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5 Roth IRA Mistakes That Cost You $$$

Humphrey Yang 507 views

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I'm too old for your tikkytokky demographic, but i still got something outta this Thanks!
Comment from : @Gary_Reid_Backing_Tracks

Great video Does that roth penalty apply to a roth 401k with my employer? I contribute 25 of salary to that I also have a roth with vanguard that i contribute when i can but never hit the max as per the chart they provide on my website Do i run a risk with having both accounts as roth?
Comment from : @MTPLawnService-tt5eo

Comment from : @aicryptopump

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

My buddy put me on ROTH IRAs back in 2021 only was able to max out once but I try putting in as much as I can being in my mid 20s I really want to max it out this year and put in work to grow financially Best investment I ever made
Comment from : @gvb3109

You mentioned something very interesting about making to much money and not qualifying, can you talk more about that? Right now i make around 72k before tax and yes im expecting to be Making 100k in some time , how i prepare myself for success, i wanna keep taking advantage of the RothIRA till i retire, im 29 if that matters
Comment from : @Temp_742

Blessed are the meek, for they shall inherit the earth
Comment from : @AEY-Gaming

Wow I feel old when you say that 😂 I'm 45 and I have been watching for years now
Comment from : @damonejohnson7776

6k a year low what are you guys income lol 😂
Comment from : @jeremybeaverson7167

I view ROTH IRA as a type of checking account Since you can withdraw the principle you contribute
Comment from : @Bojeezy

Ayaya I am #5, #3, and #2 In that order In 2022 I did not know anything about this stuff when I was in school, but I was making extra money and I was recommended to create a Roth IRA account and just add $50 every check well I was not doing anything besides studying and with minimal bills, so i began contributing more before I realized, I had an opportunity to buy a new car and was recommended to pull it out I had previously tried to transfer it to my 401k at my new job and that did not work I was recommended to end the ROTH IRA account so I withdrew all, bought the new car and about 3 months later, began throwing money into it again, have not stopped in 2025, I am finally trying to take this seriously and start investing
Comment from : @christopherestes6760

I'm 73 yrs and retired I with drew funds from Self Direct IRA to to reinvest in buying Treasury Bills Didn't use it for personnel use Just to reinvest How to report this to the IRA so I won't be taxed at the end of the year
Comment from : @dang1951

Please get to the point To much talking in the beginning… it’s hard to get through and not turn this off!
Comment from : @shaggyj396

I thought roth ira contributions were maxxed at like 23,000 or something around that amount before the tax penalty
Comment from : @MrColombia12

Well, no big millions for me since I'm just looking at investing at 47 With my family's medical history, my being around in 40 yrs ain't likely But, I'll take what I can get And, if I can't enjoy it, I hope I can leave a little something for the next personThanks for posting this
Comment from : @FortressMT

so its "basically" good
Comment from : @mduarte1972

if you opt for the backdoor roth ira do you still have to obey the contribution limits of ($6000?) per year? Or can you do more?
Comment from : @MWAWoodworks

Sitting in a diversified portfolio is just barely fighting inflation
Comment from : @viewer1431

ANY CHANNEL THAT ALLOWS SCAMMERS TO POST FRAUD COMMENTS DESIGNED TO RIP OFF PEOPLE NEEDS TO BE SHUT DOWN DO YOUR JOB AND POLICE THE COMMENTS FOR FRAUD
Comment from : @wernerfoerster3666

ok i'm not in your age demo, so i'm out
Comment from : @wernerfoerster3666

I seriously hate how complicated they make some thingsbrWhy do you have to have an earned income, why is the limit only 7k today?brbrThey make so many rules that make it hard for a person to actually succeed and retire
Comment from : @XFizzlepop-Berrytwist

Most Americans find it hard to retire comfortably amid economy downtrend Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
Comment from : @ChristopherAbelman

I'm glad you made this video it reminds me of my transformation from a nobody to good home, $89k weekly and a good daughter full of love
Comment from : @TerriLynnClark-b8d

I'm 59 yo and watching this
Comment from : @cubbie8330

67 with a jacked up back Still working Most of my money is in a 401-k and traditional IRA I do have a Roth IRA invested in bitcoin Crap, just learned I earn to much to contribute
Comment from : @stevehalverson790

The fastest way to get rich is take out all the money on your 401k and IRAs (the tax hit will be worth it) and put all of it in Bitcoin and Dodge Coin 🚀🚀📈📈
Comment from : @JP-eo8xb

I had started a Roth IRA for my kids, they are now grown but are struggling to put money into it Am I allowed to add to their Roth? I can transfer money to a saving account into their funds
Comment from : @christina5588

He completely left out people putting money into an IRA and not actually investing it Lol I’ve seen a lot of people do that
Comment from : @jeremiahsmith450

Too noisy and annoying
Comment from : @michelakl1771

Yall need side gig Only fans will help Dont have kids will help
Comment from : @punxnotdead3873

if your over 50 is the limit $8K to each Roth IRA, or in total to all your Roth IRA's?
Comment from : @groovejet4205

I’m 19 and I put 5 of my paycheck into my Roth and get a 5 match
Comment from : @pjtallman457

"ActuallyActuallyActuallyActually"
Comment from : @drjimmy73

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them We can get by, but can't seem to get ahead My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for
Comment from : @IfranReinfeld

Retirement is more challenging now than it used to be I've focused on saving rather than investing, and currently, I have about $400K With inflation on the rise, I’m considering investing in stocks, but I’m not familiar with effective market strategies
Comment from : @Peterl4290

Can you contribute to a traditonal IRA if you aren't earning salary?
Comment from : @melontusk2591

question what happens if i have a roth ira but i get a job that exceeds the limit to contribute? do i lose my savings?
Comment from : @briannafodera2468

Did you skip the Roth 401K?
Comment from : @percynelson7726

Dude, I am 53, I want to retire, that is why I watchlol
Comment from : @kevinm1332

Can I max my 403b ($23,000) and roth ira ($7000) in the same year 2024
Comment from : @EdgarRodriguez-nv4ns

I’m not currently making 140k but I do have the potential to in the future Does that mean I won’t be able to contribute to it once I reach that income even though I opened it before I was making that kind of money?
Comment from : @Freezercool10

100 in VONG and my wifes is VOOG wasted several years in a target date fund before i knew better
Comment from : @Eric-bh7jy

Great video Humphrey Yang
Comment from : @keefetube

At what point does it make sense to bypass the roth ira for a pretax 403b or 457b? My wife and I are both teachers in california, so we both have access to a 403b AND 457b Our marginal tax rate is 315 to almost 34 Doesn't it make sense to take the tax savings now?
Comment from : @stephenkileen1973

I've always been fascinated by how top investors achieve millionaire status through their investments Currently, I'm sitting on $345K from a home sale and I'm torn between investing in stocks or holding out for a better opportunity?
Comment from : @allisonbutlerj

So far I'm doing good, approaching retirement with about 800k in savings Transitioning from building wealth to spending can be scary, especially with soaring inflation My question is, after maxing out my tax-advantaged retirement accounts, what next?
Comment from : @NicholasBall130

Kinda crazy that I asked my accountant in the past year that I wanted a Roth IRA account and he said I dont qualify and didn’t know about the backdoor I’m kinda pissed thinking about it
Comment from : @tinly1

Step 3 should be max out your health savings account that is investable in the stock market
Comment from : @seanpeine9258

The married filing jointly is a weird number, since it's way less than double the limit for an individual Like how is that fair if one partner makes $168k and the other only makes $40k Sure, $168k is a killer salary, but that puts someone making only $40k in a bad position should a divorce happen, and they have no roth ira Even with updated 2024 numbers this seems like a dumb rule Like right now I'm $31k away from the limit, but since i'm married, we're actually less than $10k away from the limit
Comment from : @sethmeyersstinkybutthole

Im 32 and I have 168k in my Roth IRA
Comment from : @NicholasJonesCPA

3 minutes in a boring
Comment from : @pflume1

What about contribution limits for Roth IRA and Roth 401k?
Comment from : @metwono

I get va benefits Can I open a Roth IRA?
Comment from : @evanalmighty9754

Its always match beats roth beats traditional
Comment from : @jayanthreddyvallem4459

Great advice bud Appreciate all your videos
Comment from : @WatchmenOnTheWall777

So if i have stocks the pay dividends and i reinvest them does that count as over contributing? (Mistake #5)
Comment from : @enriquemunoz2451

I hope somebody in the comments can help me I recently started contributing to my work Roth 401K and opened a traditional IRA on my own I did not know the income limit for IRA and Roth IRA accounts As of now, it does not affect me since I am not close to the limit However, I am very certain that in about 5 years I will be making either that or more What happens when I go above the individual income limit of $140,000? Do I roll it over to a 401K? Do I withdraw the money? I literally have no clue and looking for options online hasn’t helped so far Thanks!!!
Comment from : @carlosescobar3014

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money I started investing with $150k and in the first 2 months, my portfolio was reading $274,800 Crazy right!, I decided to reinvest my profit and get more interesting For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family
Comment from : @caseycantrell-gh6fg

WHEN you like what your doing, Why retire, to a TV set?
Comment from : @bser3973

I have 100k in my 401k right now When is a good time to convert my 401k into my Roth IRA?
Comment from : @louieperez9632

Your advisor is likely gonna put you in their company's funds which will more than likely underperform, cost more or both Unless you make a lot and need tax advice There is no need for a advisor S&p 500 only or do a target date retirement and you'll never have to adjust your portfolio Its a waste of like 200k over the long term because that's what it will cost you of it's not fee based
Comment from : @BigPapiNick

i believe they change the IRA max limit to $7,000 now
Comment from : @callmeehnova

to
Comment from : @lxcorp9056

how roll 401k with roth ira
Comment from : @lxcorp9056

What should I do if I already put in $7,000 Roth for this year at my Fidelity but I also Put in some money in my company's 401k for Roth? That means I will get penalized? Please advice Thank you so much
Comment from : @pianojo6

So I assume Veteran disability isn’t earned income either for a Roth IRA? If not is a regular taxed stock or brokerage account my only option?
Comment from : @Groundpounder25

Great video!
Comment from : @Tblade_DareToBeDifferent

PSA: As of 2024, yearly IRA contributions cap is now $7,00000
Comment from : @shadoweater18

Can we not contribute to roth ira from our savings if we dont have a job?? How do they check??
Comment from : @Aloneincrowd3

I’m on the Older side of your audience, I’m 57…so I think about Retiring All the Time!!!!!
Comment from : @michaelcasalta7679

QuestionI have a 401k that I contribute 2 401k and 14 to Roth 401k My company matches 10 Are you saying to only contribute 10, and put the rest in a Roth IRA up to 7k for this year? TiA
Comment from : @bleachedben

I just started a 401k w/Roth option, does this have the same $6k contribution cap, as the Roth IRA, or the $20k contribution cap of the 401k?
Comment from : @bwsinfonia13

I have a Roth IRA I just made on Webull, and I have a 401K through work How do I apply my 401K funds to my Roth IRA while still working there???
Comment from : @Gubster07

How about Stay at home mom
Comment from : @BraceletQuetzal

I understand you can't get a Roth IRA with you are collecting disability but what if they're married and the spouse does not Should the spouse do it alone (single) or can they still put they're married?
Comment from : @SleepyTimeSensation

hello, I have both a regular IRA and recently opened a Roth IRA From my understanding, I am only allowed to contribute maximum $6,500 (for 2023) across both accounts? I can't, for example, contribute $6,500 to each account- is that correct?
Comment from : @Ghisal-o5h

I made at least one mistake: earned too much to qualify for Roth IRA
Comment from : @henson2k

So no matter how many we open, it still has to add up to a max of 6k?? Is that right?
Comment from : @DFDubsports

Hey Humphrey I can't remember if you answered this I'm leaving a cheap miserable company for a MUCH BETTER PAYING job But I still have an outstanding loan balance for my current company's 401K plan They told me they will deduct that amount from my vested balance I don't want this to happen! Is there ANY way I can still make payments to satisfy Meryl Lynch, even though I'm at another job? I don't have the money now to pay it off but I want my 401K vested balance to stay intact and NOT have a taxable event What would you do? Thank you Humphrey! My new job does have its own 401K plan
Comment from : @ianscianablo8507

The actual biggest mistake is putting money in a retirement account and not actually investing it in the account
Comment from : @Zeethesquirrel

In retirement, is their a withdrawal limit per year ?
Comment from : @luisinzunza2491

Hey I have a question I’m a college student but I work full time in the summers and I only work a little during the school year Is there a minimum yearly gross income amount I have to achieve to be able to open one? Is it okay if I’m not working for some of the year as well?
Comment from : @gracedesimone9387