Still think TITNC3: Return of the Iceberg was peak

RKT just took off

 

day late on that one...what's tomorrows?

 

Slow and steady wins the race

 

BRLL has dropped a lot, i have to wait for it to get back to .69.

 

Started moving my account over from RH into a Roth IRA
Maybe we should start a retirement & investments thread (Discussion and q&a about IRA’s, mutual funds, 401k’s etc, could get some good insight from older folks on here.) i know the age range on this site is very diverse, it could be helpful to some people.
I know we all throw money at our trucks, and day trading on RH is cool but a retirement investing focused thread might be a good idea

 

I sold my 2 $25 calls 30 min ago for 1.2k and they're at 1.8k now. Kicking myself but I learned the hard way to take a profit when I should lol. At the end of the day it was a quick $120 bet that netted gains. Back in at $33 call 3/5 expiry

 

I would be down for that. I just recently started a ROTH so all the info I can get would be awesome.

 

So I started a ROTH and a Traditional, maxed out with $GME wins...The contributions to traditional is better tax wise if you're trying to save on paying taxes on gains.

 

You don't pay taxes on Roth gains?

 

How so? You don’t pay taxes on gains with a roth. You pay taxes on what you put in initially with roth but not on your gains

 

I only have $538 in SETTLED cash right now...So I can't day trade or I would be all over that...

 

We had one but SOMEONE got the thread shut down

Nope. Any gains after 59 1/2 you pay no taxes on in a Roth IRA. Traditional IRA works similar to a 401k. Contribution limits to a Roth are 6.5k (7k?) per year and you have to be under a certain income band in order to be allowed to contribute to the roth.

You deduct your traditional IRA contributions now, and pay taxes on them later when you withdraw. Roth IRA you do not deduct, and pay no taxes on later.

 

I'm sorry this needs clarification..
You make money on $GME in a regular fun account...
You MOVE that money $6000 per year to a Traditional IRA and THAT $6000 is now taken off your taxable income for the year...
That's what I meant by taxes.

 

Ahh i understand now. You can also write off you’re Roth contributions

 

You can also get to your Roth principle anytime you want, penalty free. I just learned that the other day.

I currently have a Roth, Traditional IRA, and a 401K. My 401K is with my current employer and they do some matching so I max out my contribution to their matching allotment. I don't have long term plans to stay in this job so that is why I have the IRAs. The traditional was created after I left my prior job after 8 years and moved the 401K there. It has been stale with no contributions for the last year but 8 years of employer matching and maxed contributions, it is still a nice nest egg that I will happily watch grow. I have a Roth that I also do not actively contribute to as I currently contribute to the 401K but once I leave this job my plan is to move the 401K to the Traditional IRA and then begin regularly contributing to the Roth as my primary retirement investment account, while I let the Traditional IRA quietly grow in to future me's fortune.

Also I am only 32, so I feel pretty good about where I will be when it's quitting time. My roth and traditional are both managed by an advisor so I don't touch them. I have my fun money in RH that satisfies my urges to day trade, etc. I actually discussed this with my advisor last week and she informed me that my accounts with her have seen an average 24% gain over the last 5 years

 

BOOM goes the dynamite!

 

Stoked to see RCKT hit its 52 week high. I just picked up more this morning to day trade potentially.