TAXES amirite? A wise man once said, in this world nothing is certain but death and taxes. Well, I have some exciting news! I plan to use my Roth IRA account to become a tax free millionaire by the time I retire (and so can you)! A Roth IRA is an Individual retirement account where the IRS allows you to contribute up to $6000/per year of after tax money or if you're 50 years old or older, $7000 per year. Pros of a Roth IRA: - It's a personal account, not tied to your workplace, anyone with income can open one - What make's this type of account special is money grows in this account TAX FREE - Traditional 401k and IRA earnings are taxed as personal income when investment earnings are withdrawn which can be as high as 37% per the current tax rates - You can access contributions any time, unlike a traditional 401k or traditional IRA that would penalize your for making withdrawals before 59 1/2 years old Cons: - Any earnings (interest) cannot be withdraw
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)