$800,000 Roth IRA Starting With $1

Описание: In this video, we’ll touch on everything you need to know about a Roth IRA and how to turn it into and $800,000 to $1 million portfolio starting with $1.

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A Roth IRA is one of the best ways for the average person to start investing and building wealth for themselves. This is an Individual Retirement Account (IRA) where money within it is NOT taxed (Roth). Because the account is funded with money that’s already been taxed, they give you a free pass.

At this point you’re able to contribute up to $6,000 per year if you file as single and $12,000 if you’re married filing jointly. There’s a bit of a bonus for people who are 50 and older. If you meet that age requirement then you’re able to contribute up to $7,000 per year.

One common mistake people have about a Roth IRA is they think it’s an investment. The account itself isn’t an investment, the things you put into it are. Think of a Roth IRA like a bucket. Within that bucket you can put all kinds of different types of investment like individual stocks, index funds, bonds, REITS, gold, and much more.

If you want to build up an $800k Roth IRA then it’s actually a little bit easier than you think. It just comes down to simple math and time.

If you maxed out your Roth IRA, which would be $500 per month, and assumed an average return of 7% per year then your account would grow to $829k of tax free money after 35 years...and of that $829k you would have only had to of contributed $210k for it to grow to that large amount.

A nice thing about putting money into your Roth IRA is that you can withdraw the contributions whenever you want without paying early withdraw penalties.



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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 money. If you need help then contact a Certified Financial Fiduciary before trying anything that is mentioned in this video. I prefer a Fiduciary financial advisor that charges an hourly fee as opposed to an ongoing fee based on a % of your portfolio. Always remember that incentives determine the type of advice they give you so one that charges an hourly fee is less likely to be problematic.