Roth IRAs are the most powerful investing account.
It can make you a tax-free millionaire in retirement.
Here is everything you need to know about Roth IRAs:
The Roth IRA limit is $7,000 for 2024.
That's only $135 a week.
If you invest $135 a week into S&P 500 an index fund for 30 years, you'll only spend $210,000 of your own money.
But at retirement, you should have $1,300,000.
This is the power of time and compound interest.
How to become a tax-free millionaire (the lazy way):
1) Invest $11 a day into an S&P 500 index fund in your Roth IRA
2) Wait & let compound interest do all the work
3) In 30 years you should have about $1,000,000
*Historically the S&P 500 has returned about 11% per year on average (or 1,300,000%), over the last 96 years since its inception in 1926 (with dividends reinvested)
23, Mark Zuckerberg
31, Bill Gates
32, Jeff Bezos
34, Rihanna
34, Taylor Swift
36, Kim Kardashian
39, Beyonce
39, Jay-Z
40, Kanye West
41, Elon Musk
41, Lebron James
42, Michael Jordan
52, Warren Buffett
1 important lesson from each:
"I can accept failure, everyone fails at something. But I can't accept not trying."
— Michael Jordan
"If you don't find a way to make money while you sleep, you will work until you die."