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Using Your Ira To Buy A Business
[00:00] Over the past two centuries, almost 90 percent of the world’s millionaires made their fortunes through real estate. How to Ride the Wave on Low Income and Low Capital from host, best-selling author and speaker Michelle Russell.
What Is An Ira Cd?
] Income Business This is one of my favorite classes I have a website called Operation Prosperity which is actually the parent company of Short Term Rental Income. And when you come to BoomProcess.com, you’ll find a variety of articles, and we’ll put it out there specifically to help you understand what an IRA is, how to use it, and how to use it. . It’s self-directed You can go there The podcast will be released that Friday. So here’s how we do that, first I’m going to explain a little bit about direct market IRAs.
[01:18] So don’t worry if you don’t have an IRA, don’t worry if you don’t have a self-directed IRA. And if you’re young – I want to retire early, why start investing for retirement now So I stopped… Dave Ramsey has this reliable little example that he uses in his books and seminars, and I love Dave Ramsey. The first money book I ever read was by Dave Ramsey I’m trying to remember what it was like (Financial Peace) but he had a really good book Now I don’t agree with him 100 percent because I was taught by real estate investor Robert Kiyosaki. And Dave Ramsey doesn’t like real estate investing and he doesn’t like credit scores. He doesn’t believe in credit cards or anything like that, and I totally disagree with that, and my Robert Kiyosaki taught me how to invest, so it’s a little bit different. Also, Dave Ramsey lost a lot of money he invested in real estate and actually went bankrupt. So he had bad taste in real estate investing If I had to go bankrupt too Yes, maybe I was a little more hesitant than I should have been, but as a woman, let me tell you, women, we like safety and don’t like risk.
[02:47] We ain’t gamblers like men Don’t you know Kenny Rogers is like the man on the train Who knows, we roll the dice and say, “Girl, you better win because if you lose all our money, I’m going to be mad at you.” You will regret it today, won’t you? But Dave Ramsey has this little graph that I say he uses in his book, and I’ll read you a little bit
[03:14] So in Dave’s example, he uses two brothers, Ben and Arthur, when Ben starts making money at age 18, he starts investing and withdraws $2,000 every year for eight years and then stops.
Reasons To Max Out Your Roth Ira
[03:33] Thus, at the age of 26, he was able to cash two thousand dollars. He only did that for eight years So he invests from age 18 to 26 Sixteen grand So that saved him Now that I have $16,000 invested I think Dave’s example is six and a half percent or 65 year old little Ben. His investment of 16 thousand dollars is 2 million 288 million dollars. That’s $2,288,996 He made with his little investment And remember, he stopped — he stopped investing at 26 Now let’s take his brother, his brother Arthur saw little Ben working his little ass and put in $2,000 and he’s a little older than Ben and As expected what a good idea it is.
[04:40] I start saving for retirement Yes, Arthur has $2,000, but Arthur must put $2,000 into retirement every year from age 26 to age 65. So what is this? That’s a two-thousand-dollar investment that lasted almost 40 years. So he gave it over four times. He put away a couple of thousand dollars, but he started working when he was 26 and earned the same amount, so by the time he’s 65, he’s earned as much interest as his brother Ben. we say. This is $1,532,166 of the $1.5 million paid to him. It was Jana who put a lot of effort into it, but because she started late, the later you start, the less money you make and the more interest you have. Well, that’s why it’s magic. Start with as much money as possible, and this is true, as I said, if you’re young and think you shouldn’t start. This is when you should start Now here’s another deal If you’re in your 50s and 60s and you’re listening to this while taking a good shot, I haven’t started yet. Better late than never my friend Don’t think like Grandpa 20 years ago was the best time to plant a tree The second best time is now and now That’s why you should start investing Now I’ll tell you about IRAs If you listen and know what an IRA is , bear with me for a moment while I explain to everyone. Now many people have heard about Ira Bul
[06:45] This is a personal pension account or a personal pension system And what are they? You can read IRS Publication 590 and learn all about it. But there are two main types of IRAs. A bunch of different types are good, but basically there are two different types. That would be the traditional IRA and the Roth IRA. And the difference between them is amazing. Want to have a Roth IRA If you’re making a lot of money when you set up your IRA, you may not have a Roth IRA or Roth IRA right now. You have to do whatever they want. You have to make less than one hundred and eighty-six thousand dollars a year.
[07:52] It changes all the time, that’s why I said $186k to $196k. Actually, it could be more or less. The IRS changes based on different things and changes frequently. So you really want to check. And remember, I’m not… I’m going to give you this disclaimer here – I’m not, I’m not a financial advisor, I’m not a CPA, I’m not a tax accountant, or This is all just my personal opinion. Like I said, that’s exactly what I’ve learned in the courses I’ve trained and taken. People I’ve met all my life have given me that opinion. So Dave Ramsey has an opinion and I really think Dave Ramsey is into the IRS and the Roth IRS and stuff like that. So everyone still has something they like
Ira Contributions: Why Wait?
[08:50] And these are just my thoughts. You can honestly take it or leave it, but I hope you take it and watch it and start exploring for yourself. So if you can get a Roth IRA now, if you’re making less than that, then get it. Get it this year because you’ll soon make more And if you do
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