Thanks for tuning into another episode of the Mind of a Millionaire. This week we answer some more listener questions and we answer possibly one of the most frequently asked personal finance questions: how much money do I need to begin investing?
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How much do I need to start investing? [0:41]
- Draw a distinction between your money [1:12]
What type of account should beginner investors utilize? [3:53]
Are the terms ‘capital’ and ‘money’ interchangeable? [6:24]
- Spend money; save capital
What are some of the best practices to build capital? [8:02]
“Receiving capital without resources is like being a real estate agent…” [9:01]
Where do you invest capital? [10:33]
- “Savings is not an investment.”
Do I need a trust? What is the most efficient way to pass money onto my children?[11:49]
A trust vs. a will [11:49]
At what age should you set up a will? [16:28]
What’s the difference between a will and beneficiaries? [17:30]
What happens to your money [in checking and savings accounts] without a will in place? [18:56]
How to go about setting up an estate plan [20:02]
As always, we hope you enjoyed the show this week. Let us know if you have any questions you would like answered!
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
No strategy assures success or protects against loss.
The Roth IRA offers tax deferral on any earnings in the accounts. Withdrawals from the account may be tax free, as long as they are considered qualified. Limitations and restrictions may apply. Withdrawals prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may results in a 10% IRS penalty tax. Future tax laws can change at any time and may impact the benefits of Roth IRAs. Their tax treatment may change.
This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.
LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial.
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