BaldingSoHard
Veteran
@BaldingSoHard Is there a max on the number of roth IRAs you can open?
Yea you can only have one unfortunately. And if your AGI is over some amount, I think 125k, you can't contribute but most of us don't have that problem yet.
CREATING MILLIONAIRES: POSTERS AIDING WEALTH GROWTH
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Yea you can only have one unfortunately. And if your AGI is over some amount, I think 125k, you can't contribute but most of us don't have that problem yet.
↓R↑LYB
I trained Sheng Long and Shonuff
@BaldingSoHard Is there a max on the number of roth IRAs you can open?
Yeah, you can only open just one.
↓R↑LYB
I trained Sheng Long and Shonuff
Also if your AGI is over you can do a backdoor conversion. I made over the 125k last year and I was still able to fully fund my Roth.
/THREAD.fastest way to build wealth is higher income.
while you nikkas tryna save 500$ a month, im spending my time and energy tryna earn 500k a month. theres levels you gotta get outta that mind set to get set .
The wealthy focus on wealthy creation and wealth preservation.
BaldingSoHard
Veteran
If you don't mind, there's a bit more to it for those of us who aren't wealthy and would like to learn to grow the money we have. So let's not close the thread just yet, k?
You dont get wealthy saving pennies for 70 years in the markets.
Read the Millionaire Fastlane. Thank me later.
BaldingSoHard
Veteran
I get what you're trying to do... I do. I respect it. But this isn't the thread for that. Let us educate folks on HOW money works, then let them figure out how to get more of it.
The Amerikkkan Idol
The Amerikkkan Nightmare
Major props to @BaldingSoHard
After years of being a fukkin' knucklehead I'm trying to get my grind on in my early 30s and get right.
This thread is gold
After years of being a fukkin' knucklehead I'm trying to get my grind on in my early 30s and get right.
This thread is gold
itsyoung!!
Veteran
To put this graphically, look at this Roth IRA calculator:
Just waiting 5 years in investing in your roth will cost you half a million dollars.
Waiting 10 years will cost you 800k
man im so confused on this shyt.. so if I only put in $5500 a year to that account, its estimated to be worth $1.6 million at 65 ? sounds too good to be true
itsyoung!!
Veteran
fastest way to build wealth is higher income.
while you nikkas tryna save 500$ a month, im spending my time and energy tryna earn 500k a month. theres levels you gotta get outta that mind set to get set .
this sounds like some shyt a Wake Up Now person would say
itsyoung!!
Veteran
they not though.. no ones broke on social media, but majority of the people in America dont even have $500 saved away for emergancies. Dont be fooled by instagram. The people you see stuntin on instagram are no different than the fat girls using angles to make them seem skinny
BaldingSoHard
Veteran
man im so confused on this shyt.. so if I only put in $5500 a year to that account, its estimated to be worth $1.6 million at 65 ? sounds too good to be true
A quote from Albert Einstein:
“Compound interest is the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it.”
The power of compound interest is so unbelievable that it almost seems magical. But in order for compound interest to do it's thing, it needs time, and a LOT of time. Like 30 or more years worth. If you invest right, you will earn significantly more in interest than you contribute in principal. That's the great thing about starting in your 20's... you don't need to put a lot of money in in order to get a lot of money out, you just need to give it time to grow.
↓R↑LYB
I trained Sheng Long and Shonuff
man im so confused on this shyt.. so if I only put in $5500 a year to that account, its estimated to be worth $1.6 million at 65 ? sounds too good to be true
Compound interest breh. It's low key just like cheating.
Combine and wait is a poor man's game though. It depends on the market being kind to you for 35 years, inflation not killing your cash, and of course... you living to 65.man im so confused on this shyt.. so if I only put in $5500 a year to that account, its estimated to be worth $1.6 million at 65 ? sounds too good to be true
I know people who make 1.6 million profit in 3-4 months. Focus on constant income creation, not "earn and hold."
I see we have an MJ Demarco fan on board.
book changed my life.
book changed my life.