How young can you start a Roth IRA? Now this isn’t the typical question you receive from a 7 year old but it is an interesting question nevertheless because the earlier you start a Roth IRA the more money you can retire with, tax free.
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What is a Roth IRA?
A Roth IRA is a retirement account set up between you and an investment firm. Your employer is not involved in this transaction like it is with a 401k.
Within a Roth IRA you have quite a bit of investment freedom to buy specific stocks, index funds, or whatever you like to invest in within the account.
A Roth IRA is funded by after-tax money unlike a 401k. You earn your income, pay regular income taxes on it, and can invest that into your Roth account.
The tax benefit to a Roth IRA is you don’t have to pay taxes or fees to take money out if your account is at least 5 years old and you are at least 59 1/2 years old.
What this means is you don’t have to pay taxes on all the money you earn through the compound growth in the account.
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LEARN MORE ABOUT: IRA Accounts
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Roth IRA is some bullshit. I had to cash mine out early our pay a penalty for over contributing on 10,000. By the time I payed tax and penalty, I was left with my orginal balance. I had my account since 2007
fill that Roth with super high growth stocks like TSLA…ARKG would be nice and ARKX when it comes around. If you can qualify also ck out Solo 401K.
max i’m 46 yrs old i have 2 children and ikon disability can u please let me know what i can invest in to help my children
Well done Max. I am a big believer in IRA's. Be they traditional or Roth. They are both enormously helpful. The Traditional one saved me a ton of taxes this year and increased my refunds on both the federal and state levels by a ton. They both are tremendous vehicles. Good job on the Roth.
So weird! Literally just started an IRA
The other day you talked about the over value of the market… and the day before I literally had same thought looked into the same evidence!
Someone is guiding hints to both of us brother lol
Fairly positive you have to have your own business for this and pay them a fair wage for work. Not anything extravagant. You have to do some loop holes but can be done.
Hahahah, if I ever get a green card I'm going to open my kids a Roth IRA as soon as they can hold a pair of binoculars. "Yeah man, I pay my kid to be my spotter. He tells me where my shots are going so I can correct for windage or elevation!"
Here I open the account for my kids
Parents listen up! Max is on the money here.
Max where can i go to start a Roth Account ?
Sorry this is off topic from the video and thank you for always answering my questions. I received my invite for the EIDL Targeted Grant and it states “Common reasons why the account validation might fail” and one of the reasons is using a personal bank account for business. Like I stated on another video I’m a hairstylist and Lyft driver, I’ve never thought of getting a business account, so my question is do u think I should open a business bank account before filling out the application or do u think it’ll be ok? The crazy part is back in June the SBA deposited the $1000 into my personal bank account, idk why it’s a problem now.
Your description says quit instead of "quite"
PS….love the channel. Got a lot of good info and a level head. Some times all the channels talking about apes going to the moon with GME gets old!
I need to have this set up for my asap. They are both 8 and they have over $500 from allowances. Both of them listen to your video and they want in. Is there more detail info
Another subject that I just learned about if you have a Shwabb Simple IRA thru your company…each deposit that comes from your check goes into a cash section. Then as you reach 4% of your total account it buys your investment stock for retirement. However the larger your account is the longer it takes to get to 4%. They now let you buy and sell individual stocks with that account. As long as you don't take out anything you don't get taxed on it. I have had a blast trading stocks with my IRA. Some are long term stuff and some are short term plays. Anyway just a little info for someone that has a Simple IRA with Shwabb
I have custodial accounts from my daughter and granddaughter. It’s a great place to put all that birthday and Christmas cash that they get from a relative.
Thats insane! But doable.
i wish my parents had got me one.
this is a very interesting explanation, thanks