5 Simple Steps: How To Earn An Easy Million Through a ROTH IRA!
by Tom Levine
So,Guest Posting you wanna earn a million dollars, super-duper easy? How would you like the federal government to give you a big, huge tax break? Wouldn’t it feel deliciously good to earn a Million Dollars of income, completely tax free? How would you like to earn a million dollars of income passively, quietly, without lifting a finger? Well, put your seatbelts on, folks, because in a brief nutshell, I’m going to introduce you to the financial vehicle that you’ve been looking for! Welcome to the wonderful world of investing through a ROTH IRA in 5 simple steps:
1. What is a ROTH IRA?
2. Which way should I go…ROTH IRA or Traditional IRA?
3. When Should I start Investing in a ROTH-IRA?
4. How Long Before I Earn $1,000,000 – One Million Dollars?
5. A Checklist
Before we proceed, A couple things to please keep in mind. A ROTH IRA, while completely simple and easy for all of us to understand, is not without complexity, and each individual is different. Laws change, so always check with your financial advisors before proceeding to take action. The information contained in this journal are solely the opinions of this writer, so be sure to seek out solid financial advice before making any important decisions. Be sure to do your own research and conduct your own financial assessments prior to changing any investments or making any new financial decisions. While I welcome the opportunity to introduce you to the ROTH IRA in my own words, please make sure that you assess your https://s3.us-east-1.wasabisys.com/are-gold-iras-good/are-gold-and-silver-iras-a-good-idea.html retirement plans on your own, alongside those financial advisors that you trust and rely upon. With that said, let’s proceed!
1. What is a ROTH IRA?
a. A ROTH IRA is a wonderful product that came into existence as a result of the Taxpayers Relief Act of 1997. It is a new tax-shelter for the average American, and a new opportunity to take advantage of certain benefits that were previously unavailable.
b. A ROTH IRA, in part, reverses the process from that of a regular traditional IRA account. The down side is that there are no tax deduction benefits for your contributions. The plus side is that the contributions you make, are POST-TAX…In other words, you’re not using the ROTH-IRA before taxes are taken out of your paycheck. You’re using the ROTH-IRA from your Net proceeds of your paycheck, or after taxes are taken out. Why is this absolutely wonderful? Well, I’ll get to that in a minute.
c. Most of us can add up to $3000 (as of 2004) per individual into each account per year. Now of course, if you’re married, then you can add up to $6000 per household, combined into two ROTH-IRA accounts, per year! That’s enormous. Absorb that for a second. You and your family, can invest $6,000 additional monies, per year, in a tax-shelter, that will earn revenue TAX-FREE!