lower than inflation.
What if I have a 401k? However, I saw another of your videos, and it made me think? It isn't being matched? Is that a good reason to stop the 401k and go to a Roth IRA?
How about people from Europe?
Are u a millionaire?
How do you become a marketing coordinator at 21 with no degree?
Can you make a video on how to get started? It's so confusing and overwhelming. At 24 I've never been educated on any of it and I need to start planning. My work never even told me about setting up a 401K that they offer and it's now too late for the enrollment period.
How do you do this? I wouldn't even know how you get a Roth IRA.
Unfortunatetly those kinds of accounts don't really exist in my country so I won't be a millionaire by retirement. I have on the other hand saved up for retirement since I was 19. I saved as much as I can each month. Some months it's been more, others less, but I still transfer something to my retirement funds.
Too late for me at 62 years old. Wish some one like you was around to advise me when I was young
What do you do with the money that you put in there?