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6 Best Roth IRA Accounts (to open for new investors) - YouTube
Channel: Wealth Hacker - Jeff Rose
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I've said it once and I'll say it again
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I've loved talking about the Roth IRA if
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you watch any of my other videos where I
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mentioned this amazing investment tool
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then chances are you are chomping at the
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bit to get your hands to sink your teeth
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into some tax free money oh now I'm not
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the only one that loves the Roth IRA
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Dave Ramsey personal finance expert also
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is in love with the Roth IRA aren't you
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Dave well Jeff I still think you're
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crazy but yeah I love me that Roth IRA -
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so many of you want this tax-free money
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you want to open a Roth IRA but you
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don't know where to go well guess what
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there's no more guessing there's no more
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wondering this is the video for you it's
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a former financial planner I have a lot
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experience in opening Roth IRAs at
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different custodians but I've also done
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a ton of research on all the different
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online options so in today's video I'm
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going to share with you what are the six
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best Roth IRA accounts for new investors
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I'm also going to share what is one
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place that you have to avoid at all
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costs are cha
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let's begin what's going on y'all
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welcome back the channel wealth hacker
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lab this is the channel dedicated to
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teaching you new ways to grow well that
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does not talk to you in schools or by
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your parents I am your gracious host
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Jeff Rosen
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here we are talking about the Roth IRA
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once again but we were talking about
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because it is still important if people
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want to start the Roth IRA they want to
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get that tax-free money they just don't
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know where to go she'll meet the money
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in a previous video where I talk about
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Roth IRA rules for beginners I share a
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comment from a subscriber named Johnny G
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and with Johnny G he had opened up a
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Roth IRA account at a credit union and
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after having this account open for two
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years he hadn't made any interest now
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there's one thing that you need to know
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about Johnny G and that is is that he is
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a subscriber to the channel so if you
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are not like Johnny G it is time to be
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so go ahead and hit that subscribe
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button and that notification bell so
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that you are
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in the know when the next wealth hacker
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video comes out now I know that Johnny G
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is not alone in this and that's why I
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wanted to share what are my six favorite
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places open birth IRA if you are a
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beginner and with these six I broke them
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down into three different categories we
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have hands-on hon zone hands off get
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your hands off me and alternative I
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don't have anything funny for
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alternative my bad I'm sorry so let's go
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and take a look at the first two options
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that are more hands-on the first option
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I want to share is Robin Hood I
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absolutely love Robin Hood they are a
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disruptor in the investment space I mean
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they are wait what what do you mean
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seriously oh that's right Robin Hood
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doesn't they don't offer Roth IRAs ah my
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bad
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there are so many different Roth IRA
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options and the fact that Robin Hood
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still doesn't offer any IRAs I don't get
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it I don't get okay since Robin Hood
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isn't an option we'll go ahead and go
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with real option number one and that is
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TD Ameritrade so one of the reasons why
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I'm including TD Ameritrade with hands
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on is that if you actually want to visit
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a local branch they have over 275
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branches across the u.s. so yes if you
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want to go talk to someone physically
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that is an option but if you want to go
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purely online that is also an option
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with them as well now a common theme
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that you're going to hear with many of
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the Roth IRA providers that I share
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today is that they have zero account
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minimums they have zero to get started
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so you don't need a thousand or ten
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thousand dollars to get your account
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open and also they have zero trading
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cost that means zero commissions on
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stocks and ETFs now we do have Robin
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Hood to thank for being a disrupter in
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the financial space to force these other
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investment providers to slash their
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commissions
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so this is where TD Ameritrade is a good
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hands-on option if you do want to buy a
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stock that's not traded on the New York
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Stock Exchange or the Nasdaq if it's
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considered an over-the-counter security
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then you are gonna have to pay $6.95 for
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those shares but the reality is that if
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you're a beginner that's not where we're
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starting you'll want to start with the
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ETF you'll want to start with the blue
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chip so dividend-paying stocks that's
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where you want to begin not these
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over-the-counter penny stocks at the
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beginning this video I shared that you
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could qualify for some cash rewards so a
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TD Ameritrade they will actually give
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you up to a six hundred dollar cash
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bonus if you meet certain requirements
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now some of these bonuses aren't really
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meant for beginners but for example if
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you have over twenty-five thousand
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dollars that you want to deposit or
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transfer in they'll give you a one
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hundred dollar bonus that goes on up to
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three hundred dollars if you have over a
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hundred thousand and then a six hundred
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dollars if you deposit two hundred fifty
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thousand dollars or more now you may not
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qualify for the higher cash bonuses but
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you may qualify for the smaller one and
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you know what a hundred dollars is still
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a hundred dollars and that is money in
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the bank
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I'll take that one hundred dollars and
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put it in my bank option number two if
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you want more hands-on in choosing your
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own
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investments is a lie invest so a lie is
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very similar with TD Ameritrade they do
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not have the physical branches but they
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do offer once again zero account
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minimums zero to get started and also
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zero transaction cost with most stocks
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and ETFs now the one con with allies if
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you do want to buy mutual funds they
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charge $9.95 for every single mutual
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fund transaction so they don't have any
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no transaction fee mutual funds
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whereas with TD Ameritrade they offer a
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ton of mutual funds where you can buy
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them with zero transaction cost so if
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buying mutual funds is something that
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you are exploring then I would prefer TD
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Ameritrade / Ally now Ally is also
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offering some nice rewards up to $3,500
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in cash if you meet certain criteria now
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we probably aren't going to qualify for
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the higher tiers but if you're between 0
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and 25,000 they'll give you $50 if
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you're between 25 and 50 thousand we'll
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go ahead and give you an extra 200 and
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as we all know that two hundred and
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fifty dollars is still money in the book
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those are my two favorite options if you
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want more of a hands-on experience more
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hands-on control in choosing the
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investments inside your Roth IRA now if
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you want more of a hands-off approach
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and that you want to let somebody else
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decide what you actually invest into
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then these are my two providers that you
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need to check out the first option is
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Robin Hood take it to put how Robin Hood
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why don't you offer Roth I race I kid I
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kid
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seriously though Robin seriously though
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Robin Hood know one day I'm gonna get it
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no not Robin Hood betterment so with
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betterment if you don't want to choose
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your investments then betterment is my
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most favorite option why is that is
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because with betterment all you have to
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choose is your investing or saving goal
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are you saving for a house are you
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saving for a large purchase are you
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saving for retirement are you saving for
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just the save are you investing to build
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wealth with betterment all you have to
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do is fill out a few questions that
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determine what is your savings goal and
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they will build your portfolio for you
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now they are primarily using
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exchange-traded funds ETFs to build this
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portfolio and to manage that portfolio
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for you they will charge you a very
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small fee it is point to 5% or if you
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want to quake that $2 for every $10,000
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that you invest with them they're going
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to charge you 25 bucks and for those
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that want just a little bit more control
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on their investments betterment came out
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with a solution just for you they now
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offer what's called flexible portfolios
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so with these flexible portfolios
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they'll start with either a betterment
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strategy or a strategy from another
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investment advisor and with that you can
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customize it to your liking give me some
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of that give me some of this one I'll
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take that one give me a lot like that
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give me some of that for those that are
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completely comfortable with a hands-off
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approach
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guess what betterment has a solution for
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you too
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for an extra 15 percentage points so 0.4
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percent or $40 on every $10,000 invested
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they have a certified financial planner
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that will talk with you that will meet
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with you virtually to get to know your
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situation and make recommendations based
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off of that so yes you can go to sleep
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at night knowing that you've talked to
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professional and that you are doing the
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right thing thank you better man I'm
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gonna sleep so good tonight are the
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second option for hands off is another
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favorite of mine it is m1 finance now
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with m1 finance I can actually put them
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in the hands-free category because you
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can buy individual stocks you can buy
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fractional shares of stocks and or ETFs
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with you guessed it zero transaction
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cost so that is purely an option for you
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to butt with m1 finance they also offer
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what is called expert Pais now you can
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build your own pie with your ETFs and
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stocks but for many of you that might be
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overwhelming I beat
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so these are PI that are built by them
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or other investment professionals that
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are using either stocks and or ETS very
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similar what we've talked about with
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betterment the big difference between
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the two is that betterment does a better
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job get a better job
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okay pun intended or not intended hi
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Donna
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I've got you on my radar of managing
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your risk depending on what your goals
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are
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so with these expert PI's you're just
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choosing an investment strategy and
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chances are it could be predominantly
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all in stock so you're going to see more
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of a rollercoaster ride
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in the event that the market does so
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either way both betterment and m1
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finance offer a true hands-free option
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to start investing inside a Roth IRA
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with no pressure of choosing your own
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investments and they don't have any
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account minimums so what's you're
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waiting for get started you're crazy if
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you don't open for Roth IRA all right
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we're down the homestretch the last two
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options for Roth IRA investors now these
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two are on the alternative side and all
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that basically means is that we're not
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talking about the stock market with
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stocks and ETFs a mutual funds so we're
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talking about alternative investment
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strategies option number one is fun rise
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so with fun rise this is actually an
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investment platform I have talked about
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before with fund rise it allows you to
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become a real estate investor without
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actually having to purchase physical
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property or manage physical property now
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with fund rise they do have an account
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minimum so it takes five hundred dollars
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to get the account open since we're not
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talking about traditional stock market
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investments here fund rise has to use an
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outside custodian for their IRAs and
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they use millennium Trust Company it's
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not millennial trust company because if
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it was bulimia you actually might like
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that but no it's millennium Trust
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Company and because of that they charge
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a one hundred and twenty five dollar
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custodial fee now this is pretty common
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when you're dealing with non-traditional
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investments I've seen other outside
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custodians charge two hundred fifty five
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hundred up to a thousand
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dollars on their custodial fees for
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these non-traditional investments so if
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you are dead set on becoming a real
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estate investor inside your Roth IRA
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then fund rise is the option for you
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the second option with the alternative
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options in Roth IRAs is Lending Club
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Lending Club is another provider that
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I've talked about before here on the
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channel they are a peer-to-peer lending
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company so for those that need a loan
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the way that you make money that you're
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actually giving micro loans to all these
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different people just like a bank you
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are collecting interest and all the
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different loans that you have given out
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and Lending Club is making their money
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on a management fee for handling all the
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loans that they process and trust me
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they are processing a ton now the
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unfortunate thing with Lending Club and
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their Roth IRAs is that it does take
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more to get started if you were to open
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up an investment account with them they
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do have a $1,000 minimum but with their
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IRAs they require more they want you to
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maintain a balance of at least five
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thousand five hundred dollars so fifty
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five hundred dollars and they're gonna
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charge you $40 for that custodial fee
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now there is another option that's a
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little bit more expensive but since
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we're talking about IRAs for beginners I
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won't even talk about that one but once
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again if you want to avoid the stock
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market if you don't want to do real
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estate then a Roth IRA with Lending Club
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is another option you could consider
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okay just in case you're wondering why I
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was wearing a hat in today's video
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because nothing I've ever done this but
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the reason is it because it's a rainy
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dreary day anyway that wraps up the six
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different options for Roth IRAs for
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beginners but I did mention that there
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is one option that you want to avoid at
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all cost and going back to Jonny G's
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comment so Jonny G talked about his
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credit union and how his credit union
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Roth IRA is not making any money and
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that's the option that you want to avoid
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not saying that you want to avoid credit
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unions or local banks or regional banks
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but basically what you want to avoid is
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any investment place that doesn't really
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offer true investments so in Jonny G's
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case he's got a credit union sounds like
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he has a savings account doesn't have
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any other true investments like stocks
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or bonds or ETFs or mutual funds so
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in that case those are the ones that you
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want to avoid because yes you are
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opening a Roth IRA but you have a Roth
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IRA that's not actually paying you any
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money and that's what we don't want
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unless you're like 70 years old and last
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time I checked my youtube analytics I
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don't have any 70 year olds watching my
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channel so I yeah that's the place that
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you want to avoid the one you just don't
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want to open up at a bank or the credit
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union that doesn't offer true
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investments like ETFs individual stocks
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or mutual funds avoid those at all costs
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Archer I hope you enjoyed this video
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hope this is getting you started to go
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open up your first Roth IRA if this is
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the case let me know let me know the
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comments below where you're gonna open
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the Roth how much you're gonna get
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started and yeah I want to cheer you on
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because I want you to start hacking your
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wealth and opening up a Roth IRA getting
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that tax-free money is a great way to
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start until next time this is Jeff rose
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a mind of you that is your money it's
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your life and all you can make it
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awesome stay dry out there
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[Music]
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