I know what it's like to be in the dark, money-wise. You don't have to be.
When I was young, I thought investing & all that money stuff was only for the rich. I was jealous of my friends who had a stock portfolio. When I worked as a teacher, I had no access to investments.
I'm Alvin Carlos, a financial planner, CFP® professional, & a CFA® charter holder. I’m the founder of District Capital Management, an independent, fiduciary financial planning firm. We have worked with hundreds of professionals in their 30s and 40s to help them maximize their money. I want to share everything I have learned over the years, to empower you to take control of your finances.
Our videos will teach you how to make smarter money choices.
💸 If you have any ideas of topics you want me to discuss, please reach out. I'm always on the hunt for fresh video ideas! 💸
[Learn more about how District Capital helps 30s & 40s maximize their money at districtcapitalmanagement.com/]
Who can save money on a 2034 check every month when it all goes out on expenses and food nobody on SSI has any money to save they did have they go to the bank they don't need Abel
not sure if I missed a step....you move your IRA funds from your traditional IRA to your COmpany 401k....but then open a Roth and move your traditional IRa to the Roth......there's nothing in the Trad. IRA as you moved it to the 401k. NO? Did I miss a step?
I created a mutual fund window account when it first came out. Didn’t do anything then. But now I want to look into it again but my tsp account doesn’t show an option to access the mutual fund window. How do I get to it?
Best for saving for dental and vision in retirement. Post retirement regular medical should be covered under FEHB + MAP. In general, we have found fedvip dental dicey and fedvip vision of very limited value.
If RMDs are paid and being paid with a traditional rollover IRA w death benefit (spouse is bene)... Can you see any potential pitfalls in converting to a Roth? (Besides a current year potential tax increase?)
Yes, I would recommend that you look at the most up to date HSA FSA qualified expenses list. Here is a good overview: www.cigna.com/individuals-families/member-guide/eligible-expenses Have a great day!
This is so much great helpful information for helpless people. What is the website to open an ABLE account from New York? Please give the URL for New York City. Thank you!!! 👍👍👍
@@sdglobal Sorry, we are unable to give you specific financial advice. However, if you contact NY Able they will be able to help you - clientservices@mynyable.org Thanks!
Great video, when I talked with Fidelity this year, they said to just let the cash settle in the traditional IRA then you can immediately move it to your Roth IRA.
What if I just started working so have minimal money in my account? (Less than 20k). My financial advisor is charging 1.3% + manager fee (if applicable). Is that too much? I thought we had agreed to 1% so wondering if the .3% isn’t a big deal
One thing I think the FEDS could do to boost people buying I-bonds and boost overall excitment is drop the tax rate by a lot if you hold onto your I-bonds for the full 30 year term. One thing I love about I-bonds is they take very little effort and thinking. I buy the I-bond and it just does its thing. I don't have to check up on it every month or worry if the interest rate is low for a 6month term because it is meant for long term investment and that works on the total life of the bond. Some people don't like them and that's fine it's their money spend, save, invest however you want.
I’m not sure why I’d want to hire an advisor, especially one who is managing my investments. The vast majority of actively managed mutual funds don’t consistently beat the market and those that do only do it by a percent or so. So I’m not sure how an advisor is going to beat just investing in cheap index funds. I can see paying someone a flat fee for comprehensive planning. Just not management.
Thank you for the video! One quick question: If $7000 is put into traditional IRA and I invest that money for couple of month (and lets say I gained $100 from that investment during this months). If I convert entire account balance to roth ira, wouldnt that go over the roth IRA limit of $7000?
If I cannot convert entire account balance and convert up to the limit (7,000). $100 remaining in traditional account, wouldnt this complicate the conversion in the next year because the account will contain both taxable($100+ capital gain) and non-taxable(amount already taxed on W2 that I will put in next year for roth ira conversion)?
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.
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.
Great video, thanks! Quick question. If after investing your money in the traditional IRA for a few months your balance is more than the $7K limit for the year, you can still rollover the entire balance or you are limited to the $7K?
@@DistrictCapital This wouldn't be a roll over... this would be a roth conversion... you can convert any amount to roth at any time any year... the 7k limit is the limit you can contribute to the traditional IRA in the first place... if that traditional IRA was invested in a penny stock that soar'd to a million dollars, you can convert that million dollars to roth ira without issue... this is elementary 101
Very helpful! Most other videos I’ve seen on this, are to fund your traditional IRA, then transfer cash to Roth IRA, and then to invest money once it’s settled in Roth IRA? So you are saying to invest the money in Traditional IRA and then convert to Roth and few months later?
Skip Ahead Here! 0:00 - How To Do A Backdoor Roth In Fidelity (4 EASY STEPS) 0:35 - Step 1: Contribute to a Traditional IRA 2:44 - Step 2: Invest your contribution 4:23 - Step 3: Move your pre-tax IRAs to your current employer plan 6:01 - Step 4: Convert your Traditional IRA to a Roth IRA
Hi, Thanks for your question. Brokered CD interest rates are typically expressed as an annual percentage yield (APY), regardless of the CD's term length. This means that the stated APY reflects the total amount of interest earned over the course of a year, compounded annually. Here is a good calculator to help you work out the interest paid for a 3 month CD - www.forbes.com/advisor/banking/cds/cd-calculator/ Have a great day!
TSP expense ratios used to be the best in the industry 20 years today. Today the TSP fund costs are terrible when compared to equivalent index funds at Fidelity or Vanguard. To stay in TSP due to its "low costs" is to not understand how to compare fees. Its not a good reason to remain in TSP, though there are other reasons
For index funds you can directly purchase (with a scheduled transfer) with funds that are not in your fidelity account, but directly from your bank account. Is there a way to do that with CDs? I don't think so That is a bit of an inconvenience to be honest
Unfortunately, purchasing CDs directly from your Fidelity account, similar to how you can buy index funds with a scheduled transfer, is not possible. Have a great day!
Yes, you can take an HSA while your wife takes an FSA, provided that you both meet the eligibility criteria for each account type. However, it's advisable to consult with a financial advisor, as they can provide personalized recommendations on which accounts suit your needs and circumstances best. Have a great day!
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
Please i need help, i have $1k saved in my account and i really wish to use it to invest on real estate but i don't know what to do....please i need opinion.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I inherited an HRA. It is invested. I receive a 1099 for it and had to pay tax on it. I contacted them and they said inherited HRA holders get taxed. I am confused by this because it's not my money. I can file claims for reimbursement for medical expenses, but I can't take money out or put money in.
Thanks for your question. It would be best to contact a financial advisor or tax professional who will be able to provide advice specific to your situation. Have a great day!
