If you invest 200$ each month into the S&P 500 you can make hundreds of thousands or millions of dollars over time

[Mikeoxenormous]

Ah that is a good point. So even if you take your earnings from the S&P 500 index fund and put it into a retirement account, you still have to pay a capital gains tax. That is good to know. I did not know that. It’s very interesting.

I find it interesting that there’s an age minimum for these Roth IRA accounts. I don’t think that’s right. If somebody wants to start investing into a retirement account when they’re 15 years old doing a paper route and then take it out when they’re 35 maybe they should be able to do so? Although perhaps there’s arguments against this.

But I have a friend who has a Roth IRA account he invest into yearly. So I’m certainly gonna keep that in mind. I like the idea of an IRA because it’s tax-free. And it’s good to have something when you get older.

To make contributions into a Roth IRA you have to have gainful employment that has an income. Paper routes dont count as gainful.

 

[Andrew_Jackson_FTW]

To make contributions into a Roth IRA you have to have gainful employment that has an income. Paper routes dont count as gainful.

I understand. When you say gainful employment does it include a fast food restaurant type job? Would it include an independent contractor like somebody who repairs homes or installs carpets for people?

 

[Donald H]

For every high roller who makes a million, there are a thousand patsies that lose a thousand.
Find a way of playing the game without getting in with lower odds than the big players who have stacked the deck by insider trading.

 

[Mikeoxenormous]

I understand. When you say gainful employment does it include a fast food restaurant type job? Would it include an independent contractor like somebody who repairs homes or installs carpets for people?

Any job that requires you to submit a W-2 form....

 

[Mikeoxenormous]

For every high roller who makes a million, there are a thousand patsies that lose a thousand.
Find a way of playing the game without getting in with lower odds than the big players who have stacked the deck by insider trading.

Ah yes, the zero gain idiot. There is only 1 pie and everyone eats from that same pie , some more than others.. This is America, where anyone with God given talents can make something of themselves. A football player can make 10 million a season for 10 seasons or some lazy fuck sits in his parents basement smoking dope and collecting welfare while watching his parents Netflix account, bitching and moaning about high rollers.....

Oh by the way, the thousand patsies who bought the Game Stop Stock and stuck it to the high rolling Hedge Fund managers, sure seem to rule the day on that one. I dont play daily trades, i play long term, if you hadnt noticed.

 

[Andrew_Jackson_FTW]

Any job that requires you to submit a W-2 form....

View attachment 881089

Now that is interesting. Because I believe independent contractors fill out something called a “form 1099” so I don’t know if they qualify for an IRA

1099-MISC, independent contractors, and self-employed | Internal Revenue Service

www.irs.gov

I’m self-employed and I fill out a form 1099. But I’ve been looking at things and I believe that I can get an IRA with this type of form.

I’m new to this whole thing but it’s all very interesting.

 

[Crepitus]

I was having some fun with this compound savings circulator. I’m in my mid 30s and I only wish I would’ve done this when I was 18. Take a look at these facts.

From January 1, 1970 to December 31st 2016, the average annual compounded rate of return for the S&P 500®, including reinvestment of dividends, was approximately 10.3% (source: www.standardandpoors.com).

Betting on the S&P 500 is betting on America. It’s the 500 best companies in the United States. I have to thank Tucker Carlson and Jordan Belfort for a segment They did talking about this.




They gave me an idea. Of course there’s no guarantees here there could be a cataclysmic event ie a world war three scenario that disrupts this opportunity ….but if that happens, I suppose we’re all screwed. If normalcy occurs, there is an expected return on investment in the top 500 companies in America. Frankly if America fails the western world and the rest of the world would fail anyway.

Anyway take a look at some of these numbersAnd take a look at further for even more long-term strategies. You don’t even have to put up 10 grand initially …. You can put up nothing initially but if you can invest $200 every month into the S&P 500 for 30 years you’re looking at a huge retirement fund down the road. Or something for your children or some kind of a community center perhaps after you pass on.

LOL, Dude just discovered how the stock market and compound interest works.

 

[Mikeoxenormous]

Now that is interesting. Because I believe independent contractors fill out something called a “form 1099” so I don’t know if they qualify for an IRA

1099-MISC, independent contractors, and self-employed | Internal Revenue Service

www.irs.gov

I’m self-employed and I fill out a form 1099. But I’ve been looking at things and I believe that I can get an IRA with this type of form.

I’m new to this whole thing but it’s all very interesting.

Independent contractors are a whole different breed when they have to face Uncle Sugar to pay taxes. I for one have to pay ever quarter which is about $17,000 but since i am somewhat retired i cannot contribute to any retirement account. But i think the I.C.'s can after paying taxes contribute up to an IRA.

Key takeaways

• The Roth IRA contribution limit for 2023 is $6,500 for those under 50, and $7,500 for those 50 and older.
• And for 2024, the Roth IRA contribution limit is $7,000 for those under 50, and $8,000 for those 50 and older.

 

[Andrew_Jackson_FTW]

LOL, Dude just discovered how the stock market and compound interest works.

A Biden supporter when you have nothing to contribute to the thread, but personal attacks and nastiness.^ Hope you have a better day buddy.

 

[Synthaholic]

Honestly with today’s economy, the Joe Biden inflation, it can be difficult for some Americans to come up with even a few hundred bucks a month to send to a retirement fund or something like the original post describes.

 

[Mikeoxenormous]

A Biden supporter when you have nothing to contribute to the thread, but personal attacks and nastiness.^ Hope you have a better day buddy.

That is they guy i was talking about in their parents basement...Smoking dope and moaning how fucked up their lives are...

 

[Andrew_Jackson_FTW]

Independent contractors are a whole different breed when they have to face Uncle Sugar to pay taxes. I for one have to pay ever quarter which is about $17,000 but since i am somewhat retired i cannot contribute to any retirement account. But i think the I.C.'s can after paying taxes contribute up to an IRA.

Key takeaways

• The Roth IRA contribution limit for 2023 is $6,500 for those under 50, and $7,500 for those 50 and older.
• And for 2024, the Roth IRA contribution limit is $7,000 for those under 50, and $8,000 for those 50 and older.

2024 Capital Gains Tax Calculator - Long-Term & Short-Term Gains

You may owe capital gains taxes if you sold stocks, real estate or other investments. Use SmartAsset's capital gains tax calculator to figure out what you owe.

smartasset.com

I believe I can qualify for an IRA. I will look more into it of course.

in any event huge numbers of Americans don’t have more than $1000 to the name for an emergency. This is occurring under the Joe Biden administration. Crepitus have any solutions for this? Have any advice on stocks to buy? Hbu The Duke other than supplying a “let me Google that for u” link what is your advice?

Anyway Mike as somebody who’s brand new to this type of investing I was looking at the “capital gains taxes” and it’s really interesting that it differs from state to state. You know I had to ask what’s up with that. Why can’t we simply have a flat rate throughout the whole country? Obviously, it’s easier said than done but there are massive differences between say Florida compared to California. Capital gains in California is very high compared to somewhere like Florida.

Seems 5 to 10% flat rate on capital gains across-the-board would be fair.

In Florida

In ny

 

[Mikeoxenormous]

2024 Capital Gains Tax Calculator - Long-Term & Short-Term Gains

You may owe capital gains taxes if you sold stocks, real estate or other investments. Use SmartAsset's capital gains tax calculator to figure out what you owe.

smartasset.com

I believe I can qualify for an IRA. I will look more into it of course.

in any event huge numbers of Americans don’t have more than $1000 to the name for an emergency. This is occurring under the Joe Biden administration. Crepitus have any solutions for this? Have any advice on stocks to buy? Hbu The Duke other than supplying a “let me Google that for u” link what is your advice?

Anyway Mike as somebody who’s brand new to this type of investing I was looking at the “capital gains taxes” and it’s really interesting that it differs from state to state. You know I had to ask what’s up with that. Why can’t we simply have a flat rate throughout the whole country? Obviously, it’s easier said than done but there are massive differences between say Florida compared to California. Capital gains in California is very high compared to somewhere like Florida.

Seems 5 to 10% flat rate on capital gains across-the-board would be fair.

In Florida

2024 Capital Gains Tax Calculator - Long-Term & Short-Term Gains

You may owe capital gains taxes if you sold stocks, real estate or other investments. Use SmartAsset's capital gains tax calculator to figure out what you owe.

smartasset.com

In ny

2024 Capital Gains Tax Calculator - Long-Term & Short-Term Gains

You may owe capital gains taxes if you sold stocks, real estate or other investments. Use SmartAsset's capital gains tax calculator to figure out what you owe.

smartasset.com

I have been with Charles Schwab since i bought my first share of HD. They dont pressure you into buying and selling, like the big investment companies do. Trades are pretty much no costs and they have shops usually locally, where you can walk in, instead of getting some babe from India named Nancy at the on line companies, who can assist you....

 

[Mikeoxenormous]

2024 Capital Gains Tax Calculator - Long-Term & Short-Term Gains

You may owe capital gains taxes if you sold stocks, real estate or other investments. Use SmartAsset's capital gains tax calculator to figure out what you owe.

smartasset.com

I believe I can qualify for an IRA. I will look more into it of course.

in any event huge numbers of Americans don’t have more than $1000 to the name for an emergency. This is occurring under the Joe Biden administration. Crepitus have any solutions for this? Have any advice on stocks to buy? Hbu The Duke other than supplying a “let me Google that for u” link what is your advice?

Anyway Mike as somebody who’s brand new to this type of investing I was looking at the “capital gains taxes” and it’s really interesting that it differs from state to state. You know I had to ask what’s up with that. Why can’t we simply have a flat rate throughout the whole country? Obviously, it’s easier said than done but there are massive differences between say Florida compared to California. Capital gains in California is very high compared to somewhere like Florida.

Seems 5 to 10% flat rate on capital gains across-the-board would be fair.

In Florida

View attachment 881114

In ny

View attachment 881116

Yeah, i lived in Va, for 5 years and then moved to Florida where there is no Capital gains taxes on the sales of stock, only federal.

 

[Andrew_Jackson_FTW]

I have been with Charles Schwab since i bought my first share of HD. They dont pressure you into buying and selling, like the big investment companies do. Trades are pretty much no costs and they have shops usually locally, where you can walk in, instead of getting some babe from India named Nancy at the on line companies, who can assist you....

That’s cool I have an account with Charles Schwab, Robin Hood and Merrill Lynch. I can call them at any time to ask the folks certain questions on Stocks or things like that’s.. I don’t have an individual broker who gives me advice of course, but they are very helpful when it comes to general questions.

I will soon be calling Merrill Lynch after the New Year’s to ask them about which index fund the S&P 500 is it looks like there’s a few and it’s a bit confusing to me.

 

[Mikeoxenormous]

2024 Capital Gains Tax Calculator - Long-Term & Short-Term Gains

You may owe capital gains taxes if you sold stocks, real estate or other investments. Use SmartAsset's capital gains tax calculator to figure out what you owe.

smartasset.com

I believe I can qualify for an IRA. I will look more into it of course.

in any event huge numbers of Americans don’t have more than $1000 to the name for an emergency. This is occurring under the Joe Biden administration. Crepitus have any solutions for this? Have any advice on stocks to buy? Hbu The Duke other than supplying a “let me Google that for u” link what is your advice?

Anyway Mike as somebody who’s brand new to this type of investing I was looking at the “capital gains taxes” and it’s really interesting that it differs from state to state. You know I had to ask what’s up with that. Why can’t we simply have a flat rate throughout the whole country? Obviously, it’s easier said than done but there are massive differences between say Florida compared to California. Capital gains in California is very high compared to somewhere like Florida.

Seems 5 to 10% flat rate on capital gains across-the-board would be fair.

In Florida

View attachment 881114

In ny

View attachment 881116

If there was a flat rate, then the Marxists/Demofascists cant bludgeon US taxpayers over their heads with all sorts of taxes while telling their voting base of poor people, how they are working hard to steal money for them....

 

[Mikeoxenormous]

That’s cool I have an account with Charles Schwab, Robin Hood and Merrill Lynch. I can call them at any time to ask the folks certain questions on Stocks or things like that’s.. I don’t have an individual broker who gives me advice of course, but they are very helpful when it comes to general questions.

I will soon be calling Merrill Lynch after the New Year’s to ask them about which index fund the S&P 500 is it looks like there’s a few and it’s a bit confusing to me.

Play

Make sure you ask both Charles and Merrill if they Charge fees for maintaining your IRAs. I know Charles doesnt. Dont know about Merrill....

 

[Moonglow]

Honestly with today’s economy, the Joe Biden inflation, it can be difficult for some Americans to come up with even a few hundred bucks a month to send to a retirement fund or something like the original post describes. But mess around with the Calculator any kind of savings even I suppose 50 bucks a month will help in the long run.

Education Center | Community Choice Credit Union | Michigan

Build financial confidence with Community Choice Credit Union's Education Center. Access resources, articles, videos, and financial calculators.

www.communitychoicecu.com

My money is for me, not a corporate fat cat making millions.

 

[Crepitus]

A Biden supporter when you have nothing to contribute to the thread, but personal attacks and nastiness.^ Hope you have a better day buddy.

LOL, don't be so touchy Mang.

My point is that most folks should know this by the time they are interested in politics.

 

[Crepitus]

That is they guy i was talking about in their parents basement...Smoking dope and moaning how fucked up their lives are...

Project much?