you're listening to Ramsey every day millionaires where we talk retirement building wealth and outrageous generosity

Rogers up in Denver, Colorado Roger welcome to the show

Thank you, Jade. Thank you George for taking my call. Sure. How can we help?

Well, I want to open up an IRA in a brokerage account. It's probably an invest in mutual fund

and I've heard Dave you know asked the question do you want to pay taxes on a thousand dollars today or a million dollars

tomorrow?

Now I'm someone to find out which one is the best one for the best tax advantages. It's a great question,

Roger. It's not a tax. It's like an old riddle and there's so many factors that go into this and of

course we're big fans of the Roth option in general because it's going you're using after tax

dollars it's growing tax-free but you withdraw it tax-free there's no required minimum distributions

but it also factors in how old you are so what is your age?

57 okay and how much do you have right now on retirement?

Oh not much 30,000

Do you have any other assets that you would consider part of retirement? A home?

No. Okay so you're renting right now?

Yeah okay I've been buying I don't want to company I've been buying equipment by buying commercial

trucks and what is your income on the road and right now it's about 800,000 a year.

Wow my goodness hey I have a question what has kept you from investing up to this point?

stupidity is I didn't know if it was debt or you know no just you know at the end of month you always

wonder where my money go I don't have a big stereo system I don't have big screen TV in all the

CDs well how long have you been making 800k? Oh for I'm gonna say about four years. Roger I just

I just put a big chunk of money into equipment. Roger this is a wake up call dude

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