myRA account good for beginning SAVERS, Building Wealth, Investing, Retirement, Stock Trading, Freedom, Liberty, Life, History

Episode 154:  In response to listener questions, here are my thoughts on the myRA program- it’s a good account for the beginning SAVER.

PROs:

There are no minimums, no fees, and the principle is guaranteed; like a ROTH the gains are forever tax free and the principle is always available without penalty.  Long term interest is paid with the benefit of short term liquidity.  [NOTE- because the investment is fully guaranteed, there would be NO LOSS of PRINCIPLE should interest rise.]

CONs:

The downside is that there is only one investment option (a US Treasury index) and that the total account value is capped at $15,000.

 

For the beginning SAVER, the pros far outweigh the cons.  [Note the emphasis is on SAVER, not INVESTOR.]

Learn about it at:  www.myra.gov

One last comment- for those that use the myRA as a place to park emergency fund savings…they’re over-thinking the issue.  Listen to this episode for details.

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Hosted by John Pugliano. The Wealthsteading Podcast teaches 10 wealth building principles to help investors build wealth and attain personal freedom.

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