Roth IRA 101

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!)

Read: Roth IRA Explained (Retirement Savings 101)

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:

• Vanguard
• Fidelity
• M1 Finance

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

Things To Know Before Opening A Roth IRA Video

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

Read: Top Things to Know Before Opening a Roth IRA

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.

Roth IRA Mistakes To AVOID

Common Roth IRA Mistakes Video

Mistakes to avoid with your Roth IRA:

1. Not using a Roth IRA because you already have a 401k.
2. Not actually investing the money.
3. Not maxing out your account for the year.
4. Not contributing for both people if you are married.
5. Taking too much risk with investments.
6. Not considering your tax brackets.
7. Breaking the rules on contributions.
8. Investing before you paid off high interest debt like credit cards.
9. Not keeping your beneficiaries updated.

Read: Roth IRA Mistakes You Must Avoid