First Milli

Buying real estate has its hidden costs. Add 5-8% on top of the purchase price to get a sense of what you’ll need in order to close the deal. Heads up, some cities may have additional costs that are not listed.

💜 This post was inspired by a long-time follower. He asked if it's possible for his 70 year old parents to invest in Roth IRAs. He said the last post inspired him into thinking that it's never too late to invest and would prefer for SOME of his parent's money to grow in investments vs. sitting in a savings account.

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🥺 As First Gen wealth builders, we're not just thinking about our own wealth, but that of our dear families, especially our parents.

Our parents aren't as young as they use to be, many of them are now abuelitos and abuelitas.

It took me several years to convince my parents to invest in a Roth IRA. Finding enough money to part when you're making below $50k is very difficult.

Nonetheless, if you can fund a Roth IRA, even with a little as $100-$200 a month, you'll be enabling opportunity to grow wealth tax-free. Money that can then be used for growing medical insurance premiums, etc.

The Secures Act passed in 2019 has now allowed for those aged 70 1/2 to contribute to IRAs.

As always, this is not investment advice, talk to your personal professionals to see if this is the best decision for you. 💜😉

Try our calculator to see if it makes sense for you.

https://firstmilli.com/roth-ira-calculator/

💜 Have you opened a Roth IRA for your parents?

Think you know everything about a Roth IRA? Well did you know you're eligible to contribute more than $6k annually once you're past 50?

Or the fact that you can use up to $10k of your Roth IRA towards your first home within your lifetime? (If you already used your own, you can use your spouse's 😜).

Or rather the role of the 5 year rule?

Take our quiz, link in bio to test your knowledge.

https://firstmilli.com/quiz-do-you-know-everything-about-roth-iras/

If you could only do one thing for your retirement, let it be maxing out your Roth IRA (if applicable) on an annual basis. If you can find a way to invest $500 monthly or $250 per paycheck (if you get paid bi monthly), investing in low expense ratio index funds returning a 7-10% will render you a millionaire based on these estimations. Investing in Roth IRAs are one of the most tax efficient accounts in your wealth arsenal. You can even dip into it for other purposes such as education, healthcare or even buying your first home.

Ooh and let's say you can only invest $500 ($41 monthly) for the whole year, it's better to fund that Roth IRA to be eligible for the 5 year rule. The 5 year rule will allow you to withdraw earnings tax-free for purposes such as buying your first home.

Single filers and joint filers with a lower annual MAGI annual income of $140,000 and $208,000 respectively are eligible.

💜 Are you maxing out your Roth IRA? If not, why?



https://time.com/nextadvisor/investing/why-you-should-get-a-roth-ira/

Please join us tomorrow on Wednesday, March 31 for a deeper dive into how of as well as of jump into investing. (Link in bio)

Everyone has their own unique investing strategy, and as investing becomes easier, one can adopt more on the go strategies so that it fits into our already busy lives.

This means if you're a supermom or superdad of 3, a traveling nomad, an aspiring actress, a healing music artist, building wealth is more accessible than ever before.

With even just $1, you can start investing via fractional investing in companies such as Microsoft, Amazon, or Peloton.

In the words of :
"Everyone is an investor"
"Everyone is an investor"
"Everyone is an investor"
"Everyone is an investor"
"Everyone is an investor"

Please join us and come prepared for a no frills, uncensored, full transparency discussion.

A massive thanks to .capital and for hosting and coordinating this event.

💜 Also please feel free to drop in on any questions you may have.

Tomorrow, .capital and is hosting a "How To" stock picking event with of as well as .

This is an exciting event because it'll provide insights to showing everyone has a different investing strategy. At we prioritize creating time to be our best selves while also leveling up in wealth.

Over time, I have been able to build a total ROI (return on investment) in my stock picking portfolio ranging from 150-200%.

Please note, there are others with much more significant returns. My investing strategy can be considered a bit more long term and casual. I consider myself a not so invested "daily" investor. I buy where I see value and hold.

80% of my stock portfolio is held in index funds or robo advisors, the rest is held in individual stock picking. My index funds provide me with happy returns ranging from 10-20%, my individual stock picks are YTD 150%.

Hopefully everyone has a chance to attend this amazing event as I'd love to learn more about 's of very own strategies.

💜 What's your lifetime ROI? How do you implement your investing strategies?

Join an incredible event today in less than an hour. .nanced and have coordinated and enabled a fantastic event with , , , and to discuss how to create a Travel Abundant Lifestyle.

Over hundreds of attendees have signed up!

💜 Link in bio

When you're building a wealth portfolio it's good to think from the micro to the macro level. Focusing on $20 questions, $200 questions, and $2000 questions. Via the 80/20 rule, a strategy often used when developing software and in most business strategies, the idea is to focus on the strategies that help you move effectively and swiftly. My recent focus has been real estate. I've been seeing a lot of posts devaluating real estate as a method, but who says you have to live in your property? Real estate allows you to be creative with your assets. You can continue renting your apartment in the big city while investing in real estate in more affordable areas. One cannot solely rely on the stock market to build their wealth. Diversify, diversify, diversify.

Aside from real estate, building multiple streams of income is another efficient way to build financial independence and wealth you can control.

If you want to become smarter with your money, check out how the ultra rich breakdown their portfolio. Having a business and real estate helps reduce taxes.

How are you maximizing your portfolio?

If it wouldn't have been for investing, I personally would have never been able to invest in a house. Investing has allowed to scale my growth in ways savings wouldn't even be able to touch.

Over time, here are the strategies I've found to help improve my investing on a quarterly basis. Tax efficient investing should be the number one priority in investing. Max out your Roth IRA if you qualify for one, if not, check out alternatives available to you.

Next focus on improving your monthly investing % by performing a self-audit of items you can eliminate from your budget. If travel is a huge cost, consider credit hacking. I've yet to pay $1,000s in flights.

Keep your passive costs low by doing research here and there to see which sector/index funds are providing higher returns with the lowest expense ratios. However, will add though, I'm willing to pay a higher expense ratio if the ROI is stable and attractive enough.

😱 Though we're in record inequality rates, there are still ways for our generation to build wealth and as with most things in life, it takes slow, hard work. Here to remind oureselves investing in the stock market won't be enough to get to our first million and build long term wealth.
🙄 We see constant stories of celebrities making $100M and blowing $99M and all of a sudden becoming broke. Even Johnny Depp is noted to be going into debt soon. Building wealth is wholistic.
📚 After reading and writing financial content for over 10 years, and working with thousands of individuals we've determined the following paradigm is the best way for any generation to begin their wealth building journey. 🔥⁠.
⁠🧠 First step is always mindset. Do what you need to break out of negative money mindsets. The most important step is to get started and then maintain consistency. ⁠.
⁠✌🏽The second step is to take some time to journal on your whys. You're not going to succeed if you're not motivated to succeed. For whatever you do in life, always know your why or else in you'll end up in a place of complacency. After you figure out your whys, spend some time ranking them.⁠.⁠
💜 What are you doing to wealth hack your wealth journey?

https://firstmilli.com/quiz-ready-to-begin-negotiating-your-next-job-offer/

There are two priorities the world has today, it's climate change and inequality. The COVID-19 Pandemic has further increased the wealth gap across all spectrums. 2020 has created more billionaires and vastly increased the net worth of billionaires as our WFH restrictions consolidated supply and demand chains.
Here are ways we've identified that we can each act on an individual level to help close the wealth gap.
💜 What are other ways you recommend we can do to help further reduce the massive wealth gap?
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💪Ready to level up your pay? Take our quiz to see what you need to start negotiating. Link in bio.