Welcome to Radical Personal Finance, a show dedicated providing you with the knowledge, skills,

insights, and encouragement you need to live a rich and meaningful life now, while building a plan

for financial freedom in 10 years or less. My name is Joshua Sheets, and today on the podcast,

I want to extend from 10 years to 110 years. And instead of talking about financial freedom, I want to talk about

crazy amounts of wealth. And one simple and yet engaging idea that a few people who are

hearing my voice are likely to do. Most people will ignore it, but a few people are likely to do.

This past week, I presented a class to RPF Academy. This whole year, I've been week by week teaching through all the lessons of RPF Academy, which is a comprehensive guide, everything you need to know about financial planning, put into practice of how to accomplish what I talk about, of building wealth

and achieving financial freedom. And it is both inspirational and technical. And we're at a point

in the course in which I am going through investment planning. And one component of

investment planning involves talking about the wrappers that you can wrap around investments that

give certain benefits. So wrappers here would include things like retirement accounts,

education accounts, those types of things. These are wrappers that you can put around your

investments that keep them safe from taxes and protect them from creditors. Those are the details. So this last week, I was talking

about individual retirement accounts, IRAs, and specifically talking about Roth IRAs, among other things.

Now, the Roth IRA in the United States is an extremely unique account. It is the greatest

account that the greatest set of benefits that's really ever been set up that I know of. It's truly

astonishing when you start to dig into the details of how flexible it is, how useful it is, it's just really great. I tell everyone that

basically a Roth IRA should be the first account that you ever use. I mean, literally, if you

earn your first paycheck as a child, you can and should probably put at least some of it into a Roth IRA.

And the reason has to do with how flexible it is. The fact that you can always take out your

contributions without penalty and without tax is astonishing. Now, of course, if you take out

earnings on the account, then that's where we need either an exception or we may pay tax or we may pay penalties.

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