Roth IRA: How To Go From $542 to $1 Million

In this video, we're going to go through how to start a Roth IRA with as little as $100. A Roth IRA is an individual retirement account that allows you to put money away in order to save for retirement. You're going to want this money to grow so it needs to be invested which we'll talk about.

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Retirement accounts have a reputation for being complicated, but that doesn't have to be the case. With a Roth IRA, you can open an account with as little as $5 and invest in any stocks or funds you want. You won't get a tax deduction when you contribute, but your money will grow tax-free and your contributions can be withdrawn at any time without penalty—even if it's before retirement age. That makes Roth IRAs ideal for people at any age who expect to earn more money over time and don't necessarily need the extra income now. If you're ready to take advantage of this great investment tool, here are all the things you need to know about opening a Roth IRA.

The rules around putting money into a Roth IRA are different than those around most other types of investment accounts. You can put up to $6,500 per year into your Roth IRA—$7,500 if you're over 50—and that amount will be tax-free when it comes out in retirement. It's not just anyone who can contribute though—you need earned income and your adjusted gross income which will be covered in the video. If you happen to make too much money to contribute to a Roth IRA directly then you can take advantage of something called a Backdoor Roth IRA.

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Disclaimer: This video is for entertainment purposes only. Everyone's situation is different so do your own research before making any decisions with your money. If you need help then contact a Certified Financial Fiduciary before trying anything that is mentioned in this video. I prefer a Fiduciary financial advisor that charges an hourly fee as opposed to an ongoing fee based on a % of your portfolio. Always remember that incentives determine the type of advice they give you so one that charges an hourly fee is less likely to be problematic.