Roth individual retirement accounts were created to help middle-class earners set aside money for retirement with no taxes due upon withdrawal. But PayPal co-founder Peter Thiel has used his Roth IRA to amass a $5 billion nest egg.
Thiel, 53, need only wait until he turns 59½ to withdraw any of his Roth account balance completely tax-free.Thiel’s Roth account balance is wildly different from the everyday retirement saver’s. Approximately 21.6 million taxpayers had Roth IRAs at the end of 2018, collectively worth $845 billion. Broken down, that equates the average balance to roughly $39,100, according to IRS data.
With this strategy, investors are able to buy a large number of shares in a startup at fractions of a penny per share. When those investments garner large gains, investors can use the proceeds from these investments still inside the Roth IRA to make other investments. Substantial gains could be derived if the company goes public and its share price skyrockets.
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I think it’s brilliant and plan to open one up tomorrow
Now how in the hell would an average person be able to buy PYPL at that price at that time? It wouldn't have been possible. So thanks for letting us know.
Peter bought 1.7 million shares of PayPal $0.0001 for 1700, because he had privileged insider information, saved you a click!
Surprise surprise ... the co-founder of $PYPL owned a shit ton of $PYPl stock when it was worth nothing.... Terrible article.
So they invested wisely and somehow this needs to be reformed? This method can be used by anyone
Be careful who you idolize:
Gotta use their own laws against them. Such a gangster story
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