As promised to be included in this series on retirement, here are facts that you need to know about Traditional and Roth IRA, as the two most popular types of IRAs. Check this episode and learn more about your journey to financial freedom.
[4:2] Difference between Traditional and Roth
● Traditional IRA is pre-tax similar to a 401k while,
● Roth IRA is typically tax-free or after-tax
[7:20] Until when can I contribute for tax year 2018 and what are the contribution limits?
● You can contribute up to April 15, 2019
● 2019 limit increased to $6,000 from last year’s $5,500, if you are under the age of 50
● If you are 50 or older, this year’s limit is set to $7,000
[9:5] Pieces of advice we gathered from other resources
● It’s better to get a Roth IRA because your taking the taxes and not be taxed upon retirement
● If you’re being taxed on a Roth IRA now, there’s basically less money to tax compared to what you will be paying in the long run
[34:22] Value Link: Looking for an easy side hustle? Check out chainofwealth.com/airbnb for some free information on how to get started.
Meh- there were no sponsors or value link round this time- but I’ll keep the airbnb link in there for good measure.
Value Link Round (VLR)
This wasn’t actually talked about but I like these questions, so I’ll give it a try.
Why do you think people fail to achieve their dreams?
Like most of our guests- I agree, people are always too afraid to start.
Just get out there and try it! What’s the worst that will happen?
What are you favorite books or podcast?
Books: Your money or your life
Podcasts: Obviously Chain of Wealth but How I built this is a close second.
What’s your favorite quote?
Education is not the learning of facts but the training of the mind to think. – Albert Einstein
Any last advice?
Yah- sign up for our emails below!