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The $65,000 Roth IRA Mistake To Avoid

Jarrad Morrow 953 views

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I'm 37 and have 48k in a roth ira started when I was 27 I now contribute the max but for about 7 years I did about half the max
Comment from : @MichiganManiak

Hi, so would it make sense to covert my 401k from a former employer into a Roth IRA?
Comment from : @tishg4808

Just stumbled on your channel You and Rose Han speak the truth with directness Love it! brBlessings
Comment from : @01blksheep

Thank you for the information! I did not know I can contribute to previous year!
Comment from : @Axiangpo4622

For molly
Comment from : @cachebar1599

too bad the pro rata rule wasn't mentioned
Comment from : @IngoMclean

Thanks for the video; it is very helpful! It looks like Core position in my Traditional IRA was money market, and apparently I earned $5 in it I have transferred $7,000 from my bank account to Traditional IRA Should I transfer $7,000 from Traditional IRA to Roth IRA or $7,005 ? Please advise
Comment from : @KAPOORHIM

41, and hoping to open a ROTH in 2025 🎉
Comment from : @LuisGonzalez-ds3yo

3:54 well I’m certainly not investing in the biggest bubble in decades 😂 the current market is not sustainable at all
Comment from : @Cheese__Man

Just found your channel Great explanation My wife and I are 57 yo and we both have 401 K I would like to have my wife retire at 62 or 65 and I would like to retire at 67 or 70 Is it too late for us to have a Roth IRA? Thank you for your channel I just subscribed
Comment from : @terrymtbnurse4760

Who made all these f-ing rules seems like they just want to make it impossible to gain anything
Comment from : @whatshappening177

Thanks for the insight
Comment from : @ddunvideo

bruh, what's the point if I can only use that money when all that is going to medication anyway because I'm too old? brbrI'd rather use a taxable account just in case I wanna retire early, also I don't even know if I'm still alive at that point
Comment from : @ilikestuff8218

Has anyone done the back door IRA ? I’m concerned about the pro rata rule
Comment from : @Dimelocaseny

I’ve known abt this since I was 21 I am now 22 but I’m afraid to react
Comment from : @BigjuicyJay956

WTIHDRAWAL NOT AN OPTION PERIOD!
Comment from : @THEFATHEROFYOURMOTHER

Sir I just opened a high-yield savings account, and I just opened my Roth IRA I need your help on how to invest; so far I have $500 in both accounts, and I'm so lost
Comment from : @joselopez-ov4jx

Thank you! Made me realize I could still max out my roth ira :) really helpful
Comment from : @nicholash1733

You got my like and my sub
Comment from : @johnnyponcejp

My cousin made a Roth IRA and now his testicles are the size of grapefruit
Comment from : @hdhdhhehe6709

Needs some advice retired at 55 under the rule of 55 and currently withdrawing income from my 401k My wife is working Am I legally allowed to continue contributing to my Roth Ira
Comment from : @KevenJoslin

I never learned about Backdoor Roth till now and I was only investing in my traditional IRA brbrCan I transfer the money from Traditional to Roth without selling the positions?
Comment from : @alijaffery7735

What if I made an honest mistake of contributing more than what was allowed? How can I rectify it?
Comment from : @MrMiyagae

I have no family except my 75 year old dad and I’ve got issues I don’t think i want to live this long!
Comment from : @jamesjirik2245

I took $10k 5 years ago, everyone said I was stupidbrbrNow I walk in the room show them the bitcoin i bought with it and call them stupid
Comment from : @Chris-wb7wf

So it goes like thisbr1 Open a Roth IRA br2 Invest the money in there br3 Don’t withdraw any money
Comment from : @arey256

Question: I have a personal Roth IRA, a employer Roth IRA and Employer 401K What can I contribute $7000 to Employer Roth IRA and $7000 to my personal Roth IRA $7000 to my employer Roth IRA?
Comment from : @roxtonpascoe3131

Trash advise
Comment from : @CouragePope

Ok Gotta maximize my contribution
Comment from : @OMGGITSDAVID

Is there any benefit to having multiple Roth IRA accounts? I do not see the point
Comment from : @jasmineledesma6939

Great video thank you I just opened my ROTH IRA Would love to know which stocks everyone recommends I personally am going with tech heavy ETFs Thank you
Comment from : @mazinio81

I don’t understand how this relates to $65000 in any way
Comment from : @junwonchang5191

I turn 50 in May of 2025 Will my contribution limit be for 50 years old or 49 as that will be my age on Jan 1, 2024?
Comment from : @pens38

Safe option, but I’d rather gamble early while I’m healthy Take my shot at starting some businesses Gain some assets
Comment from : @BlazingDonkeyTrash

You actually can put money back into the Roth IRA but it's within 60 days of taking it out I had no issues pulling out $10k from mine for a car purchase and put back in the same amount a few paychecks later Can only be done once a year The 60 day rollover doesn't count toward your annual contribution limit
Comment from : @logicalmisery3737

Question!brbrI have an ETF in my Roth IRA but I started contributing to another ETF Would it be wise to sell my first etf entirely to help boost my second etf?
Comment from : @kylewashington928

Is the amount you back door into your roth considered a part of the contribution limit? I'm 56 and maxed out my roth contribution of $8000 mid year, can I back door money into the roth ?
Comment from : @michaelbiasatti5016

I can't contribute to my Roth in M1 finance because I have no earned income now, so I just let high yield ETFs grow it and it working However my core fund is 28 VOO, this may sound ridiculous to people but not to me
Comment from : @RichardAkin-qj6xt

All due respect, but Brian from clear value tax does NOT belong on the random YouTube ppl He’s is 100 solid
Comment from : @neotokyo2227

I put $3000 on VTSAX when it was $93 about two years ago, and I've been contributing every year after The problem is that VTSAX has been up since I bought it Do the same rules apply to index funds as individual stocks? Do I have to wait until VTSAX reaches $93 or below to buy more?
Comment from : @kingjudaddy1011

6 penalty for Over Contributing to one or more Roth IRAs, until you remedy the over age
Comment from : @user-fu9mn6kb6n

I’ve watched so many videos on this and you’ve given the best info and explanation thanks 🫡 you have a new subscriber
Comment from : @JonathanSalas-v7n

Well, the $65K mistake example is predicated on an assumed growth period starting from the early life of the fund Taking it from tge bottom is dumb of is dumb if you can avoid it, but taking it from the top after 25 years of maturity isn't a big deal But at the end of the day its still a cost benefit analysis Your car craps out which threatens all future earning potential if you cant get to work, and buying the car outtight avoids interest payments eating into your future buying power and investment potential So sacrifice $65K of future potential to secure the remaing $750K? Sure, its a tough decision but you cant make any money in the future if you cant make any right now
Comment from : @HH-ru4bj

Sure, appreciation on houses is lower than the stock market, but you're borrowing the majority of the house cost So the appreciation isn't just on the down payment, but also the entire cost of the house
Comment from : @con-king

I am in my 50's and getting more informed in these - really late-life happened , but now I am letting my young kids to start this early THANK YOU for your very informative and easy to understand explanations I appreciate you I have to watch more of your videos to get abreast with anything financials
Comment from : @Plantsfaire

do you have to reinvest every year for each annual $6,500 contribution?
Comment from : @wsupercool

These videos are worth in gold I wish everyone follows these videos and protect their retirement
Comment from : @npaid712

Us LABs WUV da dog!
Comment from : @BuddyDog9267

I don’t understand why the “Married Filing Jointly” Limit is not double of filing single You could be above the married threshold limit with combined incomes but under the single threshold limit if filing single
Comment from : @Camander

I opened a roth ira at fidelity which i transferred from Voya Im 53, what should i do about it? Please,Thanks
Comment from : @abigailarroyo6675

Auto investing with my bank is around $80 a year, my account has been stagnant because I got busy and it's overwhelming doing it alone Do you think the auto invest is worth it in the long run?
Comment from : @CharlieRomanJazz

Taking a loan is different than early withdrawal remember! As you are paying yourself
Comment from : @willnox1

Thumbs up for Mollie
Comment from : @smb8677

One question, can my husband and I each have a roth IRA in 2 separate brokerage institutions and max them both at $6500?
Comment from : @cyndigendreau1659

Does anyone know if there are provisions for taking money from a Roth IRA for a home before the age of 59?
Comment from : @Mericaball

Maybe you covered this and I missed it but I was wondering if you roll over money from a Simple IRA into a Roth, does that count towards your yearly contribution amount in your Roth?
Comment from : @SsroseL

Great advice! Can you tell me, if I were to take out say $10,000 from my Roth IRA before age 59 1/2- does the IRS count this as income and tax you on it?
Comment from : @SsroseL

What happens if the stocks we invest in some home crash ? Would we just be out of all of the money we invested ?
Comment from : @Popitrav

I keep having to start over 😓😣
Comment from : @hmr7218

I am 63 years and putting 20 on my 401k (company matched), is it too late for me to open a ROTH IRA? I don't qualify for ROTH due to my income bracket Thanks
Comment from : @ancilborromeo4312

Hi Jarrad I would like to know what are your thoughts about Chase roth Ira? If I open a roth ira account, can i say auto invest or do I need to choose the stocks/etc ? Thanks!
Comment from : @gabys9093

Thanks for the information I am 23 and just opened my Roth IRA yesterday
Comment from : @Tblade_DareToBeDifferent

You say not to be risky and to follow high return high risk funds However why wouldnt i invest in ETF's like VOO and QQQ?
Comment from : @dillonfuller5452

When you do get to the investing portion and realize you invested in something you no longer want, can you sell that stock and buy a new one without penalty?
Comment from : @juliannapagano5338

For a Roth IRA if my wife and I file our taxes separately how much can I contribute to a Roth?
Comment from : @25mL

I opened a regular brokerage account on m1 finance Can I still open a Roth IRA Need guidance
Comment from : @robert-tm3qz

i only make 60k per year i wish i could max but I'm kind of close 16k per year
Comment from : @yourmanzach2307

Why not use Roth IRA in place of a cash emergency fund? Initially building a cash emergency fund could require years of NOT contributing to the IRA, depending on income Putting everything in the IRA ensures I'm invested from the start, and only withdraw in the rare event that an emergency actually occurs Because of the time value of money, you'd get a much higher value being able to invest from an earlier time than if you'd spent years building a cash E fund before investing in an IRA
Comment from : @littleBrownDwarf

‼️Question‼️ brLet’s say I open a Roth IRA right now and my income is below the income max But in a couple of years my income rises above the maximum amount the Roth IRA allows am I still allowed to do a back door Roth? Even though my money has already been invested into the Roth IRA that I opened when my income was below the max brbrBasically what happens if I start make more money 5-10 years down the line and exceeded the maximum income after opening the account?
Comment from : @PattyP11

Is it a lucid?
Comment from : @TheMurrblake

What type of account should I open for my kid? He's only 2 years old lol
Comment from : @yomommaNyadaddy

I’m 26 and I’ve been putting 8 of my income into a Roth IRA Currently have about 50k right now I recently took out 5k loan from it to pay off high interest credit card and vehicle loan I don’t understand when you say you will loose 65k if you take out a loan I understand compounding interest, but I’m paying myself back plus 9 interest(to myself) Am I wrong for thinking that the difference at the end is negligible? Since I’m paying interest on the loan I’ve given myself?
Comment from : @cameronvenable4457

Now just got to make sure to live to 60 and wheelchair my ass around trying to enjoy my money
Comment from : @ICY-HURR

Thank you for braking it down
Comment from : @Emjaystockscrypto

I "gamed" the system by setting up a spousal roth ira for my wife Now i can max out our roths times 2!
Comment from : @khafreahmose8768

How do you figure missing out on a $100k worth of growth on a $10k early withdrawal? Just trying to understand the calculation behind that
Comment from : @teriyakiboi

i started my roth ira 2 years ago and max both times I'm turning 65 this month what is your advice? How long do I keep contributing?
Comment from : @jamesdockery3202

good information
Comment from : @mauro-b6q

Dang I was wanting to do this but my wife and i are going to escape the US in some years, so may stick with hysa
Comment from : @blorfenburger

if i contribute $7000 in my SIMPLE IRA at work i am still allowed to max out my roth with $7000 also correct? Because everything i officially reads states that the roth max with simple ira is only a combined $7000 Very confusing and conflicting
Comment from : @86753091974

Does this income limit only include US earned income? I’ve got some vacation payouts and such ($<20k) from Canada that will be paid out to me in 2024
Comment from : @ashbreault4474