Take More Risk in a Roth?
episode
DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing
14 min
5 speakers
3 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
What is the main topic discussed in this episode?
Hey, this is Allie, and thanks for listening to the show. Give us a five-star review where you listen and share this episode with someone who might need to hear it. Now, enjoy the show.
Welcome back, ladies and gentlemen. You're listening to another edition of DIY Money. Shout out to all the new people listening to the pod. I love it. It's fire. I mean, it's unbelievable the number of people that we have. And you know how I know this is happening? Two ways. Number one, shout out to the Facebook tribe. Absolutely. I mean, if you're on Facebook still, hit us up on DIY Money tribe. Just look for that closed group. We'll certainly let you in. And we have some really good dialogue in there. And, you know, we have some seasoned pros.
Oh, absolutely.
When we were talking about, you know, the market was extremely volatile and, you know, not long ago there was this dialogue and somebody was like, listen, I'm 62. I've been in this game for a long time. You know, when people freak out, I look to buy. And then they quoted, it was really interesting. I'm going to give him a shout out. I think it was, was it Nancy? Oh, this is going to be bad. I don't remember if it was Nancy or not. There was two people going back and forth. Yeah, they were going back and forth. They were like, do you know who said this quote? I don't know. I bet you, I'm the only other one, yada, yada. Anyways, the quote was – I know this was not scripted, but we're off script today. The quote was, be fearful when others are greedy and greedy when others are fearful.
And you can look it up. It's credited to the Oracle of Omaha, the one and only Warren Buffet. Obviously, that's a joke. His name is Buffett, Warren Buffett. But – Recently about to retire. Recently about to retire at the ripe old age of what, 92? Yes. That's where you're going to wheel me out someday.
Exactly. You ready to go? Not yet. Buffett made it to 92. I shall make it to 91. I'm old and I'm not happy. Everything today is improved and I don't like it.
However, when you dig deeper, dig deeper, you will learn that the Oracle of Omaha got that quote from his mentor, Buffett. Graham. What's his first name? Oh, my God. Benjamin Graham. Holy cow. That just went blank. Benjamin Graham, the professor at Columbia who taught finance and wrote the book Security Analysis. That's my understanding. Once you get a little bit, you know, it's kind of lore, right? I like Yogi Berra's, though. You got any Yogi Berra quotes right off the tip of the tongue? I got one. We're going to a baseball game today, so you got to know these, right? Yogi Berra, when you come to a fork in the road, pick it up. Pick it up. Ha! Well, if you get hurt and miss work, it won't hurt to miss work.
All right. We're going to go right to a question because we got a good one today. Oh, the other shout-out I want to give is all my new Strava friends.
Nice.
Kind of weird. You know, people hitting me up, following me on Strava, which is fine. I asked for it. I had to kind of privatize it and be like, we're going to request a follow here because I had some interesting ones. But... All my new Strava friends, runners, and some of them are beasts. Like, you know, I'm friends with this husband and wife team. They just ran Boston. Killed it. Shout out to Alicia and her husband, Booyah. Nice. Yeah, so it was very, very motivating. All right, we got a question from Vijay today. Vijay, what do you got? D!
Hi, DIY fam. This is DJ calling from Pasadena, California. I have a question about Roth IRAs. Should I be treating my Roth IRA investments differently than traditional IRA investments? Because I already paid my taxes, so should I be a little more aggressive in selling high, buying low? What is your general recommendation for Roth IRAs? how we approach our Roth IRA compared to traditional IRAs. Thank you for all the work you do. Bye-bye. Bye-bye.
All right, BJ, this is a really good question that I've given this a lot of thought because I have some Roth money. While I can no longer contribute, every once in a while I get kind of a, you know, I feel a little saucy and I do a little backdoor Roth action.
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