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Where To Open A Roth IRA (5 Best Places For New Investors) - YouTube
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Roth IRA will make you a tax-free
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millionaire for as little as eight
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dollars per day or if you lay down the
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cash and max out your contributions
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sixteen dollars a day will make you a
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multimillionaire if you start early
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enough Roth IRA is incredibly easy to
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open and invest in but the question is
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where should you open your account there
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are so many options out there which one
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is right for you greetings and
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salutations friends I'm Andy in my last
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video I talked about what a Roth IRA
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account is what you need to know about
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the rules the requirements the taxes I
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jumped into all that stuff so I got the
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bases covered in the last one if you
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don't know what a Roth IRA is or what
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all that good information then click the
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link in the top right hand corner or
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down in the description to watch that
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video however for this video I want to
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dig in a little bit deeper and talk
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about what I think of the five best Roth
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IRA accounts out there right now if you
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are considering opening one what you
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should open one stop what you're doing
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open it well watch this video first then
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open an account do it I'll give you a
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little info about each account the pros
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and cons and hopefully by the end of the
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video you can tell which one is a good
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fit for you your financial situation and
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whatever goals you might have for
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retirement account I'm very excited to
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be your Roth IRA matchmaker wink to stay
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up to date with these videos please
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subscribe to the channel and like this
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video thumb it up give it the thumbs up
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click that button really helps out also
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if you stick around to the end of the
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video which I hope you do I've got a
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super interesting pic as my number five
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favorite Roth IRA account and I think
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we'll get a few people pretty excited
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and one more thing before I get started
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there are two things I want you to think
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about as I talk about these different
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accounts one do you prefer or do you
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think you prefer a hands-on or hands-off
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approach do you want to be in the
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nitty-gritty do you want to get your
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hands dirty with your investments or do
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you just want to put your money in there
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and let magic take over what or a
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hands-off set it and forget it
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toss your money in the account and let
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it do the rest approach and secondly how
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much do you have ready to go to start
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your account alright let's jump into it
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and now I'm in a different spot so the
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first bro
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courage I want to mention is Vanguard
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this is where I have my Roth IRA I
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started at nine years ago when Vanguard
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was the very best option now there are
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many more options and some of them might
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be a better fit for you
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so the upsides to Vanguard is one of the
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most reputable financial companies in
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the world
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they're very responsible and trustworthy
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they have great set it and forget it
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target date funds which means you pick
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the fund with the corresponding target
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retirement date invest your money and
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then let them do the rest Vanguard is
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one of the highest performing brokerages
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out there now downsides to Vanguard cost
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$1000 minimum to open your Roth IRA
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which could be high for some people
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there's an annual management fee of 0.1
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percent per year
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that's what annual means why did I say
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that they used to be the lowest cost
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option but that's no longer the case the
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website and investing platform is a
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little dated it's a little complicated
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and a little tougher to use than the
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other options on here but Vanguard is
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still a great option for passive
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hands-off investors the second brokerage
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on this list is fidelity if I were
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opening my Roth IRA today it would be a
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top contender for where I would open it
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for a variety of reasons the upsides to
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fidelity they're also very reputable and
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have a great track record they have a
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super easy to use web platform they have
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a great Education Center on the website
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for beginners to learn with lots of
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articles resources webinars etc they
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generally have cheaper fees than
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Vanguard when compared side-by-side
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there is no minimum to open your Roth
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IRA account they have commissioned free
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trading and they have zero feed mutual
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funds they allow for the purchase of
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fractional shares which means you can
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buy a part of a stock instead of the
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entire stock they let you invest in
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alternative assets like gbtc this is
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great for hands-on trading if you want
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to trade your investments within your
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Roth IRA account we're so great for
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hands off and beginner investors now the
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downsides of Fedele well there aren't
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really any it's just a decision of do
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you like this feature set or do some of
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the other options on this list have
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better features for you and your goals
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the third option on my list is
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betterment this one is exciting because
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it's a rowboat
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you want to be a bit more aggressive
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with what investments you have in your
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Roth IRA account and you don't want to
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manage that yourself then this is a
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great option traditionally you would
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have a human financial advisor who would
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do this for you
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for a fee now though we have the magic
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of software algorithms and automation a
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Robo advisor is just that talk to the
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hand
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instead of a human advisor who selects
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your investments software replaces the
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human either partially or completely the
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upsides the betterment is I think it's
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the best of the Robo advisors it's one
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of the oldest Robo advisors and the most
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trusted it's really great if you want to
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have someone else do the decision-making
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of your portfolio mix for you it's great
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for hands-off investors has a zero
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dollar minimum to open it's great for
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people who want their portfolio to be
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remixed automatically now the downsides
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the betterment was a 0.25% management
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fee and you're trusting their software
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and their algorithm fourth on my list is
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m1 finance compared to the other three
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financial companies m1 is by far the
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newest that could be a negative for some
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but with that young age comes a lot of
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great features and a really great user
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experience one of those features is that
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m1 is a hybrid robo-advisor it's part
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traditional brokerage like fidelity or
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Vanguard and part automated brokerage
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like betterment this would be another
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option I would strongly consider if I
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were opening my Roth IRA today the
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upsides to m1 is the great app and it's
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very easy to use there are absolutely no
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fees it combines the ability to select
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your investments with Robo advisor
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automation and if you already have an
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existing 401k or Roth IRA and you want
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to switch to m1 they will help you
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transfer your account over they allow
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fractional shares and they allow
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dividend reinvestment so any income you
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make from dividends of your investments
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it can be reinvested in the Roth IRA the
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downsides to m1 well compared to the
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others like I said m1 is pretty new
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they started in 2016 and there is a $500
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minimum to Oh
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I keep talking about these minimums to
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open as downside simply because some
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people don't have a couple hundred
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dollars or a thousand dollars to open a
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Roth IRA and I'd rather than just
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contribute anything they can and get it
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started then worry about meeting a
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minimum of an account before I've just
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mentioned are all fairly conventional
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Roth IRA options more or less so I
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wanted to end this list with something
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that is much more unique and interesting
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I believe in asymmetric bets and I think
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you should consider a fuller spectrum of
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options so for my final and fifth option
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on this list I want to talk about fun
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drives sunrise lets you invest into
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commercial real estate
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the main investments are real estate
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investment trusts or REITs what's really
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cool about fund rise is that when you
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invest into their REITs you are directly
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investing into the commercial properties
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versus a traditional public read where
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you're investing in the real estate
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company now the upsides to fund rise
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they let you create a Roth IRA and
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invest into their REITs within that
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account you can also actually see the
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properties you are investing in there's
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something tangible which makes this a
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really interesting alternative to index
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or mutual fund Roth IRAs if you think
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real estate is a solid bet for the
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future this one could be a great fit
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since 2014 they claim a eight point
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seven six percent to twelve point four
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two percent annual return which are
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really really great returns now the
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downsides to fund rise is there's a
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minimum of five hundred dollars to open
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your account this is by far the least
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liquid of all these options meaning your
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money is tied up in actual real estate
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and just like it is super tough to sell
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an apartment building the very next day
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or quickly selling your investments and
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fund rise can be a slow process with I
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said is a very complex investment
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compared to the other ones so you should
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really do your research and know what
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you're buying into also there's a 1% fee
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which like many of these other fees
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might not sound like much when we start
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talking about bigger chunks of money it
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can add up so there you go those are my
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five Roth IRA accounts that I would
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recommend to someone looking to open one
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today again if I were opening one today
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I probably look to the fidelity or the
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my
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finance roth iras but any one of these
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is a great choice it really doesn't
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matter which one you choose it just
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matters that you choose one and open it
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and start investing as soon as possible
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there really isn't a wrong choice here
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just choose one that best fits your
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financial goals and your financial
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situation and go with it
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the sooner you open a Roth IRA and start
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contributing to it the sooner you can
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start investing and saving for your
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future if you enjoyed this video and
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want to see more videos like this please
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subscribe to my channel otherwise I'll
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see you in the next one hello friends
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Andy here in my last video I talked
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about cat noises
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