What is a Roth IRA?
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Uploaded by MrThousandaire on Sep 24, 2010
Read the full description @ http://www.thousandaire.com/2010/10/03/what-is-a-roth-ira/
I am a nerd. I talk about nerdy things like video games and the origins of idioms (did you know "How come..." is an abbreviation of "How did it come to be that...") and personal finance.
Sometimes I will be talking about investing and I'll casually mention my Roth IRA, and sometimes the person I'm talking to gives me the, "Who is this Roth dude and why are you giving him money?" look. I want to fix that.
This video does a great job of explaining how investing works outside of a tax deferred account, and then explains the benefits of a Traditional IRA and Roth IRA. It will also make you laugh so hard you'll have milk come out of your nose. Even if you aren't drinking any milk. It's weird.
Read the full description @ http://www.thousandaire.com/2010/10/03/what-is-a-roth-ira/
- 111 likes, 1 dislikes
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Uploader Comments (MrThousandaire)
All Comments (38)
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Thanks for the great video man!
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great job! learned a lot very fast!
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thank you so much for breaking it down for me! i have a project do all about ira in my algebra hon. class and i've been searching the web for the last hour only to find complicated definitions, i feel like my head is about to exploude!!!!
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Very easy to understand. Great job!
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Wow THANK YOU! I have been looking for a simple explanation as I just started investing and making a retirement plan. This was SO beyond helpful and SIMPLE!
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LOVE THIS!!!!!!
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The best 8 minutes I've spent today... Great job man!
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sweet video kevin . i love investing , and that was entertaining
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Well I'll be, a video that discusses financial information without using jargon to describe jargon. Well done sir.
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@TumisHumis it's all about personal preference and how you feel about the economy and the market. 70/30 is a good balance of aggressiveness and growth. If I were more bullish on the market, I might suggest more stocks, but in this economy, I think you're good.
MrThousandaire 6 months ago
Would I be able to max out my IRA if i've made less than the ammout (This Year)? I've only made $3,200 after taxes this year, but i've saved quite a bit more than that from the previous years. (I'm 18)
TumisHumis 6 months ago
@TumisHumis Unfortunately, you can only put as much money into your Roth IRA this year as you have earned in income. If you want to add more than $3,200, you'll have to work more.
MrThousandaire 6 months ago
Incorrect statement ! @ 7:29 For a Roth IRA you cannot simply withdraw anytime without incurring penalty taxes . You need to be over 59 1/2 to not pay any taxes !
Unless of course you get disabled / die or need it for home. But to say you can withdraw contributions at ANYTIME with no penalties/taxes is incorrect
pranil999 10 months ago
@pranil999 google "roth ira contribution withdrawal" and read the first link that pops up. Trust me, I know what I'm talking about here. You can withdraw CONTRIBUTIONS at any time without penalty.
MrThousandaire 10 months ago
Your my go to guy from now on to understand any financial mambo jumbo. Thanks Kevin!
speedyralph 11 months ago
@speedyralph No problem. Let me know something else you don't understand and I can make a video on that too
MrThousandaire 11 months ago