 Do this. What's up, money geeks? Mr. V here. Welcome to another video, guys. So in today's video, I want to give you guys critical information because if you guys know here on the channel, I talk about the fact that you have to learn how to earn money, how to save money, and how to build wealth. So in today's video, I want to focus on the wealth part of what I talk about here on the channel. Again, some of you guys are new to the stock market and you're learning and you're trying to invest. And so you've opened what I call a tax account or just an individual brokerage account. So those accounts, once you buy and sell stocks, as you do frequently within that account within a period of a year, those gains are considered income. So if you buy a stock and hold it for less than a year and sell it, the money you make from there is going to be considered income and it's going to be taxed at your income bracket. So if your income bracket is, say, 25 percent and then if you make money in the market, they're going to add that on top of your annual income and then tax you based on that. Here is what I want you guys to do so that you don't really have that tax implication. Again, this applies to people that don't need the money immediately. If you're just trying to build wealth, this will apply to you. So that's, I'm going to give you guys that into this video. But before we get started, guys, if you're new to the channel, we took about how to earn money, how to save money, how to invest and build wealth. So if that's something that interests you, go ahead and hit that subscribe button and the notification bell so you don't miss out on new content. So one of the things that I've actually done or that I'm doing is that I'm looking for every opportunity to grow my wealth. So again, things that you would worry about if you work for an employer, you probably have a 401k, you probably have an HSA, you have, let's say you have your traditional IRA, you have a Roth IRA. Again, you're looking at all these, you have an individual brokerage account, which is a tax account. So you're looking at all these different areas where you can actually put your money to work. So if you don't have those, I'll say consider, start looking at them. But the most important one I want to talk about today is your Roth IRA. So your Roth individual retirement account. The reason I want you to consider opening a Roth IRA and funding it to the max throughout the year is because of the tax implications. So again, with the Roth IRA, it's an account where you open it, you put in already tax money. So when you take your paycheck, you can take say $100 or $200 and put it into that account. And so here is how this account is going to benefit you. You can date trade in the account or you can string trade in the account just like you would do with your normal individual brokerage account. The thing I want you to open that is because once you trade in that account, unless you pull out that money, there is no tax implication. You don't have to worry about paying any tax if that money stays in that account. So you can put the money in that account, trade and grow that account to millions of dollars. It's going to be tax-free when you retire. So that is a smart way that you can go about it. So that way you don't really have a ton of the tax implications. Like I said, I do have all these accounts. So I have one for myself, I have one for my wife because we're taking advantage of it. So I want to bring that to you guys's attention. So let's just go over to the IRS so that you guys can actually see. And I'm going to put a link in the description below. So once you go there, you can actually take a look too. So for you, again, this is the rough area. So if you go, you'll read about it again. It's an individual retirement account rough. It means you're putting in already tax money in there. So the contributions that you put in there are not tax deductible because they've already taxed you. So once you put that money in there, you can invest it and allow it to grow for as long as you want until you retire. And then when you retire, you can pull that money out tax-free. Again, this is IRS. I'm going to put the links in the description below. So you can definitely go check them out. And then so these are the contribution limits that you can do. So if you are just a single person and still hustling, you can contribute a maximum of about $6,000 a year into that account. And if you are older, let's say 50 years or older, you can contribute a maximum of $7,000. So that's something that I want you to really consider because this is for 2021. Again, and the way the contribution does work is that in 2021, you can make a contribution for 2020 until the tax day, which is April 15. So before April 15, you can put $6,000 in that account accounting against 2020. And you haven't even put anything for 2021 yet. And for 2021, you can do it in 2022 before the tax day. So that is something that you can put back in your mind. You can contribute into the account throughout the year because you want to take advantage of the market. If you can't try as much as possible to max this out. I know a lot of you guys have money in your savings account and you're just holding there, sitting there making some lousy interest rates. This is a good place where you can put that money, put it to work. And you know that when you retire, you're going to get the money tax-free and you can use it for whatever you want to do. So this is a loop holder. I wanted you guys to know. So again, this video is all about just kind of teaching you guys some of the tricks that you can use to build your wealth. And so if you don't have a Roth IRA account, I will highly encourage you to open one. Even if it's just $100 a month that you can put in there, put it in there, find some good growth stocks, buy them and just let them sit there. You don't even touch it. If you have the patience and you have the knowledge to go in there and rotate and sell and buy, go ahead and do it. The good thing about it is that you're selling and buying frequently in that account has no tax implication until you withdraw that money. Until you withdraw that money, I want to stress that fact. So there's tax implication until you withdraw that money before your retirement age. But after your retirement age, when you withdraw the money, it's tax-free. So that's something that I want you guys to know. So let me know again in the comment section what you think about this. Is this a good strategy? Do you already have a rough account? Even if you do, let me know if you're maxing it out. And again, if you don't have it, guys, I highly encourage you to try as much as possible to open one. It's free to open the account. Open one and just start contributing. I don't care if it's $10, $20, $30, put it in there and take advantage of it. This is what rich people do to keep, to stay rich. I want you guys to start thinking about that too. I want you to start having that mindset of rich people. You put money in places where the government can't touch it. If you take your tax money, then you take your paycheck, you take some of that money, you put it in your brokerage account that you have right now, you buy stock, it goes up $10, you sell it, make a profit of $5. Uncle Sam is coming after that $5 to take the share of the tax. But if you took that money and put in a rough account and you sell that stock and made that $5 and let it sit in that account, Uncle Sam cannot touch it. They have a fence that protects that money for you. So that is something that I want you guys to start developing. So again, guys, let me know in the comment section if this was helpful. And if you guys want me to continue to add some content like this on the channel, I'm definitely down to doing it. I'll show you guys, the next one is HSA. I can show you guys, which is the loophole that HSA has that some of you guys have an HSA, but you're not leveraging it. So again, let me know with a thumbs up on this video so that I can continue to add some content like this. I'm going to continue giving you guys tax and research, but again, our goal is to build wealth. It's not just to trade stocks. I'm going to make sure that you guys get that information. If you're new to the channel, guys, we talk about how to earn money, how to save money, how to invest and build wealth. If you have something that interests you, go ahead and hit that subscribe button and any notification bell so you don't miss out on new content. And also if you're looking to get started with investing, guys, Weibo definitely is a platform that I encourage you guys to use. I'm going to affiliate with them. So if you sign up, I get some free stocks. You get some free stocks. They also have a Roth IRA account that you can open. So you can have both of your trading accounts in the same platform, which is pretty sweet. So again, links in the description below. And as always guys, stay motivated.