Millionaire EXPLAINS: How To Invest In Your 50's (For Beginners)
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- āđāļāļĒāđāļāļĢāđāđāļĄāļ·āđāļ 2 āļŠ.āļ. 2024
- My favorite HYSA: bit.ly/4eui2Vu
If you're in your 50's, you can still invest!
However, you need to be more mindful and cautious on what you invest in during this time.
In this video, I talk about what accounts to open up, what you can potentially invest in, and how much you need to invest to reach your financial goals.
In the end, see what fits your own goals and personal risk tolerance.
I'll do more of the math in my next beginners investing class:
bit.ly/3zUS9hI
Learn how to responsibly invest for the long term and make extra income by selling covered calls & cash-secured puts ðļ www.invest.calltoleap.comââ
ðļ My mission is to help you be a master of your own money
#financialfreedomââ #financeââ #tradingââ #millionairemindsetââ #millionaireââ #wealthââ #coveredcallsââ #optionstradingââ #investingââ #stockmarketââ #stocksââ #beginnerââ #realestateââ #financesââ #homeââ #morgageââ #makemoneyââ #retireââ #entrepreneurââ #selfmadeââ #financialliteracyââ #daytradeââ #motivationââ #financialeducationââ #money
You work for a 40yrs to have $1m in your retirement, meanwhile some people are putting just $10k in a bitcion coin for just fe months and now they are multimillionaires thanks to Charlotte Grace Miller
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
I'm surprised that you just mentioned and recommended Charlotte Miller, I met her at a conference in 2018 and we have been working together ever since.
Really you people know her? I was even thinking that I'm the only one she has helped walk through the fears and falls of trading
I'm new at this, please how can I reach her?
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
Iâm 47 and started investing at 44. Itâs never too late and thanks for looking out for the older folks who werenât taught this. I know I wasnât.
Of course! Here to support you any way I can :)
Can you please make more videos for people 50 and over regarding personal finance. I think a lot in this age group need to play catch up, don't know how or even if it is possible. Thank you for sharing your knowledge! Much appreciated.
Absolutely!!
I agree with this comment. PLEASE more videos for Gen X.
Yes! Please, more money information for the 50 plus, year olds. Thank you!ð
will be waiting for that too please Steve! Thank you!
Hi Steve, I am not qualified to open a Roth IRA due to my income, whatâs my option? Whereâs the best account to place my 5% pay raise besides putting it in my 403 B?
I put in 20k into various assets last year and flipped into six figures within a few months and still going. Iâve always been an advocate of investing because it has been rather rewarding. I hope to attain financial freedom soon. One more thing, I always look forward to your content brother, keep up the good work.
You canât overlook the fact that itâs paramount not to get greedy but to remain invested through careful study, if not you can lose it all.
I have some money saved from day job. I have no idea where or how to invest. How are you doing it, Leon?
Itâs not rocket science. As I said previously, I got into stocks, and REITs, myself but wasn't getting the results I wanted the first couple of months. Got tired of losing and decided to seek mentorship from Jonas Herman, a certified fiduciary who helps oversee my investments.
@@Christensen554
While it may sound enticing, it is important to understand that stocks, like a fine wine or a Monet, has no standardized value. You look all good on the outside, while you wait till almost death to enjoy your wealth which presents an enormous economic(uncertainty) risk.
Itâs bonkers to compare stocks to moet mate. Over the years, I've been part of numerous investment programs, sifting through a barrage of information. Yet, none comes close to the sheer clarity, depth, and precision of Hermanâs instructions and insights. It's akin to finding a diamond in the dirt.
Thank you so much. I have my 19 and 22 year old daughters watching your videos. They know so much more than I did at their ages. I want them to know everyone I didn't.
Omg how funny I just saw your whole video and didnât know it had anything to do with being 50 and then I finished the video clicked on it again and itâs regarding a 50-year-old and thatâs me Iâm 53 and I really want to learn about options so glad I found your channel. Youâre a good teacher.
Thank you for this video. Simple and direct. You have a niche with the 50yrs people. Seriously your mom must be very proud of you. Thank you!
Thank you so much! I try my best to keep it as simple as possible!
Well said. Thanks!
Thank you! I learned alot. You have a new subscriber!
You make it so easy to understand, thank you so much for sharing your knowledge, God bless you!
Thank you for all this info
I appreciate for sharing your knowledge.
Steve OMG your explanation are AMAZING! Thank you!
Much needed. 50's 60's and beyond. Thanks so much.
Great videos. Thank you
Thank you this actually helped me a lot. You explained things very well
you are excellent. you are helping Society financially as tips. Great work, keep it up. once again thanks, its valuable info
You sir, are still an excellent teacher.
Yes please make other video I am in 50s and just started investing thanks to you
I got huge value from this video. I had no idea about the targeted date funds and then how you can just sell part of your portfolio and more. So much great information. I'm 53 and never learned much about investing. Ugh. I'm pushing my two boys hard with them learning and have had them both open IRAs already. They are 15 and 20. I am imploring them to live below their means and invest and sharing these and other YT videos and books. They are excited to learn. Thankfully I have a good job with retirement but I am also wanting to build more and now use ETFs like SPY and VOO. I'm so glad I came across your channel. Your mom must be so proud!ð
Iâm glad this helped and youâre encouraging your sons to implement these wealth habits early on! Woohoo!
Thk u for being a teacher. Bless u
Thank you ð!
Thank you! ð
The scary thing is that you will one day reach an age where you will no longer be able to work. Ready for it or not, it'll happen faster than you realize. Time really starts flying in your later years because you just fall into a comfortable routine. Pretend that it's happening right now to you. This is your last week of work. All you get is your social security. Can you do it? Because that's going to be the reality you'll be hit with pretty darn soon. I think most people wake up every monday as it is thinking, "man... I just can't do another day of this"
Prepare for the worst. hope for the best
Thank you. Great information learned alot.
Glad it was helpful!
Nice one! Thanks for sharing! ð
Of course! Thanks for the support!
Thank u pal!! Great info and to the point! Gives me hope!! ðð do you have a company you could recommend to start a Roth IRA with?
Thank you so much. Iâm 50 and this is so helpful.
Extremely helpful. Thank you. ð
You're welcome! Thanks for the support George!
Thank you! This was incredibley helpful!
Thank you!
Thanks for the info ð
No problem ð
This is such amazing info! I want to learn here to do Covered Calls, please! ðð―
Thanks Ada! I have a lot of videos on this on my channel!
@@CalltoLeap I will check them out!
Yes Iâm interested in hearing about covered calls
Outstanding video!
Thank you very much, Tammy!
could you do one exactly like this but with FIDELITY and people over 55? I would love that - TIA
Yes as long as you have earned income. Also would look at your 401 k or equivalent at work if available or applicable.
Great video!
Great episode. Thanks!
Great job! You nailed it!! I started at 53yrs young.. and it was the best decision Iâve ever madeððū
I plan to invest way pass retirement, to build generational wealthð
Woohoo! I'm glad you started Stacy! :)
@@CalltoLeapIâm happy to join .. thank you for sharing such great contentððū
Yea, I would rather die never spending 200k in the bank with that daily peace of mind knowing that I still have security and comfort til that day than to spend my final years in a state of fear and pain because I've completely ran out of money to afford those comforts.
@@Novaximustyyytyg try y aa
Great video. I am not 50 but still need this advice. Do you offer consultations? I'd be very interested. Thanks!
Perfect video for me. I am 51 years young. Thank you for this
Glad it was helpful!
Excellent information! It was very well explained in layman's terms. I have a IRA account in Schwab and I'm going to invest in the S&P starting tomorrow. Thank you for that great info ð.
Glad it was helpful!
@CalltoLeap It was very helpful. I'm 49 and I have a 401K with my job but it took a major hit during covid when the market crashed. I've been contemplating opening up a Mutual fund.
Amazing ð
Thank you! Cheers!
great stuff!! (Is it possible to do video on covered calls.
Yes! I can do that next!
@@CalltoLeap im waiting for that video as well. Thank you
Thanks!
Thanks Cheesecake! Love the name!
What are CDs? What are Cover Calls?
What's the difference in the final numbers when investing in dividend funds vs growth funds? At the end of the line the numbers similar? Thanks for the great video.....
ð, awesome video but most people in this age group only have 200 - 400 a month extra to spare most of the time.. sometimes even way less.. realistically, it can be done but not at the numbers you're talkin about
Past a certain income threshold there is no tax advantage I just discovered after doing my taxes (I think itâs 87K per year AGI) basically I wasnât able to take any deductions on the IRA contributions
Just starting to watch this video. I'm hoping this applies to Canadian Citizens
I have a question? Say when you invest 500 dollars a month for the next 40 years. Where does the say if you need to cash out a little? When is a good time to sell. When your investment stocks skyrockets?
70 y/o divorcd 2 times, liquidated 3 401ks for health expenses etc,...present situation is home of 1.26km value with 300K 40 year interest only loan @ 4% mortgage, rent out mil apartment income of 80k from ss, small annuity, and as a caregiver for my daughter employed by the state. Have about 30k in stock and cash, 24 y/o car, no fluff and have slashed expenses. Started trading with minimal investment and expext 2 year learning curve. Work side jobs as carpenter to support disabled wife as well. Good faith based guy with healthy approach to life.
This is great information. I would suggest if you are still working, fund your HSA first. HSA offer the triple treat- happy investing
Yep! Only if you have a HDHP (high deductible health plan). HSAs are great for taxes!
51 and can relate to this. I've really been investing more of my income into 401ks. The gains have really been remarkable within the last couple of years.
Thank you! SPY Covered Call video would be great!
Question: To make future Covered Calls on SPYâĶ.Do you buy SPY in your Roth Account or your regular Fidelity individual account?
I can make one in the future!
Whatâs up with low index funds? Everyone seems to be saying this is the best to invest in?
Thanks Steve, can you do a video how to do toll over roth IRA if income over the roth IRA limit? Thx.
I can keep this in mind!
Please do a video explaining how to do cover calls.
Sure, I have a lot of videos on this! :)
Where do I buy the 9 stocks you mentioned in another video.
I'm 46. How can I invest when filing married but separate; we have not filed together in over 10 years. I started regularly investing in my employer 403b and a little in the Roth 403b,
You are a great son, and I wish you the best in life. You are a WINNER...
TY Steve! If you have an acct with Fidelity, can you buy VOO or other ETF/index fund from another company?
Hi I have Fidelity & purchased VOO. There are no fees associated bc it's Vanguard
Thank you for sharing these steps! Sharing it w my son. Iâm in book tour myself in NY today. Book on healing from divorce called âTHE SUN ALWAYS PIERCES THROUGHâ âïļ
Do you think now is a good time to sell some stocks, or should I hold onto them for the long term? I'm considering rebalancing my $180k portfolio and would love to hear your thoughts on the best investment strategies for this year.
Thank you I could just about keep up but I'm in England. Can you do one for English people. Also what are cds?
Thank you for this video. I deposit monthly into my Roth IRA and brokerage account. I invest in VOO, Sp& 500, and REIT. I want to know about the monthly deposit. Right now I deposit monthly into my accounts but it just sits there. I don't know how to invest my monthly deposits into the current stocks I have right now. Do I have to continue to purchase stocks with my monthly deposits? or can I add it to the stocks that I currently have right now if so how do I do that? Do I sell what I have and buy more with the money I deposit into my account? I'm so confused about depositing my monthly deposit. Please advise the 62 year single women.
Hey. I just left my job that had a 401k with a match and started a job that doesn't have a 401k. What is the best thing to do with my old 401k that I have to move?
Thanks for the info! Why canât you sell covered calls with VOO- is it because it canât be done with Vanguard?
You can sell covered calls against VOO shares. It's just that the liquidity/volume is relatively lower compared to SPY.
what to do if income restricted from contributing to roth iras? what other retirement accounts are there that are tax free? can you do a video on backdoor roth iras?
Do you pay on taxes on dividends even after you retire? And if so, at what rate?
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Thank you!!!
This was VERY informative!! Thank you! Question . . . If Iâm only allowed to contribute $8k towards Roth IRA, how can i save 2k every mo.? Wonât i get penalized for exceeding amount?
Also, please make video on TDFs. First time hearing about it.
Thank you for sharing your knowledge!
You will invest that money over 8K into a taxable brokerage account, not the IRA. Yes you will get penalized if you exceed the 8k so don't do it.
If I open a Roth IRA with Fidelity, can I transfer my current Roth IRA (from my Credit Union) to the Fidelity Roth, so I can invest it?
Yes you can. Be sure itâs a transfer and not a withdrawal. There are specific forms to do this.
Hi Steve can you please advice on what to do with an old 401k should I convert to Roth IRA or traditional IRA?
I can put this on my list!
This has a lot of usable information for an older person. However, there are earning limits associated with Roth IRA that i exceed for a single person. I need that sort of tax arrangement. What sort of plan is good for me at this point to add to my retirement?
Back door Roth conversions and HSA
I find these videos great information - I have family in the US and they put me onto them - My question is however, would I be able to open the Roth IRA as a British citizen?
Depends. Are you a British citizen living abroad or the US?
How wonderful to find your channel! If I want to learn doing covered calls, should I invest SPY instead of VOO? Why?
He said his personal favorite is SPY
Does it matter if you purchase these ETFs on your Roth or individual account? Ty in advance
l usually buy them in both accounts.
A big thank you! I'm 51, no job and living off my inheritance, which is slowly dropping. Instead of investing every month, would I be able to invest one amount and leave it alone till I retire? Thank you again. If you offer services please let me know.
Yes! You can invest a lump sum and let it grow. Ideally, you'll want to contribute more money to have compounding take off at a faster rate.
Nice video. Thanks.
Hi Steve, Iâm in my 60âs, have 403B. What other investors I get into to boost my retirement portfolio?
Hi! If you're still working, you can open a Roth IRA, or even look into a TBA!
@@CalltoLeap Hi Steve, canât qualify to a Roth IRA due to my income, I have a 403 B . Is the earnings on TBA taxable?
Is there a reason you pick ETF & not Index Fund?
Few things to explain. An ETF is a type of fund that often tracks existing indexes, similar to what an index fund does. An index fund allows tracks an underlying index, hence the name. The difference between an ETF and an index fund is how they are purchased. Regular index funds are purchased using forward pricing, while ETFs are bought at market or a specific price. Both are good investments, but everyone has a different reason for choosing one over the other.
Starting after 50 years of age, with a low income tax bracket, is it better to maximize contributions to the Roth first? Why or why not?
For most people, it's better to invest in a Roth because you get taxed on the "seed" rather than the "harvest"
Hi Steve, I would like to get some private advice from you, just a simple advice where can I email you my concern to? Thanks
Turning 50 years old in 6 days thank ðĨ°ðð°ð
Happy birthday!
have 113k IRA, brokerage firm charging me several hundreds in service fees., quarterly. I want to manage on my own. I'm 55 yrs old need this to grow to 2m in 20 yrs. Currently the management broker has the money in low return, low risk bank mutual funds etc. retire at 75. what's a good mixture for this growth and what would the risk be? moderate, low etc?
Steve, I have $50k from my parents estate. Iâm 57 and would like to retire by 65. What should I do with it to have the most at 65.
I will do cover calls or secure puts to start collecting passive income.
Put it on red , 3 times .. after that go apply for welfare
I only listen to people that have made there wealth I hope you are a millionaire ðĪðĪðĪðĪ or no show ð
Is this for Australia as well?
You can invest anywhere around the world!
Iâm a little confused.
Do I open an individual taxable brokerage account to use the money in that account to invest in a S&P500?
Yes you can just open a taxable brokerage acct and start investing in the S&P funds. Or your Roth Ira or traditional Ira.
In Roth IRAs, I believe you are allowed to take out contributions, (not earnings) at any time, no penalty taxes, now holding periods, no age requirements, etc whatsoever.
Is that not true ?
That is true, but why would you? If you need money for an emergency, you should build up a separate savings account instead.
@@edcastillo4456
You keep the interest earnings in the Roth, 5% sweep these days that compounds 5-40 years giving you much higher interest on your money.
If you donât use the emergency money, it also is in the Roth all tax free. You also learn about Roths sooner rather than later.
Also great way to teach your kids about finances, qualified tax sheltered investments like Roths, the effects of compound interest, retirement planning, inflation over 40 years and how that affects your retirement savings, long term investments, the rules for Roth IRAs and when to switch over to a traditional IRA.
Your statement is about as good as saying, why keep emergency money in the bank, I can just keep it as cash under my mattress. ðïļ
@@edcastillo4456 Limited funds.
Yes, but only contributions. Not conversions. Those have a 5 year hold.
46 and never contributed a penny. My work has been doing it for meâĶ it is $500k+
(Thank goodness- i work for a university hospital)
Ah, that's awesome! You can also look into your own individual retirement account too (without the need of an employer).
@@CalltoLeap i have started contributing to 403b (roth) and 457bâĶ plus opened a brokerage account and roth ira (i am researching back door Roth since i make too much)
If we reach 65yo. What type of portfolio? Or bonds
In the end, it's up to you. You can look into buying some CDs and putting some money in a HYSA too.
Splg in all my accounts
Oh no it's US based can you do a UK one
what if you're older than 65 and just starting
The algorithm, knows too much about me lol
Haha. Scary huh.
the 4% rule does include dividends though
If you decide to sell your shares or a percentage of your portfolio, then your dividend yields will be lower since you don't have the same amount of shares to pay you the same amount of dividends. I hope this makes sense.
Dear Steve. If you have saved up $4Mil+ in your 50's have never and have no investing knowledge but want to have all this money work for you now, What do you think you would do?
Thank you! My question is this: You really like Roth IRA's, BUT, what if you make more than than the maximum income a ROTH IRA allows? You kind of speak about in your videos like everyone can get on :). Please let me know what you reccomend in your 50's if your income is too high for a Roth.
Back door Roth. If you have a sizable 401k, you can do a mega backdoor Roth. Taxes are involved, so work with a tax professional on this. Depending on your time horizon, SS income, etc when you retire, this may or may not work for you.
Why not a traditional ira opposed to a roth. I was told, at 58, this was a better option?
It depends on how much you're making at retirement and your tax bracket. Most people opt in for Roth IRAs since withdrawals/earnings are tax and penalty free at the age of 59.5.
So Roth is for presumed higher earners and traditional is for lower earners? Just trying to understand. Thanks.
I donât have social but I have an ITIN, it is possible to open an IRA?
Yes, as long as itâs earned income, not passive, and earned in the US.