Should you invest in a Roth IRA or Traditional IRA? Before deciding you should understand the differences between both. In this video, I do a Roth IRA vs Traditional IRA comparison so you figure out which one will work best for you.
When you think of a Traditional IRA, think of NOT paying taxes when you contribute and having to pay taxes when you withdraw.
When you think of a Roth IRA, think of paying taxes when you contribute and NOT paying taxes when you withdraw money once you’re retired.
You can easily become a millionaire by investing in a Roth IRA or Traditional, but it’s going to take some time. At the very least you could easily grow one of these to at least $300k or even $500k.
💡 Get your free investing app guide here:
📈 BLOOOM – FREE 401k and IRA Fee Analyzer. Are your 401k and IRA fees too high?
———-
💰 M1 FINANCE – Get A Free $30 and Invest In Fractional Shares when you open an account using this link (where I invest my Roth IRA)
———-
🏠 FUNDRISE – Start Investing In Real Estate The Easy Way! (I have money invested here)
———-
💎 WEBULL – Free Stock Investing Platform (Get 1 FREE stock when you sign up and 1 FREE stock when you deposit $100)
———-
💵 ROBINHOOD – Free Investing Platform (FREE stock worth up to $200 when you open an account and fund it)
———-
YOU’LL FIND THESE PLAYLISTS HELPFUL:
🏆 Financial Independence Retire Early Playlist:
💸 Side Hustle Playlist To Help You Make More Money:
💵 All Things Investing Playlist:
📈 M1 Finance Playlist:
📕 Learn How To Budget Playlist:
📲 Follow me on Instagram:
Affiliate Disclaimer: Some of the above may affiliate links. Support the channel by signing up or purchasing through those links at no additional cost to you. I appreciate you for helping me keep this channel running
Disclaimer: This video is for educational purposes only. Please take all of my suggestions/recommendations and do your own research before making any decisions with your money. Contact a professional before trying anything that I talk about. I know you’re smart and you’ll use that big brain of yours 🙂
#RothIRA #Investing…(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
Is this a good Roth IRA portfolio?
50% VTI
35% VXUS
8% BND
7% VNQ
I'm 28 years old
Awesome video! So helpful, thank you!
Hi Jarrad. Great video!!! I file married separately and am unable to put money into a Roth IRA due to my filing status (we file that way due to my student loans). My employer offers a Roth 457 (b) plan and I was wondering if you have any information about those specific plans? From what I gather, I would be allowed to contribute to one regardless of my filing status. Thanks for all the great information on this channel.
Just ran my budget. I'll be saving 57% of my income this year under current expense assumptions, and I can still max out my Roth IRA. I also have $1,500 in Betterment and got +$1.33 on top of that already.
Would you recommend online tutoring as a side job?
Yes Roth and again nice background. Please bring back Molly!
We max out our IRAs every year. I do a traditional and my wife does a ROTH.
Great information! On a side note, I love what you did with your background and how you are positioned in the video, looks very professional. On a different note, I'm getting ready to sell a rental property (I moved 900 miles away, tenant is moving out in 3 weeks and market is great). I'm working on trying to figure out how to reduce my capital gains from the sale, so if you have a video (or are thinking of making a video) for this it would be very much appreciated (or other suggestions). I already learned about the 1031 exchange, but unsure I will be able to find a more expensive home at a great deal within 6 months of the sale… so I'm trying to figure out other options.
ROTH for the WIN!
Conversion from a trad IRA to Roth IRA is a taxable event, but if you only convert the contribution limit amount in a given tax year, and you don't claim a deduction on that contribution to the trad IRA, the tax happens to be $0. You will need to file form 8606. https://www.whitecoatinvestor.com/backdoor-roth-ira-tutorial/
Roth all the way! Roth can even be better than a Roth 401K match due to 401K fees and better selection of index funds.
Hey Jarrad, the rules have changed on RMD from the SECURE Act that just recently passed. RMDs can now be withdrawn at age 72 now. Also, there is no longer an age limit on contributions to an IRA anymore. Actually, you should do a video on the SECURE Act to just discuss how it impacts people.