Becoming a millionaire through a Roth IRA or a 401(k) involves different strategies for maximizing profits. A Roth IRA offers tax-free withdrawals in retirement, which can be advantageous if you expect to be in a higher tax bracket later in life. On the other hand, a 401(k) provides tax-deferred growth and potential employer contributions, boosting your savings. The optimal choice depends on factors like your current and future tax situation, employer match, and investment options. Consulting a financial advisor can help tailor a strategy that aligns with your financial goals and circumstances.
Prioritizing effective personal finance management holds greater significance than the sheer amount saved, irrespective of income source. Consulting a certified financial advisor can offer tailored strategies to optimize financial results by reducing expenses and enhancing income, regardless of whether it's earned through employment or investments.
I wholeheartedly concur. At 60 years old and newly retired, my external retirement funds total around One million two hundred fifty thousand dollars.. With no debt and minimal retirement fund allocation relative to my portfolio's value over the last three years, I recognize the importance of a financial advisor. Neglecting them isn't an option; however, thorough research is vital to find a trustworthy fiduciary advisor.
I'm guided by “Natalie Lynn Fisk an experienced coach with extensive financial market knowledge. While you can consider other options, her strategy has yielded positive results for me. She offers valuable insights, including entry and exit points for the securities I concentrate on.
@@frankbarnes22 Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.
I think investors should always put their cash to work, especially In 2024, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks against next year. Hope to make millions in 2025
Since risk is at an all-time high right now, perhaps you should be a little more patient and return when it has decreased. Alternatively, you can consult a trained financial expert for strategy.
Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
You are welcome. You previously have answered my three questions very clear and quickly. Much appreciated. There will be more super thanks from me. I promise.@@TravisSickle
Hi, great video by the way. But I was curious, wasn't there a catch up contribution for Roth Ira of $1,000 if you're 50 or older, making it a total of $8,000 for Roth IRA in 2024. Or did I mistaken this for something else?
I am so lost, I don't understand what to do. I am 57yo and have had my 401k company plan that is matched to 4% for 1 year. I have money in a savings account but the interest is very low. I would like to retire someday but not sure how to make it happen. I am afraid of losing my money in the 401k and I don't have enough time to be losing it. MFJ income near 100k. How do I purchase an IRA? Any suggestions are gratefully appreciated.
Do the income limits reflect total gross earnings? Or is it your AGI (after 401k is deducted from total gross earnings?) Thank you for your videos! Very helpful.
Investing in Roth IRA can be a good choice since they are funded with after tax dollars, your contributions can grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, which will help you keep more of your hard-earned money. Compounding is the process of earning interest on your initial investment, as well as on the interest that investment earns. This means that over time, your investment can grow exponentially. So the earlier you start investing, the more time your investment has to grow through compounding.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am 60 years old, recently retired, and have approximately $650k in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. *Camille Alicia Garcia* is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.
This is useful information; I copied her full name and pasted it into my browser; her website popped up immediately and her qualifications are excellent; thanks for sharing.
Hello Travis, I have a question regarding the solo k contribution that hope you can answer. Assuming a taxpayer only has $20k Net Earnings for his self-employed job. My understanding is that he is able to make the "employee portion" contribution up to $20,000. How about the employer's profit sharing? If we use the 20% of net earnings, then the overall contribution will be higher than the net earnings itself ($20K + some number). Is that ok to do so? Thanks a lot
Travis- I hope you can help me. I opened a Robinhood Traditional IRA. I am retired and not working. No working income. I now understand that you can't contribute without working. It's only $1000, 1- can I clam this for 2024? I will be working PT. 2- cash it out? Cancel it. Advise ? Thanks
![How to calculate solo 401k contributions [Self Employed Retirement Plan]](http://i.ytimg.com/vi/CFGgHCpD0uw/mqdefault.jpg)
![How to calculate solo 401k contributions [Self Employed Retirement Plan]](/img/tr.png)
Becoming a millionaire through a Roth IRA or a 401(k) involves different strategies for maximizing profits. A Roth IRA offers tax-free withdrawals in retirement, which can be advantageous if you expect to be in a higher tax bracket later in life. On the other hand, a 401(k) provides tax-deferred growth and potential employer contributions, boosting your savings. The optimal choice depends on factors like your current and future tax situation, employer match, and investment options. Consulting a financial advisor can help tailor a strategy that aligns with your financial goals and circumstances.
Prioritizing effective personal finance management holds greater significance than the sheer amount saved, irrespective of income source. Consulting a certified financial advisor can offer tailored strategies to optimize financial results by reducing expenses and enhancing income, regardless of whether it's earned through employment or investments.
I wholeheartedly concur. At 60 years old and newly retired, my external retirement funds total around One million two hundred fifty thousand dollars.. With no debt and minimal retirement fund allocation relative to my portfolio's value over the last three years, I recognize the importance of a financial advisor. Neglecting them isn't an option; however, thorough research is vital to find a trustworthy fiduciary advisor.
This aligns perfectly with my desire to organize my finances prior to retirement. Could you provide me with access to your advisor?
I'm guided by “Natalie Lynn Fisk an experienced coach with extensive financial market knowledge. While you can consider other options, her strategy has yielded positive results for me. She offers valuable insights, including entry and exit points for the securities I concentrate on.
@@frankbarnes22 Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.
I think investors should always put their cash to work, especially In 2024, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks against next year. Hope to make millions in 2025
Since risk is at an all-time high right now, perhaps you should be a little more patient and return when it has decreased. Alternatively, you can consult a trained financial expert for strategy.
Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
谢谢！
Wow! Thank you so much. That’s my first Super thanks!
You are welcome. You previously have answered my three questions very clear and quickly. Much appreciated. There will be more super thanks from me. I promise.@@TravisSickle
Hi, great video by the way. But I was curious, wasn't there a catch up contribution for Roth Ira of $1,000 if you're 50 or older, making it a total of $8,000 for Roth IRA in 2024. Or did I mistaken this for something else?
I am so lost, I don't understand what to do. I am 57yo and have had my 401k company plan that is matched to 4% for 1 year. I have money in a savings account but the interest is very low. I would like to retire someday but not sure how to make it happen. I am afraid of losing my money in the 401k and I don't have enough time to be losing it. MFJ income near 100k. How do I purchase an IRA? Any suggestions are gratefully appreciated.
Are the income limits based on gross or adjusted incomes?
Modified Adjust Gross Income, MAGI.
Do the income limits reflect total gross earnings? Or is it your AGI (after 401k is deducted from total gross earnings?) Thank you for your videos! Very helpful.
Investing in Roth IRA can be a good choice since they are funded with after tax dollars, your contributions can grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, which will help you keep more of your hard-earned money. Compounding is the process of earning interest on your initial investment, as well as on the interest that investment earns. This means that over time, your investment can grow exponentially. So the earlier you start investing, the more time your investment has to grow through compounding.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am 60 years old, recently retired, and have approximately $650k in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
@@maryHenokNft This is exactly how i wish to get my finances coordinated ahead or retirement. Can I get access to your advisor?
Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. *Camille Alicia Garcia* is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.
This is useful information; I copied her full name and pasted it into my browser; her website popped up immediately and her qualifications are excellent; thanks for sharing.
Hello Travis, I have a question regarding the solo k contribution that hope you can answer. Assuming a taxpayer only has $20k Net Earnings for his self-employed job. My understanding is that he is able to make the "employee portion" contribution up to $20,000. How about the employer's profit sharing? If we use the 20% of net earnings, then the overall contribution will be higher than the net earnings itself ($20K + some number). Is that ok to do so? Thanks a lot
No, because the total contribution can’t exceed the plan compensation/net earnings.
Thank you for the quick reply. Glad you add the donation function in this video so that I am able to use a better way to thank you @@TravisSickle
Travis- I hope you can help me.
I opened a Robinhood Traditional IRA. I am retired and not working. No working income. I now understand that you can't contribute without working. It's only $1000,
1- can I clam this for 2024? I will be working PT.
2- cash it out? Cancel it.
Advise ? Thanks
this is the best place to start...more videos and questions answered th-cam.com/channels/LoIaI_vPPWX47TamcxtP_A.htmljoin
Bimonthly means every 2 months. Think what u meant was semi-monthly
Bimonthly can mean either and that’s why I put the number of months next to each. Semimonthly would have been a better choice.
Catch up is only n Roth 401k right... you missed that point.
For high income earners, that goes into effect in 2026. It was pushed back by the IRS.
@@TravisSickle You right it's pushed back.