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Bank Of America - Merrill Edge - Funding Self Directed Roth IRA & Setting Up Transfers - YouTube
Channel: BrentInvesting
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hello everyone and thanks for tuning
into the financial investor channel my
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name is Brent and today we're going to
be discussing how to fund your Roth IRA
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within the Merrill edge account now I
have decided to create a Roth IRA
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instead of a traditional IRA I want to
tax protect any any say if I were to
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sell a stock
I would like to tax protect that stock
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regardless if I sold it short term or
long term I would also like to tax
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protects any dividends so I don't have
to pay taxes on my my gains or dividends
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for the year so I could buy a share at
$100 sell it at $200 have a hundred
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dollars of profit and not have to pay
any taxes on it within that year as long
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as I keep it within my retirement
account if I do choose to withdraw it at
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that time I do pay taxes on it but if I
do leave my funds or any of my earnings
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within the account until I am 15 and a
half I can then withdraw partial or all
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of my funds from my Roth IRA completely
tax-free and as you know with life the
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more you work the more money you gain
and the more you are taxed so I don't
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know how I will be taxed I fifty nine
and a half but I definitely want to tax
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protect myself now so that is why I am
creating my Roth IRA and I'm gonna go
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ahead and show you guys how to begin
funding your Roth IRA and add increments
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every single month so that's what we're
going to be doing in this video so here
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I am on my marrow edge main account
and I already have a little bit of money
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in mine on Carmen account this was
mainly transferred from Robin Hood I
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started with motive and Bastien I
transferred over to Robin Hood
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now I moved over to Merrill edge and I
believe this is the last and final
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broker that I will use I will continue
to use this broker because it offers so
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much for me you know it offers has not
retired my accounts that has retirement
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accounts and has mutual funds which I
will not use and has dividend
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reinvestment programs that are very easy
to set up on here it has lots of tools
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on their website that has a website it's
not just an application but it also has
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an application and has a pro trading
platform and there's a bunch of other
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features on there that are just I
haven't explored them all so I can't
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really talk about them but anyways let's
go ahead and begin finding our account
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so from the main site you would select
fund account you would then go into
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transfers and withdrawals now I don't
have an account linked here that I can
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currently withdraw or transfer cash from
so at this time I would select transfer
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from and then I would like to add a new
account then it takes me over to the add
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account option at this time I can look
up my routing number for my bank and
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mice in my state and then enter that in
here make sure that the bank name is the
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correct name that appears here and then
enter your account number and then
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reenter your account number once you
have done that select the account type
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is it checking as a savings and then
you'll select continue here at the
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bottom once you've done that and then
asked you if you would like to instant
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verify your account so you go ahead and
agree with your instant verification or
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you can cancel and not agree with the
instant verification but it was a very
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quick process so I said you know what
I'm gonna go ahead and do it and I
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verified my account the verification
process for me took about 30 seconds I
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believe somewhere between 30 seconds in
a minute and then once that was done it
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then said that my account was verified
congratulations
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your Chase Bank has been successfully
verified and then I selected close now I
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have the option to withdraw from my
checking account or whatever account you
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want to add into your Merrill edge
account so I select it from my checking
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I selected which account I wanted to
fund which is my Roth IRA it then showed
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me my information from my Roth IRA so I
can contribute up to fifty five hundred
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dollars per year and I had actually
contributions today were zero so ISIL
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entered my amount of six hundred dollars
because as on Robin Hood every single
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month I was contributing six hundred
dollars to my investment portfolio I
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wanted to continue that sort of sort of
style of investing I suppose my
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increments of investing so I entered the
amount of $600 I set the frequency to
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monthly and I set the start date for
November 1st 2017 and I set the duration
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to continue indefinitely now I may
change the frequency to either weekly or
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semi weekly because I noticed that I
have $600 in my count I really want to
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use that money on stocks that are
current laid down at the time and it's
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not bad but at you know mid month or a
quarter through that you know three
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quarters of the month their stocks like
Pepsi AT&T that release their earnings
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and they fall way below and they offer a
good buying opportunity so I may or may
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not change that increment to be monthly
to semi-weekly and then you would hit
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continue transfer once you have done
that it'll give you the transfer detail
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so I am transferring from my checking
account to my Roth IRA the amount of
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$600 started on November 1st 2017 the
frequency is monthly and it is non
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deductible so if you open up a
traditional
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IRA your contributions are actually
tax-deductible there's different
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brackets for what you can deduct so if
you were to and if you were to transfer
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$5,500 from your already tax income into
your traditional IRA you could then
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deduct $5,500 from your taxes and then
at that time you could schedule transfer
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and that is it you have completed have
the you have completed the funding of
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your account if you have chose November
1st or another date your account would
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then be funded at that time so November
1st is in a couple weeks and I will have
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my $600 in my Roth IRA to begin
investing so that is it for this video
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thank you guys for tuning in to the
financial investor if you are brand new
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to my channel I do make stock market
financial and investment videos weekly
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so do consider subscribing to my channel
if you did like the video remember to
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hit the like button subscribe if you are
new if you have any questions on any of
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the Merrill edge products or just what
they offer go ahead and let me know in
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the comments I do not mind making a
video showcasing Merrill edge I think
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it's an interesting platform and I think
they have a lot to offer so that is it
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for this video thanks for tuning in and
I will see you next time bye
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