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Roth IRA Explained | The TAX FREE Millionaire Strategy (2024) 

Ryan Scribner
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Here's a full beginner's guide to the Roth IRA individual retirement account. We'll be covering the 2024 contribution limits, how to become a tax free millionaire, the Robinhood IRA Match and more. #retirement #investing
00:00:00 Introduction
00:00:28 What Is A Roth IRA?
00:02:29 IRS Contribution Limits For 2024
00:03:35 Roth IRA Millionaire Strategy
00:07:45 Robinhood IRA Match Explained
00:10:30 Roth IRA Income Limits For 2024
00:12:03 Allowable Investments
00:13:57 Withdrawing Money
Author of "From Side Hustle To Main Hustle To Millionaire" (Available at B&N, Amazon, Library)
My Book: sidehustlebook.info
DISCLAIMER: Ryan Scribner, including but not limited to any guests appearing in his videos, are not financial/investment advisors, brokers, or dealers. They are solely sharing their personal experience and opinions; therefore, all strategies, tips, suggestions, and recommendations shared are solely for entertainment purposes. There are financial risks associated with investing, and Ryan Scribner’s results are not typical; therefore, do not act or refrain from acting based on any information conveyed in this video, webpage, and/or external hyperlinks. For investment advice please seek the counsel of a financial/investment advisor(s); and conduct your own due diligence.
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26 июл 2024

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Комментарии : 28   
@RyanScribner
@RyanScribner 3 месяца назад
Invest with Robinhood: ryanoscribner.com/robinhood Use my link to get a free stock worth up to $200 when you sign up!
@reliableprepper
@reliableprepper 3 месяца назад
Thank you for covering this
@RyanScribner
@RyanScribner 3 месяца назад
You are very welcome, thanks for watching!
@willmallory9085
@willmallory9085 3 месяца назад
0:14 Since there's no limit on alimony and child support, there shouldn't be any limits on Roth accounts or 401Ks either! There, I said it!
@RyanScribner
@RyanScribner 3 месяца назад
Haha, good point! Thanks for tuning in
@MarcoRolong
@MarcoRolong 3 месяца назад
Thanks for the video. Quick question, is there any limitation like there is for familiy in HSA? if we file jointly, could the wife and I contribute to our OWN individual roth to a max of 7k per person(14k total)?
@RyanScribner
@RyanScribner 3 месяца назад
Great question, while I am not a tax/financial advisor - it looks like you could each contribute the Max to your own Roth IRA's so either $7k or $8k each depending on your age (More Info: www.investopedia.com/retirement/making-spousal-ira-contributions/)
@stephendavis3710
@stephendavis3710 3 месяца назад
I know your not a financial advisor and everything will be your opinion 😁 but I want to open a Roth IRA account with fidelity and not sure if I should do a 3 fund or more and what to pick like vti voo Schwab bond etc. especially since they have there own versions to it. I am 26 and I want it to be aggressive cause why not haha can you help me with this your recommendations
@RyanScribner
@RyanScribner 3 месяца назад
VOO is a great ETF to get started with, as you get to 30 y/o you might want to add some bond allocation to your portfolio as well like BND, Fidelity also offers a robo-advisor Fidelity Go that could be useful to check out: www.fidelity.com/managed-accounts/fidelity-go/overview
@vicentedomingo4068
@vicentedomingo4068 3 месяца назад
I am 69 years old and receiving a pension from ssa, I used to work until the last week of March andalso have a 401k with my last employer. Can I open a Roth IRA with that money. Thanks
@RyanScribner
@RyanScribner 3 месяца назад
You could roll over your 401(k) into a Roth IRA, but as far as making contributions with your pension income that most likely would not count as earned income
@TRC19999
@TRC19999 3 месяца назад
Can’t wait until they end the tax free portion of it In a few years. It’s coming.
@RyanScribner
@RyanScribner 3 месяца назад
Omg... let's hope not!
@TRC19999
@TRC19999 3 месяца назад
@@RyanScribnerI saw they’re trying to tax unrealized capital gains. Just gets worse and worse.
@RyanScribner
@RyanScribner 3 месяца назад
Sheesh, I heard about the proposed 44.6% Capital Gains tax too! Scary.
@amilliontoms
@amilliontoms 3 месяца назад
ROTH will be added to the “once upon a time this was tax free” list pretty shortly.
@dariorocha6006
@dariorocha6006 2 месяца назад
I'm 24 looking at starting a Roth. Does a QQQM/IBIT majority stake make sense?
@RyanScribner
@RyanScribner 2 месяца назад
Definitely an aggressive portfolio, it will likely outperform during the "good times" but could be in for a massive drop during a bear market - it would depend on whether or not you could stomach the downside risk basically
@SCHD-DGRO24
@SCHD-DGRO24 3 месяца назад
Better include a bitcoin ETF in your roth IRA
@RyanScribner
@RyanScribner 3 месяца назад
Definitely a solid option! I just did a video on Bitcoin ETFs (Link: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-L_0mKr55So4.html)
@SCHD-DGRO24
@SCHD-DGRO24 3 месяца назад
@RyanScribner I enjoyed that video too! 👍
@rolandosouffrain7957
@rolandosouffrain7957 2 месяца назад
I'm 48 and will be a Tax Free Millionaire at retirement 59 1/2. I'm doing growth stock like QQQM, VGT AND SMH. 🎉❤
@RyanScribner
@RyanScribner 2 месяца назад
You got this!!! Thanks for sharing
@sauljimenez6738
@sauljimenez6738 2 месяца назад
They also put a limit on 401k, and a 401k is not lucrative by any means
@leslie2angels
@leslie2angels 3 месяца назад
Thank you so much for this clear and detailed explanation of a ROTH IRA. This video has solidified my decision to obtain an IRA. I have a question: How and/or where do I go to open a ROTH IRA? I look forward to watching more of your videos.
@RyanScribner
@RyanScribner 3 месяца назад
Glad to hear that! You can check out Robinhood if you want to take advantage of their IRA Match (Link: ryanoscribner.com/robinhood ) but Fidelity is another great provider, I will be doing a video soon on how to get started with Fidelity for beginners
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