4.4 • 1.9K Ratings
🗓️ 30 July 2024
⏱️ 15 minutes
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0:00.0 | Before I get into the main topic of this show, I want to correct an error, which I made in the previous episode here, |
0:06.7 | which was about the value of fully funding a Roth IRA. |
0:11.3 | And I want to not only correct the error that I made, but I want to tell you why I made |
0:16.8 | that error, because it's something that's embarrassing to me, but importantly, it may also help you to learn from my mistake. |
0:24.8 | I got an email from a listener to point it out two small errors that I had made, |
0:28.8 | number one, that the maximum contribution for the year 2024 to a Roth IRA is $7,000 not $6,500. |
0:38.4 | Upon verification, the listener is absolutely correct. |
0:40.9 | I misstated the 2024 contribution limit as being $6,500 when in reality |
0:47.2 | it is $7,000. In addition, the listener says that you can do futures on a Roth IRA that he sells puts and does futures on |
0:54.7 | tasty trade evidently in his Roth that a platform called tasty trade so I |
0:59.8 | assume that I was in error on saying that you can't do futures. |
1:04.2 | So this is an important, these are both important corrections. |
1:08.3 | And the reason for my error has to do with my use of AI in preparing my show notes. Let me explain. When I do a |
1:17.3 | show, most of the show is written in my head before I sit down and make notes. So I have most of the content, most of the ideas. |
1:25.0 | Basically the basic theme of what I want to do and to create is there in my head |
1:32.0 | before I ever open my mouth or even make any notes. |
1:36.0 | I think about my topics constantly and sometimes they're the product of a couple of hours of thinking, |
1:41.0 | sometimes they're the product of years of thinking before I finally |
1:43.6 | decide you know what I'm going to go ahead and do it. So the show of Max Out a Roth IRA is something |
1:49.3 | that's based upon years and years of thinking of simply this should be the fundamental step. Now I learned early in the |
1:55.0 | Annals of Radical Personal Finance that in order to keep myself from rambling it's |
1:59.2 | really good for me to sit down and plop out a few notes that I'm going to work from because I don't want to go off on |
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