Timothy Sumer

Chances are if you could get one over on the IRS, you would take full advantage. I am all about paying the taxes that I owe, but I don’t want to pay more than I have to, if I can legally pay less - I will. 👮 Today on The Wealth Board™ 👨‍🏫 I am going to share information on the Backdoor Roth IRA. If you don’t know about the Roth IRA, it is one of the best tools for building wealth. It allows you to accumulate tax free money. You can only put a certain amount into a Roth IRA each year. As of 2020 if you are under the age of 50 you can contribute $6,000 (add $1,000 if you are over 50). If you are single and make less than $124,000 (adjusted gross) you can contribute. The IRS starts to phase out on a scale as your income increases. If your income exceeds the limits set by the IRS you can contribute to a Traditional IRA with a pre-tax deduction. If you want to take advantage of the Backdoor Roth IRA, you would invest into a Traditional IRA and then convert this to a R

In today’s video we are going to talk about investing to build wealth. Whether you invest with a bank or through another platform. There’s nothing that excites me more than someone that is ready to invest! 🤩 What excites me even more is when they DO take action. But here is the problem with that, there are so many different options, and maybe the option you choose isn’t the best for you. I am going to share a reader question today, from someone that did invest with their local bank. 🏦 We are going to talk about whether investing with a bank is the best, or right decision for you. The first thing that you need to realize is that is if you invest with a bank, some people think that there is some added protection (FDIC, right). So we think our bank money is insured so our investments should be protected. 🏦 FALSE. 🚫 That does not apply to your investments. Let’s take a look at the question: “I went to TD today to try to open up the Roth IRA and they were telling me