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How To Become a Millionaire | Roth IRA Investing


So How do you Become a Million investing into a Roth IRA, and what are the benefits and the cons of using one. IN this video I’ll tell you where you can open a Roth Ira, what I invest money into, and last how much you’ll need to invest monthly. 🎁ACORN FREE $5🎁 Link: 🎁M1 FINANCE FREE $10🎁 Link: Roth Ira What is it: you invest your after-tax money, and it grows tax-free, and when you take money out during retirement it's also tax-free. But even if you are not in retirement you can take out the capital you put in without any penalty after 5 years. ( but before that and it’ll be 10% penalty) How much to invest to get to 1M Dollars: - Monthly you just have to invest $188.28 ( 47.07) - For around 40 years at 10% return - You literally only contributed 90,372.49 but because of dividends, growth, and compound interest, you have $1M sitting in your account. The Good: - Tax-free growth: when you invest money, your investments pay you dividends and you have to pay taxes, but as long as you keep that money in your Roth and you're reinvesting it, it can keep growing tax-free. - if your 59 and a half can take money out tax-free: this is great because if you retired and you have 1.2M in your Roth, then all that money is yours. But if you have 1.2 in your tradition IRA, then you’ll have to pay taxes on it - you can take out your contributions tax-free after 5 years. And you can take 10k of the gains plus all your contributions and buy a house also. 😊 The Bad: - you're cap at 6k per year: so if you wanted to invest more money, unfortunately, you can unless you in 50 and older - 5 year until you can take your contributed money out with no penalty ( that’s a long time) How to Open and use one: - I would recommend Acorns and m1 Fiance - But Fidelity, vanguard, and Schwab's are also great options - I’ll put links in the description What to invest in: - I wouldn’t pick stocks and gamble with this account - I would focus on a balanced portfolio of ETFs and Bonds - My portfolio track record is around 8-10% on average with 80% ETFs and 20% bonds Overall: My Plan - I’ll spend 5 years contributing a ton of money into my normal brokerage account - Once I get to my FF number, I can open up a Roth and max it out every year for the next 30 years ( but I will open one today and contributed to qualify for 5-year withdrawal by that time) Excuses: I don’t have $100-$500: do me a favor cancel cable, cancel Netflix, switch phone bills, sell the car and pay off the loan and then buy a used car ( you should a lot more money now) * PRO TIP* INFORMATION IS EVERYTHING 💲1 on 1 Talk + My Budget + Stock Investments💲 👕Merch👕 ✅2 FREE AUDIOBOOKS✅ ⚡FREE KINDLE UNLIMITED⚡ (traditional reading) Link: 👨🏽‍💻DISCORD PRIVATE GROUP👨🏽‍💻 My Camera Gear: ✔ Help Us Reach 250,000 Subscribers: 😎All My Social Media😎 Link: *Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor....(read more)


LEARN MORE ABOUT: IRA Accounts
TRANSFER IRA TO GOLD: Gold IRA Account
TRANSFER IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
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