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Investing....
Investing.... I have about seven hundred bucks I want to invest. I know it's not alot but you have to start somewhere. I was thinking about a roth ira acct....Anyone have any suggestions. I'm 22 year old college student if that matters any.
$700 is not enough to invest into any mutual fund, which would be a good start for a "noob" to investing. If you buy stock with that, you'd be lucky to buy 15 - 20 shares of a company...IMO, not enough to make a difference. The goal is LONG TERM!! If you're going to put it in, you best be looking for a long time horizon for best results.
Fidelity has an "account builder IRA" where you can start out with a smaller amount and then agree to add in like $250 a month into the same fund until you reach the minimum ~$2500+.
To open a ROTH or Traditional IRA, you have to have earned income for the year you put it in. If you don't work and this money came from gifts, under the table, etc, then you have to open a retail account.
If you are looking at a longer time horizon and you're feeling a little risky/lucky...go for a higher beta international fund. I have a couple that are up over 50% for the year
.
Fidelity has an "account builder IRA" where you can start out with a smaller amount and then agree to add in like $250 a month into the same fund until you reach the minimum ~$2500+.
To open a ROTH or Traditional IRA, you have to have earned income for the year you put it in. If you don't work and this money came from gifts, under the table, etc, then you have to open a retail account.
If you are looking at a longer time horizon and you're feeling a little risky/lucky...go for a higher beta international fund. I have a couple that are up over 50% for the year
. Do this:
Call www.TrowePrice.com and let them know how much you have to invest. These guys will take of it. I started back in 2001 and ended up at... Start now!
Call www.TrowePrice.com and let them know how much you have to invest. These guys will take of it. I started back in 2001 and ended up at... Start now!
Roth IRA is a great idea for any "normal" person who is not going to actively trade (which I discourage for any "normal" person).
I have mine with Vanguard. I do believe initial investment to open one is $3000, however. If you can scrape that together, it would be a very wise, sensible, long-term investment move. Once you graduate and enter the workforce, try to maximize your yearly contributions ($4K) and then just let it grow tax free. It will be a very nice nest egg when you retire if you have the money in well-run mutual funds.
Anyone who is factoring in Social Security $ into their retirement plans is a fool. Our politicians lie about that issue more than they lie about the others, which says a lot. Americans need to take charge of their own retirement planning and assume they won't get a dime from the govt. OK, off my soapbox. :rant:
I have mine with Vanguard. I do believe initial investment to open one is $3000, however. If you can scrape that together, it would be a very wise, sensible, long-term investment move. Once you graduate and enter the workforce, try to maximize your yearly contributions ($4K) and then just let it grow tax free. It will be a very nice nest egg when you retire if you have the money in well-run mutual funds.
Anyone who is factoring in Social Security $ into their retirement plans is a fool. Our politicians lie about that issue more than they lie about the others, which says a lot. Americans need to take charge of their own retirement planning and assume they won't get a dime from the govt. OK, off my soapbox. :rant:
Goes up to $5k next year .
SSI will be gone by the time us in our mid 20s retire.
With a ROTH, you can withdraw your principal at any time without penalty or taxes...just not the growth. Again, you have to have earned income to contribute.
You can do a quick start IRA with many companies...put your $700 in and then make monthly or weekly contributions of the fund minimum, thus effectively "dollar cost averaging" into a fund. It's a really good way to save for retirement.
.SSI will be gone by the time us in our mid 20s retire.
With a ROTH, you can withdraw your principal at any time without penalty or taxes...just not the growth. Again, you have to have earned income to contribute.
You can do a quick start IRA with many companies...put your $700 in and then make monthly or weekly contributions of the fund minimum, thus effectively "dollar cost averaging" into a fund. It's a really good way to save for retirement.
On The Tree
Joined: Apr 2007
Posts: 187
Likes: 0
From: Fruit City, TX
Just use an online broker if you want to trade stocks
I use TDAmeritrade, but the $10 commission is killer
Zecco gives like 10 free trades a month, then $5 after
The broker you use is just preference
I use TDAmeritrade, but the $10 commission is killer
Zecco gives like 10 free trades a month, then $5 after
The broker you use is just preference
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