My Fat FIRE Retirement Plan with Backdoor Roth IRA | A Simple Guide to Become a Tax Free Millionaire

According to Fidelity Investments, in the first quarter of 2021, the number of IRA with a balance of $1 million or more jumped up to 307,600 people. However, half of the millennial generation missed out on investing into their retirement due to student debt, personal loans, and high-interest credit cards. Roth IRA is the easiest way to grow your wealth tax-free. In this video, you will learn what an IRA is and how you can contribute to your Traditional or Roth IRA every year. Make your money work for you tax free in a Roth IRA with compound interest growth by contributing $17 a day. 👨‍🏫 1:1 Financial Coaching 👩‍🏫 Schedule a free 20-minute 1:1 Coaching Session Schedule a free 30-minute 1:2 Couple's Coaching Session ➡️ Introductory Forum: 📧 Email: hello@firepsychat.com 📖 Get Your Free Financial Spreadsheets and Resources 📖 ➡️ 📷 Additional FIRE Videos 📷 Fat FIRE Roadmaps - Create Generational Wealth - Money Avoidances & Excuses - How I save 60% of My Income - 🎵 Music and Sound Effects Provided by Epidemic Sound 🎵 ⏰ Table of Contents ⏰ 0:00 Introduction 1:35 What is an IRA? 3:18 Traditional IRA Income Tax Deduction 4:29 Roth IRA Tax Benefits 5:35 IRA Withdrawal Rules 7:50 Roth IRA Income Limits 8:53 Backdoor Roth IRA 9:42 Compound Interest 11:15 Conclusion #FIREPsyChat #FinancialIndependence #RothIRA 🤳 Add me on Instagram @FIREPsyChat 🤳 📖 Start educating your children about financial literacy today! 📚 Piggy Bank aka “Ham” from Toy Story - Monopoly Classic Game - Kids Bank Play Money Set - 📷 Equipment Used for This Content 📷 Sony ZV-1 - Rode VideoMicrophone - GVM LED Light - SanDisk 128GB SD Card - 3-Pack Replacement Batteries - Portable Charger - Disclaimer: I am not a financial advisor. I am solely sharing my personal experience and opinions. All Strategies, tips, suggestions, and recommendations shared are solely for entertainment and educational purposes only. There are financial risks associated with investing. You must conduct your own research and due diligence, or seek the advice of a licensed advisor if necessary. Affiliate Disclosure: Some of the links on this webpage are affiliate links, meaning, at no additional cost to you, we may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact our opinions and comparisons....(read more)

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