Roth IRAs grow tax-free! A great way to build your wealth!

• Roth retirement accounts, whether that be a Roth IRA, which would be a retirement account that you set up on your own, or a Roth 401(k), which would be a retirement account you set up through work, all grow completely tax free. (01:06)
• The more you pay in taxes, the more it will hamper your financial situation. Perfect for avoiding the building up of wealth. (01:32)
• While Roth IRAs always have income limits, if you make too much you are not eligible. (02:34)

Quote for the episode: "Now if you actually do want to be a millionaire and pay less in taxes on all that investment growth, a Roth account would likely be a great way to do that." (02:14)

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Welcome to the Enjoy More 30s Family Finance

podcast. The only podcast dedicated to making life more

enjoyable for young families by hitting on the financial topics

that tend to weigh on us, stress us out, and distract our focus

from simply enjoying life.

Hello and welcome to the Enjoy More 30s Family

Finance podcast. For all those people out there trying to avoid

being financially secure, we have our series 10 Ways to NOT

Be a Millionaire for you today. Now, if you actually do want to

be a millionaire, not to worry, this series isn't just for those

people who are looking for financial ruin. If you avoid

doing these 10 things, then you could be well on your way very

likely to millionaire-hood as well. Each week I'll share a

quick step in this how to not be a millionaire process so you

know what to do, or hopefully what to avoid.

As always before I begin, please share and like, please leave

reviews. I'd love to reach and help as many young families out

there just like you.

Today's great tip on how to not be a millionaire is Rushing Past

the Roth. Roth retirement accounts, whether that be a Roth

IRA, which would be a retirement account that you set up on your

own, or a Roth 401(k), which would be a retirement account

you set up through work, all grow completely tax free. So if

you see the word Roth at the beginning, that means it grows

tax free. Now, obviously, if you do not want to be a millionaire,

you wouldn't want something that grows tax free. You want to pay

lots of taxes! The more you pay in taxes, the more it will

hamper your financial situation. Perfect for avoiding the

building up of wealth. If you put away $500 a month into a

regular retirement account, at 10%, over 30 years, you would

have over $1.1 million. Now with a Roth, unfortunately, all of

that would be tax free, you wouldn't have to give any of it

back to the government. But luckily, if you use that

Traditional IRA, it would still carry a tax burden with it. So

if your tax bracket was 25%, that would be around $275,000 of

that amount would technically be earmarked for Uncle Sam. Much,

much better. Now if you actually do want to be a millionaire and

pay less in taxes on all that investment growth, a Roth

account would likely be a great way to do that. There's a reason

that a Traditional IRA contribution is always fully

deductible to those people that have no work retirement plans,

regardless of how much income they made. While Roth IRAs

always have income limits, if you make too much you are not

eligible. They can be pretty useful I guess that means that

building wealth. Overall, I think it is more than clear

running past the Roth is a fantastic way to not be a

millionaire.

Thanks for tuning in today and join us for next week's episode

on how to not be a millionaire, Disinterested in Disability. As

always, please remember to review and share for others and

if you need any help, don't hesitate in reaching out. I

probably have helped someone just like you. Until next week.

Thanks for joining me today and I look forward to connecting

with you again soon.

The conversations on this show are

Joe's opinions and provided for general information purposes

only. They do not constitute accounting, legal, tax, or other

professional advice for your specific situation. You should

always seek appropriate advice from a financial advisor,

accountant, lawyer, or other professional before acting upon

any content or information found here first. Joe is affiliated

with New Horizons Wealth Management LLC, a branch office

of TFS Securities, Inc., and TFS Advisory Services an SEC

Registered Investment Advisor, Member FINRA/SIPC.