#CryptoIRA #SaturdaySchool
So remember to think of my posts as merely a starting point. I try to pick topics that I think are relevant for people to be aware of think about. I'm not trying to tell you what to buy or sell ... I just provide a list of interesting topics to start reading on. It is up to you to dig deeper and decide if it is appropriate for your unique situation. For me personally, I plan to stick to my traditional IRA accounts ... but will have crypto related stocks and ETFs in my more speculative IRA to try to indirectly capture some of the crypto gains. I find the fees too high in Crypto IRAs and will wait until those go down some.
WHO should be aware of a Crypto IRA?
- Anyone that is thinking about starting an individual retirement account should at the very least be aware that a Crypto IRA is available
- This can be done exclusively in a Crypto IRA or in part with a more conventional IRA such as Roth or Traditional IRA w/ stocks, bond, and ETFs
WHERE can I learn more about Crypto IRA?
- Check out the comments section for a couple links that cover pros and cons of the more reputable Crypto IRAs.
- Generally it seems like the cons are going to be the fees and minimum contributions to start.
WHEN should I start a Crypto IRA?
- This is definitely a very personal question and unique to your specific timeline and risk tolerance
- If you are older and approaching retirement ... the conventional wisdom is that you want to transition more to safer assets such as bonds if goal is wealth preservation ... crypto crashes a lot
- If you are younger (or older) and truly believe Crypto is the way of the future then Crypto IRAs could be something to consider to add diversification ... although the relative % is up to you
WHY should I learn about Crypto IRAs?
- If you are like me and think that Crypto has considerable upside over the next 10 years then capturing that growth in a tax advantage account is probably smart
- You should also seriously consider exploring your options as fees to start and maintain seem to vary across different Crypto IRAs
- Realistically, I just want you to start an IRA ... whether it is Crypto or not doesn't matter to me
HOW do I start a Crypto IRA?
- Head to the comments section of the YouTube video and check out the two links for comparison w/ pros and cons and then go start one if you desire
- Be sure that you pay attention to contribution limits as having multiple IRA such as one conventional and one Crypto can make it so that you can accidentally overcontribute which will get penalized
Resources: Investopedia / Video: https://www.youtube.com/watch?v=SgEi15nGwoE
P.S.: My You Tube channel (www.youtube.com/c/CTSSHAH) just crossed 700 subscribers yesterday and so I wanted to say thank you for hitting that milestone!! The goal for 1,000 subscribers by 2021 seems w/in reach now ... just need to figure out how to get from 600 watch hours to 4000 now before end of year 😂. Hope everyone has a great weekend.
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I’ve been investing for a couple weeks now. And wanted to know your thoughts on all the hype around shib. How much of it would I need to make a profit? Currently I have $22 invested and I went up 37% but I can only imagine what $100 or maybe even $1000 could do.
@imdwn2Lrn So I don't give specific advice since I'm not a CFP, but can share my thoughts on it. I have a small amount of money that I earmarked for speculative and riskier investing in $SHIB . I think the idea of ShibSwap and the NFT incubator are innovations that keep it relevant and hopefully evolve it past people thinking of it as only a MEME coin. It is also built on the Ethereum blockchain so i…See more
200% sheesh. I gotta do better lol
@imdwn2Lrn Sorry to keep going but just saw that you have been investing for only a couple of weeks. I would seriously consider buying this book “Starting Point: How To Create Wealth That Lasts” https://amzn.to/3acHX4m and learning about long term investing. I personally have 90% of my money in long term investments that are low risk but generate on average 8-14% annualized returns a year. It doesn…See more
@imdwn2Lrn For everyone one of my $SHIB that I made money on I have other ones like my $CCL , $GKOS , $PWSC that I lost money on. Check my old trades out and see for yourself. The feeds generally show only the huge gains that people flex on. Beating the S&P500 is very difficult ... most people can't do it as you can read about in this article https://www.cnbc.com/2019/03/15/active-fund-managers-trail-the…See more
Thanks for the crypto ira info. I agrew with @ctsshah , shib is very high risk and if someone is telling you how much ti invest, i would suggest turn and run as fast as you can. Everyone is different. Shib is doing well now. Does not mean it will continue. Doge did same thing and is hovering. I personally think rhar doge is begind shib in several aspects with offerings, but that is expected to…See more
@ogund this is a really good read…
@ctsshah I love your posts because I am newer to all of this. Have you ever made a post on the traditional Roth IRA? I talk to my old economics/history teacher all the time because he was a huge influence on my life and when he found out I was starting, he told me to open one of those up. I believe I understand that the Roth will take taxes now and not at retirement, but how or where does one open…See more
@A007Kenny thank you!! I take my studies of crypto very seriously 🤓
@sillyjilly So I am no expert, but I created a YouTube to just get the conversation started so people can learn the basics and be more informed. This way they can either be better informed if one chooses to do it themselves or be knowledgeable enough to have an informed discussions with their CFP or CPA. My playlist is here on retirement savings account - https://www.youtube.com/watch?v=w1djRXwoXEk…See more
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Thanks for the info. I'm brand new to all of this and honestly I don't have a clue what I'm doing 😑
@ctsshah you know what you're doing and are well informed. Me, I wing it an hope for the best, while trying to learn. You may not technically be an expert, but you share the objective side of each metaphorical coin and you've done it in a way that I can grasp.
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I didn’t even know Crypto IRAs were a thing!! What brokerages offer them?
Adair Jackson@AJackson21
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@MissTiffany1988 I would consider reading “Starting Point: How To Create Wealth That Lasts” https://amzn.to/3acHX4m
@sillyjilly awe that is kind of you to say. I always recommend this book to new investors since I read it a few months ago out of curiousity. “Starting Point: How To Create Wealth That Lasts” https://amzn.to/3acHX4m
@sheenhart this is where I sourced the info from https://www.investopedia.com/best-bitcoin-ira-companies-5115296 and https://tokentax.co/blog/5-best-crypto-iras/
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Michael@Erathis
It building it own block chain two so we'll move from a token to a actual coin
Thanks for bringing awareness to Crypto IRA! I’m 19 and this might be something I can weather through in the long run. Forgot this existed until now. My portfolio ratio of cryptocurrency to stocks/index funds is slowly approaching 60:40 😬😬
@sillyjilly You are correct about the Roth IRA vs. traditional IRA. However, I wouldn't say that the Roth takes taxes now. You do not have to pay any additional taxes on money you put in the Roth. Meaning, it's not like there's a special Roth tax or something.
The deal is that you pay income tax on the money you put into your Roth account, just as you normally would pay income tax on that money wh…See more
They can’t tax crypto yet. So what’s happening?
@k8thegreat this is incredible and a breakdown I can understand. Thank you! I'm definitely not in a high tax bracket. I'm a 40 year old woman that is disabled, on social security, and got diagnosed with cancer a month and a half before I turned 40. I'm fine with the diagnosis, continue to live my best life, and haven't freaked out. The one thing that gives me a pit of despair is the possibility of…See more
So if I’m not eligible what’s the next step
@sillyjilly I'm also in my 40's and just started investing this year. It can be discouraging to feel like I've gotten such a late start but rather than focusing on how I should've started earlier, I try to focus on doing what I can now. Like you said, you have to start somewhere.
You sound like an amazing person. Hoping for the best possible outcome for you & your son. 💖
