Over the last few months, you may have read how billionaire and PayPal co-founder Peter Theil has amassed $5 billion in his Roth IRA account. When looking at news stories like this, I see someone who used available tools to put his money to work for him. In 1999, Theil’s Roth IRA had less than a $2,000 balance and he was not insanely wealthy like he is today. The shares he put into the account were a total risk that has paid off handsomely 30 years later. While you and I may not amass $5 billion in a Roth IRA during our lifetimes, it does not mean we cannot benefit from using a Roth IRA or other financial vehicles to increase our personal net worth.
Did you know?
You too can make use of a Roth IRA account! The Roth IRA is an AWESOME retirement vehicle where you can take money that has already been taxed and invest it via a Roth. That is a HUGE benefit! In this account type it can grow and be withdrawn tax free in retirement.
There are a number of other great benefits such as these that were highlighted in a recent Motley Fool article, “4 Incredible Benefits of a Roth IRA”.
Instead of getting upset, change your mindset.
Who cares that Peter Theil has a +/- $5 Billion Roth IRA account? Instead of getting upset, take the time to think about what resources may be available that you can leverage for your greatest benefit. There are tons of different account types, investments available, potential businesses, side hustles and other ways to put your money to work. Don’t waste your time complaining about how someone else is crushing it. Start strategizing how you want to grow your wealth in the best way possible based on your situation and the goals you would like to reach.
Some simple ways of doing this are making sure if your company offers a 401k program, you participate. It is even better if the company offers a 401k match! Open a Roth IRA or explore the various savings and retirement accounts out there. Learn more about the various pros and cons and how you could benefit from them.
Set up a time for a free consultation with a financial professional. Most will offer free consultations where you can ask a few questions and learn more about how you could better leverage the tools that are out there.
Not quite sure where to start? Our free online MFF Standards of Financial Literacy (SFL) is a great way to flex your financial muscles and start goal setting!