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Anyone here have a ROTH IRA

Logical-Master
Posts: 2,538
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11/21/2008 6:54:55 PM
Posted: 8 years ago
I was listening to Davy Ramsey and he said I can turn 20,000 dollars into 4,000,000 within 2 decades if I utilized this kind of retirement account. Is there anyone here with in depth knowledge of this as I am a bit curious.
askbob
Posts: 7,254
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11/21/2008 9:05:53 PM
Posted: 8 years ago
Yes I do, and I consider myself a bit of an expert in them. I made a website dedicated to explaining what they are and how to use them. I currently have a little under 6000 dollars in mine (i'm 19). I plan on maxing it out every year I'm in college.
Me -Phil left the site in my charge. I have a recorded phone conversation to prove it.
kohai -If you're the owner, then do something useful like ip block him and get us away from juggle and on a dofferent host!
Me -haha you apparently don't know my history
Kohai - Maybe not, but that doesn't matter! You shoukd still listen to your community and quit being a tyrrant!
Me - i was being completely sarcastic
Kohai - then u misrepresented yourself by impersonating the owner—a violation of the tos
askbob
Posts: 7,254
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11/21/2008 9:09:46 PM
Posted: 8 years ago
now with the whole 20,000 into 4,000,000 thats not really a accurate picture.

Besides the contribution limits are 5000 per year.

The key to retiring with 4+ million is doing the following

1. Starting when you are young (18) or younger
2. Max out contributions
3. Learn how to invest in no-load indexes (go to Vanguard)
4. Make at least 10% a year on your investments
5. As soon as you get a full time job start a Roth 401k and max it out every year.
6. Max out your spouses Roth 401k and Roth IRA.
7. Put an additional 10,000 away in a 529 college savings plan every year and earn 10% on this.
Me -Phil left the site in my charge. I have a recorded phone conversation to prove it.
kohai -If you're the owner, then do something useful like ip block him and get us away from juggle and on a dofferent host!
Me -haha you apparently don't know my history
Kohai - Maybe not, but that doesn't matter! You shoukd still listen to your community and quit being a tyrrant!
Me - i was being completely sarcastic
Kohai - then u misrepresented yourself by impersonating the owner—a violation of the tos
askbob
Posts: 7,254
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11/21/2008 9:20:23 PM
Posted: 8 years ago
http://mysite.verizon.net...

Take into account that I'm still working on it, though not as heavily as I have been due to college.
Me -Phil left the site in my charge. I have a recorded phone conversation to prove it.
kohai -If you're the owner, then do something useful like ip block him and get us away from juggle and on a dofferent host!
Me -haha you apparently don't know my history
Kohai - Maybe not, but that doesn't matter! You shoukd still listen to your community and quit being a tyrrant!
Me - i was being completely sarcastic
Kohai - then u misrepresented yourself by impersonating the owner—a violation of the tos
Ragnar_Rahl
Posts: 19,297
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11/22/2008 4:12:39 PM
Posted: 8 years ago
Ugh, retirement... what a silly thing to do :D
It came to be at its height. It was commanded to command. It was a capital before its first stone was laid. It was a monument to the spirit of man.
askbob
Posts: 7,254
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11/22/2008 7:28:29 PM
Posted: 8 years ago
I do have disagree at the utmost. Retirement enables us to pursue our dreams without any reserve of monetary boundries.
Me -Phil left the site in my charge. I have a recorded phone conversation to prove it.
kohai -If you're the owner, then do something useful like ip block him and get us away from juggle and on a dofferent host!
Me -haha you apparently don't know my history
Kohai - Maybe not, but that doesn't matter! You shoukd still listen to your community and quit being a tyrrant!
Me - i was being completely sarcastic
Kohai - then u misrepresented yourself by impersonating the owner—a violation of the tos