The $65,000 Roth IRA Mistake To Avoid

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Title	:	The $65,000 Roth IRA Mistake To Avoid
Lasting	:	11.44
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Comment from : Jarrad Morrow

thanks bro
Comment from : Chase Jordan

I sent the money and didn't invest it Roth was the only account opened, I sent the money and had no idea that it just sits at the bank til I go in again and buy something The cash account should be called cash account, not something money market account That makes it sound like it's invested I had a feeling it just sits there and I called them to confirm Also, I asked it to be invested by taking risk I said I was willing to lose it They put me in stock fund I emptied it later And bought an individual stock How is stock fund "willing to lose it"?
Comment from : A R

You explain this so well! Thank you
Comment from : Deroxan Lit

So what do you suggest if you make more than 200k
Comment from : Khanfuzed1

If you earn too much to be eligible to contribute to a Roth IRA, just contribute enough pre-tax money into your 401k and supplementary 401k until it brings your AGI down below the threshold
Comment from : Deepak Subramony

What if you die before age 595?
Comment from : Trieu Nguyen

Jarrad, thanks this information is very helpful Do you have content on how the withdrawal of Roth IRA work? I'm over 61 and have a little cash I can put in a savings account for about 4 and have access at any time If I put the cash in a Roth IRA and wait until 65 how do I withdraw? Any help would be appreciated Thanks
Comment from : Public Email

Thank you! This was very helpful It looks like I’m on the right track
Comment from : Nikki Wadley

Appreciate the video I am 27 with a company matched 401k that just hit $100k this year and my roth is almost at $30k Trying to figure out how to move forward
Comment from : Coopz Customz

Great tips! I usually wait till Tax season and ask my accountant which IRA I can put into, if it's not going to affect my income +Tax break/benefit, I'll put it on ROTH and if it does, Traditional it is ;)
Comment from : ndwolfwood09

Can I max my ROTH lets say this month That we have not reached the max income limit? But will for sure be above it at the end of the year? Or if by the end of the year our income was above limit, would it cancel my previous contributions?
Comment from : Carlos Lopez Valles

First thing, even if you pay is higher than what you show, you can still contribute to the Roth IRA Called Backdoor Roth IRA I wish that was metioned
Comment from : Bobby

I’m make 20k at most a year and I can’t max it out but I’m trying my best to put as much money is as I can 😅
Comment from : Jessica Dardano

I just opened a Roth IRA account and this video was just the thing I needed! Thanks!
Comment from : Omar Jano

You mean the money won’t grow by just depositing money to the account?
Comment from : Martin Sarkis

Can my spouse be a beneficiary since we cannot have a combined account
Comment from : Martin Sarkis

Im 28 Is it okay to invest roth ira even i will retire around my 40?
Comment from : Ysaac Mapote

I thought you couldn't contribute to a Backdoor IRA if you have another IRA My husband and I earn too much to contribute to a Roth IRA, and I have a Rollover IRA What options are available to people like me who can't contribute to a Roth but also have a Rollover (We already contribute to our 401K plans)
Comment from : Amy Weinstock

I LOVE your videos! THANK YOU But I don't know about the home-owning math part If you factor in the savings on rent, does the math still work in favor of not getting a home? There are costs to owning a home, but I'm wondering if the "getting the rent money back" when you sell a home makes it worth it
Comment from : HA S

already shows signs of of a sickness i dont want,now i know what the guy was saying
Comment from : Paul Sypersma

My biggest mistake is looking at it daily Oh and selling 74 shares of nvda the day before its earning report and missing that 80$ a share jump
Comment from : konastuff603

You explained this so well Thank you!!
Comment from : NationSquid

I opened a roth ira with fidelity and will max out the 6,500 contribute every year How/what should i invest it in for consistent growth?
Comment from : edthom0834

The algo recommended this video I liked it
Comment from : Scott DeMichele

Good topic! Another requirement to withdraw money from Roth is that the money has to be deposited in the account for at least 5 years Correct me if I’m wrong Thank you
Comment from : beibeismom beibeismom

I use my tax refunds for my Roth IRA
Comment from : kauigirl808

I’m 52 Is it too late to start a Roth?
Comment from : HRCfan17

HibrI am 29 and just opened ROTH IRA with Fidelity Looking to contribute $6509 annually Could you suggest some stocks that I can invest in with my contribution?brThank you!
Comment from : Shujayet Hossain

Hi Jarrad what is the best allocation / portfolio for 401 for 50 yo
Comment from : Jen

I invested the money before creating the Roth IRA Can this be done after investing?
Comment from : Arturo Olea

How are they taxed if I'm contributing out of pockets?
Comment from : Ronny Atdrik

I really like your videos and all, but could I trouble you to change your flashy seizure-enducing screen transitions?
Comment from : playloud90278

Thank you Jarrad brbrI’m about 10 years from retirement with around $400k - is it ok to still invest aggressively in stocks via ETF’s? I want to grow my money more
Comment from : Georgia Lee

Yeah that first time home buyer tax penalty exception should not be used
Comment from : Chris Tuttle, CPA

Can persons outside the US invest in a roth ira
Comment from : Alpacino Braham

6,500 loss
Comment from : Mr Enz here

This was very helpful I am doing mistake 6/7 I knew of them, was unsure of withdrawal rules which was mistake 5 confusion I knew I couldn’t withdraw money before 595 just hiding account from wife because she doesn’t like investing so was in case she told me to get it out
Comment from : Jade Purdin

I’ve had a ROTH IRA since I was around 15 years old set up by my mom, I’m 35 now and have maxed out the contributions for over 20 years straight and invested the money mostly in Vanguard Target Retirement Index funds and brokerage until I realized around age 24 I needed to go full 100 stock since I’m so young, so now I have Vanguard Total Market Admiral Shares I have a separate brokerage non retirement account that’s also been great with Vanguard The earned dividends alone annually is so nice and I just reinvest with them
Comment from : Daniel M

I must knowis it possible to go broke doing a roth ira? Like ends up not doing anything?
Comment from : id

I have around 14k in an IRA and 25k in student loans should I take money out of my ira to pay toward the student loan to pay off quicker?
Comment from : WHODEY-Mos

I’m curious if there’s a benefit to investing Roth in my 457 or to leave my 457 as a pre-tax investment account and open a separate Roth IRA from a different institution Do you have a video that goes over this?
Comment from : savanah

What happens if you fall short of contributing the 6500 every year ?
Comment from : Henry Villon

Wait how do i do the option to invest from my roth ira?
Comment from : Manton Channel

What will happen to my Roth IRA if I die before retirement? Can my children can withdraw it?
Comment from : Donna Racoma

What is the difference between "transfer money from IRA to ROTH IRA" vs "Convert money from IRA to ROTH IRA"?
Comment from : Sankalp Dixit

Lol your answer #5 is the most assuming pretentious finance advice I have ever seen a YouTuber give Otherwise, good advice
Comment from : Sabrina Kingsley

Thanks for the content with no bulls**t Going to subscribe!!!
Comment from : akku

This is a GREAT video More people to need to know this information I can’t emphasize enough just important of a topic this is Good job, @Jarrad Morrow!
Comment from : DebtPRZ

too little per year maxing out the IRA's (6500$ or 7500$) I would like to see the same max amount like a 401k & not having to use a backdoor option
Comment from : jaws 77

Just discovered your channel, will need to listen and learn! ( I made almost every mistake you mentioned here… )
Comment from : Euni Pucci

Do you have any videos that explain the backdoor Roth IRA better? Does the $6500 have to be converted from the traditional to the Roth IRA all at once or can it be done over time? If the former, my money would be sitting in the Traditional IRA uninvested and not making money until it adds up to $6500 and I can convert it to the Roth right?
Comment from : fawkmee

Hi Jarrad What can you do to SAVE your vested 401k balance when you are leaving Walmart for a much better job BUT you still have an outstanding 401K loan left? I thought I could still pay off that loan with my new job But Merrill is using my fund to pay off the loan which means my fund will be half I'm trying to better myself by leaving Walmart Thank you!
Comment from : Ian Scianablo

Just turned 60 None of my retirement accounts are a Roth IRA Not taking anything out yet In 3 different accounts Defined contribution retirement account and 2 rollover IRA’s Can these convert to Roth for full or partial amounts or am I stuck with them as is? Recommendations?
Comment from : Trevor Rabies

I love your eyes, I feel you stare inside my soul
Comment from : Jackson Billy

I have a Roth IRA through Charles Schwab, but my employer retirement account is also a Roth Can the total between both accounts be only $6500 invested per year or is the $6500 per year just for my Schwab Account?
Comment from : DANgerousWRX

Could you do a video on a 457 B contribution fund?
Comment from : Eamon Oswald

Do u have a vid on m1 vs fidelity acct? Pros and cons of both?
Comment from : Daniel Wen

When you're retired it's not uncommon to have a 0 capital gains tax rate for a brokerage account
Comment from : muffemod

I got mines roth IRA 🥰
Comment from : muffemod

Nobody talked about rule #5 when I searched back in 2021 This is very informative Thanks for sharing!
Comment from : Lan Ca

question - if i make $140k in 2022 and file single - what is the reduced amount i can contribute to roth IRA? Is there a calculator available to see how much contribution we can contribute based on income?
Comment from : Deb B

How can someone contribute 65k a year only making 50k? That's a huge chunk
Comment from : Tim Mentler

I don’t think I’m living pass 60 with this healthcare system 😅
Comment from : Coldheartz

If i have a Simple IRA thats through the company i work for, can i still do a backdoor Roth IRA on the side? (Im over income limit) or does the pro-rata rule not allow me to?
Comment from : Paul N

Not everyone has money to spare to max out all the retirement accounts
Comment from : windycity301

Solid advice!
Comment from : C

You can pull contributions with no penalty before retirement age
Comment from : Ross

I'm leaving my Traditional IRA to charity
Comment from : jvolstad

What’s an example of a taxable brokerage account?
Comment from : Kelly L

i have a 403B acct thru my employer to which i've been contributing max since 2000 I'm turning 60 yo this year & would like to retire at age 62do you think a ROTH IRA is still ok for me to invest in even if i only have 3 more years left till retirement?
Comment from : jessica tongson

Another thing is You have to leave Roth money in for at least 5 years before withdrawing !!
Comment from : Michael Tewes

What about the mistake of not doing a megabackdoor roth?
Comment from : David Massey

I we the last year or so I’ve noticed the rate of return is in the negative Can you explain this please? I use auto investing if that matters
Comment from : Jess

Ha mine is invested but it has lost money what's the purpose shoukd have kept in a miney market or a bank
Comment from : bruce eigsti

#10 - I am not 100 sure about the penalties myself but my understanding is that if you contribute more than you are allowed to in a given year, you must withdraw to the limit as well as any gains you obtained from it The gains will be taxed at the current year's rate and a penalty will also be added for withdrawing before the allowed time/age
Comment from : Anon21486

Great video for those new to Roth investing! I am in the bracket where I need to contribute doing the back door method, however, it wasn’t clear to me in this video how to do so Once I convert a traditional IRA into a Roth, how would I contribute to it the following year?
Comment from : RightFootForward11

In my first IRA account with $5500, I was so clueless I bought a seven-year bond at like 35 Why? I didn't know what index funds werebrbrAll good now though
Comment from : Virgil Zandig

Can u be an active trader with ur Roth account?
Comment from : Ceasar Melgar

One of the few people on YouTube with some sense 👍🏾
Comment from : insomnia9999

According to that chart I can’t invest anything into my Roth I made 163 taxable gross last year
Comment from : cory f

What if I'm making 90k/year (not over the income limit) and want to contribute more than 6,500 into Roth IRA Is there any advice on account conversions or 401k rollovers into IRA i could do to somehow get more than 6,500 into Roth IRA per year?
Comment from : Randolph Lee

Great video Why do you do HSA before Roth IRA? To get the tax break up front? Or other reason? Thanks I was going to do the reverse so withdrawals are tax free later
Comment from : Paul NJ

What if your contributions are already invested? Can you sell your investments and withdraw only the amount of money you contributed without being taxed or penalized?
Comment from : Jonathan 65432

I've been retired going on 5 years Have a decent size Roth account I'm going to cash out about half of it and buy my dream car, close to 150k Don't tell me it's a dumb idea Saving your whole life and not buying what you want is a dumb idea
Comment from : rustyme1122

I hear you but I don't think it would be a bad idea to withdraw for investment properties
Comment from : Logan

How is #1 even technically possible? I don't know any brokerage firm that will allow a "joint" Roth Each individual have their own
Comment from : André

6 excess contribution penalty
Comment from : Alex Rodriguez

I’m getting 6 employer match with my 401k now I can convert that to Roth 401k?
Comment from : MalluStyle MultiMedia

If your gross is above the limit, and still put in $6500 on traditional IRA or Roth IRA, how would IRS know that you have money invested?
Comment from : HiThere