Roth IRA Beginner's Guide: https://investingsimple.blog/roth-ira/
Are you ready to open and fund a Roth IRA? In this video, I will be outlining the exact process to follow to get started with opening a Roth IRA. If you are not familiar with the Roth IRA, check out this video to learn more.
Roth IRA "Tax Free Millionaire" Watch Here: https://youtu.be/NQdqatmu7m0
1️⃣ Determine if you are eligible for a Roth IRA.
For 2019, you have to make less than $137,000 as a single filer or $203,000 if you are married filing jointly. If you make less, you are eligible for a Roth IRA. If you make over that, you should look into a "backdoor roth."
2️⃣ Decide where to open an account.
My first recommendation for a Roth IRA is M1 Finance. They offer completely free retirement accounts with a minimum balance of just $500. You can invest in ETFs, stocks or prebuilt portfolios through M1 Finance.
Learn More About M1 Finance: https://www.m1finance.com/retire/?referrerCode=mP88Q
M1 Finance Review: https://youtu.be/f2S-cuMtVgI
My second recommendation is Betterment. This is a roboadvisor that charges an annual asset management fee of just 0.25% which is significantly lower than a traditional in person financial advisor. Betterment will offer you a fully automated, custom built portfolio for your Roth IRA.
Learn More About Betterment: https://betterment.evyy.net/GY0m6
Betterment Review: https://youtu.be/9qOAnGQRa0I
3️⃣ Collect the necessary information.
Date Of Birth
Photo Of ID
Whether you are employed by a brokerage firm
Investment objective and risk tolerance
4️⃣ Choose your investments.
The next step is to choose what investments you will hold within your Roth IRA. If you are looking to go the self directed route and hold individual stocks or ETFs, M1 Finance will allow you to do exactly that. Betterment, on the other hand, offers passive ETF investing through custom portfolios designed for you.
5️⃣ Fund the account.
After you open your account, the next step is to fund the account. The 2019 limits for Roth IRA contributions are $6,000 unless you are 50+ and in that case it is $7,000.
6️⃣ Contribute each year.
To get the most out of your Roth IRA, you want to contribute each year. You can fund the account anytime before the April 15th tax deadline, giving you a 15 month window to fund each year.
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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