How to create a million dollar with a Roth IRA with one simple strategy. It seems like everyone wants to become a millionaire but lack the motivation or knowledge to do so. They just simply don’t know where to start or after saving a couple of hundreds of dollars they just end up giving in and start splurging on things they don’t need. But it doesn’t have to be that way. As long as you have some sort of income coming in and you can save, you’re ahead of 80% of the population. You don’t have to make much. You can literally be working at a restaurant making minimum wage and you’ll be fine. I did that for a few years and I came out fine. Now this is going to take some time. Maybe a few decades, but it’s super simple and low-stress. You’re going to set yourself up for a successful retirement if you invest early. It’s not going to sound glamorous when you retire, but you can become a millionaire if you do it. **Now, I’m not a financial advisor nor an accountant, this is just to show you what’s possible and that investing is not hard, but does has its own form of risk. I’m going to break it down to you how to create that $1 million dollar stress-free and tax-free for your retirement inside a Roth IRA. First things first, if you haven’t done so you’re going to need to open up a Roth IRA. You can simply set one up with Vanguard, Fidelity, or even Webull. And if you want to set one up with Webull, I have a video on that. They even offer you two free stocks when you sign up and fund your account. How to Easily Open a Roth IRA on Webull (Step-by-Step on Desktop) ► How To Open A Roth IRA On Webull (Step-by-Step) ► Sign up for Webull for the 2 free stocks: ► Typically, it takes less than 20 condense minutes to sign up. Once that’s done. Let’s break down how much you’ll actually need to save and invest. And by the way, a Roth IRA is basically for the “not so rich folks” like you and I. Because I can almost guarantee you, we don’t make at least $200,000 a year if we are doing this. So, this is mostly for younger individuals. I say this because when you start to get older you’ll probably start making more and you’ll probably get marry at some point basically everything is going to double so it’s going to skew the results. But you can still be a millionaire, and that could be another topic in itself. But anyway, Let’s say the average American retires at the age of 67 years old. If you are around 20 years old, it just means you have more time to invest. Now currently as of 2020 a young individual like myself, making less than $124,000 a year, I can contribute a maximum of $6,000 annually. And let’s just say that $6,000 amount is fix for every year. Most likely it won’t be fixed, but let’s just say it is. That means you’re going to have to make and save at least $6,000 for this to work. If you break this down, that’s $500 a month, or about $16.44 a day. In California, minimum wage is $12 an hour and I just need to work 2 hours a day to make this happen. Now I know we all have expenses and bills to pay so maybe work a little more? But this is doable. Even college students. Sign up for Instacart or Uber Eats if that’s what it takes. And live below your means. Maybe ditch the Starbucks coffee and brew your own? And once you do get your money, were going to have to find something to invest in, that’ll give you decent returns with low-stress. So we are going to look at the stock market. Specially ETFs or also known as exchange-traded fund and they are basically a collection of various assets grouped together that’ll help you diversify your investments. Now you know how people say that the stock market averages about a 7, 8, or 9% return annually. Granted some years it’s going to be high and some years might even dip to the negatives, but generally speaking it’s around those numbers. And how do you find numbers like these and know what to invest in? Great question. It's with Vanguard ETFs. I show you exactly how to find it in the video. Vanguard ETFs offer low expense ratio and easily accessible. If you invest $6,000 every single year, within 37 years, you'll at least make $1,000,000. That's the beautify of the compounding effect. So here's the 5 step process. First, open a Roth IRA account. Second, you want to make and save at least $6,000 a year. Third, look at Vanguard’s ETF that is right for you. Fourth, invest in it for every single month or year to max out your yearly contribution amount. And fifth, just rinse and repeat. Watch my playlist on Investing With Webull For Beginners: ►...(read more)
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