From $0 to $660,000 With A Roth IRA
142,176
Published 2024-01-30
In this video, we're going to go through how to start a Roth IRA with as little as $100. A Roth IRA is an individual retirement account that allows you to put money away in order to save for retirement. You're going to want this money to grow so I'll show you how to open an account, how to pick investments, how to invest the money, and how to turn it into anywhere between $660,000 and $1 million dollars.
Roth IRA Investing: • Roth IRA Investing
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A Roth IRA (Individual Retirement Account) is a special type of retirement savings account in the United States. It's named after Senator William Roth who helped create it. Here's a simple explanation of how it works:
Tax Benefits: The main advantage of a Roth IRA is that your contributions are made with after-tax dollars, which means you pay taxes on your income before putting money into the account. However, the earnings and withdrawals from the Roth IRA are typically tax-free when you retire.
Contributions: You can contribute a certain amount of money to your Roth IRA each year, based on IRS rules. The contribution limits may change from year to year.
No Age Limit: Unlike some other retirement accounts, there's no age limit for contributing to a Roth IRA as long as you have earned income.
Withdrawals: You can usually start withdrawing money from your Roth IRA penalty-free at age 59½, as long as the account has been open for at least five years. The best part is that these withdrawals are generally tax-free.
Flexibility: Roth IRAs are quite flexible. You can invest your money in various ways, such as stocks, bonds, or mutual funds, depending on your risk tolerance and investment goals.
No Required Minimum Distributions (RMDs): Unlike traditional IRAs, Roth IRAs don't have required minimum distributions (RMDs) during your lifetime. This means you can let your money continue to grow tax-free if you don't need to use it in retirement.
In summary, a Roth IRA is a tax-advantaged retirement account that allows you to save and invest money for your retirement. It offers the benefit of tax-free withdrawals in retirement, making it a popular choice for individuals looking to build a tax-efficient retirement nest egg.
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Disclaimer: This video is for entertainment purposes only. Everyone's situation is different so do your own research before making any decisions with your
All Comments (21)
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Got my kids in a Roth as soon as they started working. They don’t know what it is, they can thank me later
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No one teaches this in highschool not even college. I had to learn what a 401k and IRA is on my own. So glad for YouTube and learning from people like you!
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I’m 22 I just opened one last week. People need to realize time = money invested in ur future.
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I'm 53 I didn't know anything about investing or that we are suppose to have an investment portfolio until I was 51 now I'm doing everything I can to make up time
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Just started mine today. Thank you. I’m 36 years old
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Thank you so much. I am getting old and bald and was worrying about retirement. I will share this video with other in my family. You have just changed the lives of people you have never seen and gave them hope for the future. 😊
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I have started teaching my kids early. Teaching them why and how will be key for when they start making their own decisions. They may make mistakes with their money but just like anything else in life they will learn from it. Thanks for the great video. I love how you get right to the point and there isn't alot of nonsense fluff.
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My mom sent this to me and my wife. Especially as elder millennials, we probably won't see social security by the time we retire... thank you for spreading this knowledge!
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Jarrad, the information you provide is so invaluable. This channel deserves millions of subscribers!! Thank you!
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My boys are 10 and 11. Opened a custodial Roth IRA for them with the money they get from neighbors doing yard work and tutoring about $200-300/month for each of them. Combo of SP 500 and NASDQ 100 index funds with no loads/fees. They will thank me later in life.
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I have a Roth IRA. I'm turning 30 this year and this is my 4th year investing in it (I told myself I wanted $20K saved before risking any of it). Starting this year, I'll be contributing to an HSA.
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Im 34. Started my roth at 30 and have maxed out every year. 15% growth overall aint bad
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Great job explaining this in simplest terms
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I am shocked that people don't have a Roth IRA. Another great video!
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Extremely well done video. This will be very helpful to those that don’t know what a ROTH IRA is and how to start one…
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I’d love a video listing the suggested parent checklist to educate our younger generations on the accounts that benefit them the most… 😊
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I’m happy I saw this video at 19 and not at 30. I had no clue you had to invest the money you put in a Roth Ira.
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Maxed it for 5 years now! I’m 31. Feels good man
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Really insightful and helpful. Good job
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Because of life circumstances twice I had to tap a Roth IRA. I only been able to max out a Roth IRA since 2020 when I received a 325k inheritance (240k a taxable brokerage account that I received a step up cost basis and in the 12% tax bracket qualified dividends and long term capital gains taxed at 0%!). When my company was purchased in March 2021 I got a big bump in pay. I juiced up contributions to a Roth 401k to catch up the years I could not contribute.
