 Millionaire status What's up money geeks Mr. V here welcome to another video guys so in today's video I want to show you how you can actually become a millionaire by the time you retire So there are several ways that you can actually become a millionaire. You can win the lottery Maybe you can start a business and sell it or maybe you can start a business that you keep it and it generates millions But if you're just working and you are less than an employee and you're trying to become a millionaire There's so easy way that you can go about doing that But the trick about it to work is that you have to start as early as possible to make it easy on you So what I'm talking about here is a rough eye or a account or what you call a rough IRA So if you don't know what that is a rough IRA, it's kind of a retirement bucket where you put in Post-tax money It grows in the market and then you get that money when you retire tax-free So if you put in let's say six thousand, which is a maximum contribution you invest that money It grows over time when you retire that money You can actually use it for your retirement tax-free So that's what a rough IRA account is and it's a really good retirement Strategy that a lot of people are not taking advantage of it Before we jump into the video today guys, if you're new on the channel, please definitely consider subscribing Give us a thumbs up here and share this video with people that you think would find it useful So you start early is gonna make your life a lot more easy. So we're gonna look Some numbers that have here behind me and then we're gonna go through it and I'll show you Easily how you can do it. I'm actually I do have a rough IRA account and I'm funding the account I'm maxing it out every single year because I want to take advantage of this By time I retire to get tax-free money, which is awesome. So So behind me, I have actually broken down You know what we're gonna talk about today into four major categories So if you are in your twenties or in your thirties or in your forties or in your fifties This is a great strategy that is really gonna help you. So I four in this category. I'm in my thirties So it's it's awesome. I'm actually making sure that I'm doing what I'm about to tell you guys today to do So if you don't have a rough IRA account already, that's the biggest mistake So you can either go to any of the major Investment companies out there say Vanguard fidelity and open a rough IRA account And so if you are just maybe an individual or you can actually max an account to say six thousand dollars If you're between ages I'll say zero to fifty and if you are over fifty They give you what sell a catch-up amount of a thousand dollars so you can max your six thousand dollars plus an additional One thousand dollars so that's gonna be seven thousand dollars a year and here's a catch guys Once you contribute into your rough area count if you make a certain amount of money and again You can go read this up if you make a certain amount amount of money I think single it's about a hundred and twenty thousand one hundred and twenty three thousand You qualify to contribute that six thousand dollars into that account and it will deduct that from your taxable income So if you make say a hundred thousand dollars you contribute six thousand dollars into your rough IRA account Your taxable income goes from a hundred thousand dollars to 94 thousand dollars guys. That is awesome And then once you you contribute that money in that counting invested it grows when you retire You pull that money out tax-free Awesome, isn't that great? So if you don't have a rough IRA account again, like I said Vanguard fidelity, I'm gonna put the links in the description below You can go out and create or open a rough IRA account. So at this point you can still contribute to your 2019 until April 15 you can still contribute to 2019 So if you haven't already contributed or even if you don't have the rough IRA open it now You can contribute six thousand for your 2019 before you file your taxes and if you've really filed your taxes already It's okay open the account contribute six thousand into the account and go back to your tax person and amend Your your filing and the IRS is okay with that You can amend your failings that way you don't let the opportunity go and therefore 2020 you make sure that you contribute The max amount into that account again, it's going to grow tax-free now I'll show you the different possibilities that can actually happen So let's jump into the board and look at some numbers that it can really make sense for you So again, like I said if you fall into let's say your 20s into your 30s into your 40s into your 50s The the younger you are The better for you and the easier the process is when I say easy It means that the amount of money that comes out of your pocket every month or every week or every year It's a lot smaller the younger you are because you have enough time to continue to put that money and it would grow over a huge amount of time So if you are in your 20s and you're going to retire at say age 67 You have a lot of time for that money to grow in the market If you're in your 30s, you have time for that money to grow but not as much as somebody that's in the 20s Likewise, if you're in your 40s and if you're in your 50s, so We're going to assume that you're going to retire at age 67 with 1 million dollars in your rough area account That's just what this video is all about right you want to retire at age 67 with a million dollars in your rough area account So how do you go about it? The first thing another assumption I would assume here is that the rate of returns in the market It's going to be between 10 and 12 percent The market has been doing so great My my my accounts this year alone. I've gotten up to about 20 in between 28 and 35 percent returns on my account So and that number is going to go up and down But when you average it out, we're assuming that you come out on top and you can go between 10 and 12 percent And then so in this example, we're going to use 12 percent So if you are in your 20s, this is what's going to happen If you start contributing Every week you put 12 dollars into your rough area account By the time you retire at age 67 you get a million dollars It'd be 12 dollars a week or 45 dollars a month Or 548 dollars a year By the time you retire You get a million dollars in your rough area account Sounds good. Now let's about you in your 30s So if you're in your 30s now that number goes up. So instead of 12 dollars a week Now you're putting in 36 dollars a week And then monthly you are you looking at at least about 145 dollars a month and um yearly you're looking at 1700 a year to actually contribute into the account. So if you do this You would get a million dollars in your rough area Again with the assumption that you're getting 12 percent return In the account you will retire with a million dollars in your rough area Now let's move into your 40s. In your 40s that number jumps up again weekly you you put in at least 115 dollars And then monthly you're looking at 450 dollars and annually you're looking at 5400 to retire at age 67 With a million dollars. Now if you're in your 50s, this is where it gets interesting If you're in your 50s, you are now fighting time time isn't your enemy at this point So how do you fight time? You have to be aggressive. You have to put in a ton of money So in your 50s, you put 12 of 412 dollars A week or you put 1600 dollars a month or 1900 dollars a year that would get you to a million dollars in your rough area By the time you retire at age 67 right here. That's a key age age 67 So I hope this is really uh, just kind of break it down for you It's easy for you to be able to retire with a million dollars in your rough area When you're younger than when you're older because um, again, like I said, when you're younger You have enough time to play with the market and get all those gains And then the amount of money that comes out of your pocket because if I say 12 dollars a week right now If you're in your 20s and you have a full-time job I would I would challenge you that for you to get 12 dollars a week is very easy I guarantee you you go out maybe every Friday or Saturday with some friends and get a few drinks And that can it should be more than 12 dollars So if you take that money and and put it into your investment account You can retire with a million dollars at age 65 Likewise in your 30s. So again, this is the math That you have to do if you're looking at retiring and this is not the only retirement option that you should have guys This is just one of the retirement options and your your rough area account is just one bucket Again, this is a breakdown of the numbers um One another assumption that I didn't mention earlier guys is that um, these investment will put them in securities and when I say securities Um, I'm I'm talking about things like I'm thinking about things like stocks I'm thinking about ETFs Um, I'm talking about um index funds So that is where your money is going to go. So that is there This is the another assumption So we're putting them in individual stocks or you put them in ETFs or you put them in an index funds For people that don't have any investing experience. This is your best bet These two here are your best bet Because it takes really really easy work to actually put money into this It's just autopilot like you buy this and just let it just let it write You don't have to do any research or anything. That's about it. So, um, again, if you follow this strategy You retire with a million dollars in the bank account, which is freaking awesome So, um, I hope this was really uh, really good for you If you have any questions as far as what we just talked about today Don't hesitate to leave a comment below with your question I'll definitely answer them or you can follow me on instagram at mr money geek You know, definitely answer your questions there as well Question of the day What is your main retirement strategy? Do you have a rough error? If not, what are you waiting for if you have it? Are you maxing it out? Let me know in the comment section Like share subscribe and as always guys Stay motivated You