Schedule a Call if you need assistance doing a Backdoor Roth IRA - https://directedira.com/appointment/?utm_source=youtube&utm_medium=video&utm_campaign=backdoor_roth_ira_complete_guide_2024 Learn the correct strategy for executing a Backdoor Roth IRA! In this video, I will cover the steps to take and common pitfalls to avoid to make the most of this retirement savings approach. From misconceptions about Roth IRAs to setting up and converting your accounts, we guide you through each step of the process. 0:00 - Overview 0:33 - Misconception about Roth IRA 1:12 - About the Backdoor Roth IRA 1:33 - Step 1: Open a Traditional IRA 1:38 - Step 2: Make a Non-Deductible Contribution 2:09 - Step 3: Open a Roth IRA 2:14 - Step 4: Make the Roth Conversion 3:27 - Loophole 4:29 - 1st Pitfall to the Backdoor Roth IRA 5:32 - 2nd Pitfall to the Backdoor Roth IRA 6:15 - Final Thoughts ---- Ask Mat: https://matsorensen.com/ask-mat/ ---- Found this video helpful? Click the Like button & share with others. Subscribe to my channel and click the 🔔 icon for notifications when I post a new video. Don't forget to leave your questions in the comment section below! ---- Websites: https://directedira.com/appointment https://kkoslawyers.com https://mainstreetbusiness.com https://matsorensen.com ---- My Social Media: Instagram: https://www.instagram.com/matsorensen/ Tik Tok: https://www.tiktok.com/@sorensenmat Linked In: https://www.linkedin.com/in/matsorensen/ Facebook: https://www.facebook.com/mat.sorensen.1 ---- 🚀 Disclaimer: This podcast is for educational purposes only and does not constitute financial advice. Consult with a qualified professional before making any investment decisions.