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Roth IRA
Posted on 2/28/13 at 5:05 pm
Posted on 2/28/13 at 5:05 pm
Looking to open up an IRA. Most of my money is in a regular savings account that really isn't doing anything and is worthless. I am so new to investing that I wanted any and all advice. I have a family friend at an investment management firm here in Baton Rouge. What advice can you give me? Naturally, I am hesitant because I don't know a whole lot but what I do know is need my money to grow. I am only 24 but have a lot saved with no debt. I just want to do this now but want an outsiders view. Plan to put in money in each month and a few thousand to start off.
This post was edited on 2/28/13 at 5:07 pm
4
Posted on 2/28/13 at 5:12 pm to Too Frat To Care
I thought you did that like a month ago
Posted on 2/28/13 at 5:15 pm to Too Frat To Care
don't do it
Posted on 2/28/13 at 5:19 pm to Too Frat To Care
Go to Vanguard, Fidelity, or some other low cost brokerage and open one (Roth) with them. This year you can put in $5500. I only opened mine a couple years ago so I only hold a couple mutual funds but my method is every week automatically buy shares of my funds. I do this to spread out the ups and downs of the market and I don't "miss" the money because the transfers are done automatically. I use Vanguard and would recommend them.
Posted on 2/28/13 at 5:20 pm to Too Frat To Care
A Roth is a great tool. It will give you tax-free earnings as long as you don't withdraw the earnings early.
Posted on 3/1/13 at 8:28 am to ds1tiger
You should still be able to contribute to 2012. I like Fidelity, but choose whomever you are most comfortable with and kick in $5k for last year. Then later this year you can contribute $5500 for 2013.
Posted on 3/1/13 at 9:09 am to dlmast87
quote:
I use Vanguard and would recommend them.
Posted on 3/1/13 at 9:16 am to I Love Bama
quote:
don't do it
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