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The Personal Finance Podcast

The Mega-Back Door Roth IRA (How to Get an Extra $43,500 in Your Roth!)

The Personal Finance Podcast

Andrew Giancola

Business, Investing, Entrepreneurship

4.7 • 1.4K Ratings

🗓️ 11 September 2023

⏱️ 30 minutes

🧾️ Download transcript

Summary

In this episode of the Personal Finance Podcast, we're gonna talk about the mega Backdoor Roth IRA, and how you can get over 40,000 additional dollars into your Roth IRA every single year. How Andrew Can Help You:  Join The Master Money Newsletter where you will become smarter with your money in 5 minutes or less per week Here! Learn to invest by joining  Index Fund Pro! This is Andrew’s course teaching you how to invest!  Watch The Master Money Youtube Channel!  Ask Andrew a question on Instagram or TikTok.  Learn how to get out of Debt by joining our Free Course  Leave Feedback or Episode Requests here.  Thanks to Our Amazing Sponsors for supporting The Personal Finance Podcast. Chime: Start your credit journey with Chime. Sign-up takes only two minutes and doesn’t affect your credit score. Get started at chime.com/ Shopify: Shopify makes it so easy to sell. Sign up for a one-dollar-per-month trial period at  shopify.com/pfp Policygenius: This is where I got my term life insurance. Policygenius is made so easy. To get your term policy go to policygenius.com and make sure your loved ones are safe. Factor 75: Head to factormeals.com/pfp50 and use code pfp50 to get 50% off your first box. These are amazingly easy and nutritious meals. Delete Me: Go to joindeleteme.com/PFP and use promo code PFP you’ll be able to save 20% off your DeleteMe subscription! Protect yourself online! Indeed: Start hiring NOW with a SEVENTY-FIVE DOLLAR SPONSORED JOB CREDIT to upgrade your job post at Indeed.com/personalfinance Monarch Money: Get an extended 30 day free trial at monarchmoney/pfp .  Links Mentioned in This Episode:  The Stairway to Wealth (Where to Put Your Money In Order!) The Stairway to Wealth 2.0 (The Order You Should Put Your Money in!) The Back Door Roth IRA (How High Earners Can Get Money Into a Roth IRA!) 401k vs IRA - The Difference Between a Roth 401k and Roth IRA Connect With Andrew on Social Media:  Instagram  TikTok Twitter  Master Money Website  Master Money Youtube Channel   Free Guides:   The Stairway to Wealth: The Order of Operations for your Money  How to Negotiate Your Salary  The 75 Day Money Challenge  Get out Of Debt Fast  Take the Money Personality Quiz Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

If you have a family like I do and they depend on your income, then you need life insurance.

0:06.0

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0:09.7

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0:13.9

insurers. With policy genius you can find life insurance policies that start at

0:18.0

just $25 per month for $1 million of coverage. Some options offer coverage in as little as a week and

0:25.0

avoid unnecessary medical exams. Policy Genius has licensed agents who can help you find the

0:30.0

best fit for your needs and they work for you not the insurance companies

0:34.3

they are not incentivized to recommend one insurer over another so you can trust

0:38.5

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private and no wonder they have

0:44.5

thousands of five-star reviews on Google and Trust Pilots. Listen your loved

0:48.8

ones deserve a financial safety net. You deserve a smarter way to find and buy it. So head a policy genius.com

0:55.2

or click the link in the description to get your free life insurance quotes and see how much

0:59.9

you can save. That's Policy Genius.com. I've got good news and I've got bad news.

1:06.6

First the bad news. Mint is shutting down and transferring users to credit karma,

1:11.2

a service with far fewer benefits. The good news, there's a better

1:14.9

alternative and many Mint users are turning to Monarch money and loving it. I love using Monarch

1:20.9

for my own personal finance dashboard.

1:23.2

It gives you a comprehensive view of all of your accounts,

1:26.3

investments, transactions, cash flow, net worth,

1:30.1

and so much more.

1:31.9

Plus, you can create custom budgets, track your progress toward

...

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