Roth IRAs allow regular people to save for retirement and become tax-free millionaires.
In this Roth IRA 101 guide I share all the resources and tools I recommend for investing in a Roth IRA.
Roth IRA Explained
This guide to Roth IRAs for beginners goes over a few things:
- why you should open a Roth IRA
- what a Roth IRA is
- benefits of using a Roth IRA
- my personal experiences with Roth IRA investing
- my recommendations on where to open a Roth IRA
- sharing which investments to pick
Remember: I am not a financial advisor and this is not advice, just my experience!)
Where To Open A Roth IRA
People often ask me where to open a Roth IRA after they find my videos on these accounts.
There are many good choices and I recommend three options that I’ve had experience with personally:
These are just the accounts I’ve had experience with but many brokerages offer excellent options.
Read: Where To Open A Roth IRA
Things You Need To Know
There are many things you need to know before opening an account including:
- your personal tax situation
- if you are eligible to open a Roth IRA
- all the rules around Roth IRAs
Tracking IRA Contributions
Do you want a visual tracker to keep you motivated with maxing out your Roth IRA?
Check out these Roth IRA trackers!
$6,000 Roth IRA Saving Challenge Tracker – This will help you plan and invest money to max out your Roth IRA!
This $6,000 Money Saving Challenge is designed to help you keep track of the $6,000 over one year. This allows you to invest in your Roth IRA to max it out.
This tracker bundle includes THREE different options included in this money savings challenge:
- 3 different $6,000 Roth IRA investing challenge trackers with amounts to save each week for the whole year (52 weeks) to max out $6,000 contribution
These Roth IRA challenges are designed to pick one amount each week and put it in your Roth IRA in order to max it out at $6,000.
$7,000 Roth IRA Saving Challenge Tracker – This tracker helps you plan and invest money to max out your Roth IRA in 2021!!
This includes THREE different options included in this money savings challenge:
- 3 different $7,000 Roth IRA investing challenge trackers with amounts to save each week for the whole year (52 weeks) to max out $7,000 contribution
This design encourages you to pick one amount each week and put it in your Roth IRA. The $7,000 Money Saving Challenge will help you keep track of the $7,000 over one year to invest in your Roth IRA to max it out.
This challenge bundle will help you track Roth IRA contributions during the year to max out this important investment account.
There are 14 different options included in this money savings challenge to help you plan and invest money to max out your Roth IRA!
Roth IRA Mistakes To AVOID
Mistakes to avoid with your Roth IRA:
- Not using a Roth IRA because you already have a 401k.
- Not actually investing the money.
- Not maxing out your account for the year.
- Not contributing for both people if you are married.
- Taking too much risk with investments.
- Not considering your tax brackets.
- Breaking the rules on contributions.
- Investing before you paid off high interest debt like credit cards.
- Not keeping your beneficiaries updated.
Mary is the founder of Pennies Not Perfection where she shares her journey to build wealth through online income. She quit her day job in 2021 after she paid off her debt and doubled her 9-5 salary.
Mary's favorite free financial tool is Personal Capital. She uses their free tools to track net worth and work toward to financial freedom.