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Author Topic: you should be maxing out your ROTH IRA (retirement account)  (Read 4986 times)

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Offline hmgROCK

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you should be maxing out your ROTH IRA (retirement account)
« on: April 10, 2018, 09:12:42 AM »
If you are making less than $100,000
You should have an ROTH IRA and make contribution to it.
100% highly recommend

You will still want the 401k match at work.
So you will deposit at least the matching % percentage, your workplace offer.
So if they match 6%, you do 6%
If they do 3%, you do 3%
and 15%, you do 15%

you want to do this, because it's a 100% return, free money.

next, you want to max out your ROTH IRA
don't just put money in, for the sake of putting money in
really try to max it out
limited is $5500 every year


too show you guys, im not just blowing smoke
here's a screenshot my schwab roth ira
i have about $450 left till i max out for 2018
you still have time to do your 2017, till tax day






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Offline hmgROCK

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Re: you should be maxing out your ROTH IRA (retirement account)
« Reply #1 on: April 10, 2018, 09:16:12 AM »
try to max out
or do as much as you can
but really try

i swear
NO BS
if we all do this
we will be hmong millionaire in the long run.



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Offline Yebleng

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Re: you should be maxing out your ROTH IRA (retirement account)
« Reply #2 on: April 10, 2018, 11:37:50 AM »
Lately I've been wanting to cancel my life insurance policy and pour that money into retirement/investment. I'll just keep the life/accidental insurance from work and raise the value and premium. Its cheaper. What you think?



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Offline Yebleng

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Re: you should be maxing out your ROTH IRA (retirement account)
« Reply #3 on: April 10, 2018, 11:40:05 AM »
I think in the long run I'll be better off going this route.



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Offline hmgROCK

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Re: you should be maxing out your ROTH IRA (retirement account)
« Reply #4 on: April 10, 2018, 01:45:07 PM »
Lately I've been wanting to cancel my life insurance policy and pour that money into retirement/investment. I'll just keep the life/accidental insurance from work and raise the value and premium. Its cheaper. What you think?

A lot of Hmong folk
They tend to do the whole life thing
Till you die

That’s great if you started young
For example
I’m paying $12/month for a $100k policy
Parents bought it when we got here
This is still a good deal
If it’s cheap, keep it
I’m keeping my $12/month


But a lot of folks buy when they are old and the rate is like high
If you paying like $100 plus you might wanna think about switching to
A term life insurance and put the rest in Roth saving
Get that 7% return rate

You will be hella rich.
Thats what the insurance company is doing with your money




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Offline hmgROCK

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Re: you should be maxing out your ROTH IRA (retirement account)
« Reply #5 on: April 10, 2018, 01:51:54 PM »
Yebleng


If it’s cheap, keep it.

$30/month for $100k
I still keep it

$50/month for $100k
I still keep it

$100/month for $100k
Might wanna get a 20 years term and put the rest in Roth IRA

Also your workplace might drop your life insurance once you quit
So it’s good to have something outside too
Accident don’t cover natural death
Aka die in your sleep



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Offline hmgROCK

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Re: you should be maxing out your ROTH IRA (retirement account)
« Reply #6 on: April 10, 2018, 01:56:17 PM »
I think in the long run I'll be better off going this route.

Remember Roth IRA is just a retirement account
Once you put money in
You have to pick what you want to invest


We do index because we want to own the whole market
For example we own share of almost all the big name stock
So if Facebook tank, we got amazon
I highly recommend a index target date

http://www.pebhmong.com/forum/index.php/topic,393701.0.html

Index only goes up
You will be super rich in the long run

No BS
Just straight truth
I don’t recommend you buy individual stock
Because even the pro can’t pick a winning stock



« Last Edit: April 10, 2018, 01:59:42 PM by hmgROCK »

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Offline SummerBerry

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Re: you should be maxing out your ROTH IRA (retirement account)
« Reply #7 on: April 10, 2018, 02:00:29 PM »
Lately I've been wanting to cancel my life insurance policy and pour that money into retirement/investment. I'll just keep the life/accidental insurance from work and raise the value and premium. Its cheaper. What you think?

You mean stop paying your life insurance policy and use what you would normally be paying to invest? I keep my 3 life insurance policy alone.

When I do something I do to keep it not cancel.

It's why I don't care about investment because you win and lose some.  I rather take that 1k and have a expensive good meal vs losing it all.  I'll be more happier that at least I did something.




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Offline hmgROCK

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Re: you should be maxing out your ROTH IRA (retirement account)
« Reply #8 on: April 10, 2018, 02:09:52 PM »
You mean stop paying your life insurance policy and use what you would normally be paying to invest? I keep my 3 life insurance policy alone.

When I do something I do to keep it not cancel.

It's why I don't care about investment because you win and lose some.  I rather take that 1k and have a expensive good meal vs losing it all.  I'll be more happier that at least I did something.


Summerberry

We need to change this mindset. It doesn’t work.
Why???
A lot of my relatives, family, friends, etc... are still poor.
We tried it already
It doesn’t work,


We got folks living paycheck to paycheck
We need to do what the white man do.
They invest or start business.

Pick one
I choose invest
Easier, less stress
You can be a millionaire



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Offline hmgROCK

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Re: you should be maxing out your ROTH IRA (retirement account)
« Reply #9 on: April 10, 2018, 02:23:45 PM »
Understanding our tax system and educating ourselves.

Trump tax cut and job act which pass last December
Give corporate 21% instead of 35% tax

This means more money for them.
Sorry but Tim Cook is not going mail every American a paycheck.
Or reduce the price of the iPhone.
Because their tax has been cut.
Nope never.
What they will do is huge bonus, pay their workers, and shareholders.


You can get a share of the pot of gold if you are a shareholder investors



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Offline Cali Guy

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Re: you should be maxing out your ROTH IRA (retirement account)
« Reply #10 on: April 10, 2018, 04:17:51 PM »
I can’t contribute to a Roth IRA and 401k, apparently, I make too much.



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Offline hmgROCK

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Re: you should be maxing out your ROTH IRA (retirement account)
« Reply #11 on: April 10, 2018, 08:19:09 PM »
I can’t contribute to a Roth IRA and 401k, apparently, I make too much.

Yea unfortunately some of these retirement accounts have income limit
If you really want a Roth IRA
Talk to your bank/brokerages/e
tc.. about doing a backdoor Roth IRA



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Offline Yebleng

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Re: you should be maxing out your ROTH IRA (retirement account)
« Reply #12 on: April 12, 2018, 07:45:16 AM »
You mean stop paying your life insurance policy and use what you would normally be paying to invest? I keep my 3 life insurance policy alone.

When I do something I do to keep it not cancel.

It's why I don't care about investment because you win and lose some.  I rather take that 1k and have a expensive good meal vs losing it all.  I'll be more happier that at least I did something.

I'm not saying that life insurance is bad. But I do recommend reading all the fine print and knowing exactly what you are buying. I'm just saying that there are better options out there that can benefit you and your family in time of need if you know where to distribute your money.



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Offline hmgROCK

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Re: you should be maxing out your ROTH IRA (retirement account)
« Reply #13 on: April 12, 2018, 08:58:03 AM »
I'm not saying that life insurance is bad. But I do recommend reading all the fine print and knowing exactly what you are buying. I'm just saying that there are better options out there that can benefit you and your family in time of need if you know where to distribute your money.

Probably switch to a 20 years term
Much cheaper
And put the rest in Roth IRA
Index fund S&p 500



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