Comments | 6 Responses

  1. Jared says

    This is very enlightening. Many beginning investors believe they need thousands of dollars to start an IRA. Every little bit helps and people need to start somewhere.

  2. Roxanne says

    I need to make the plunge in investing, but its so scary to think about someone else handling my hard earned money for me. I am an avid saver. I always have been. I know I need to start a retirement account of some time, but I have heard so many horror stories, that I always put it off and leave my money sitting in a little local owned bank that draws next to nothing in interest rate. Then, something comes up, and the money is so easy to get to that I run and grab $500 or $1000 out to loan someone, or pay off a credit card that a ran up over vacation…Is this Roth IRA movement really a safe investing method? It sounds like I should do it. I’m 30 years old and have 3 kids nearing teen years. We have always done fine in life, but I have never felt secure about my future. Just like your post says, these guys actually start off lying to you in the first sentence when they say $1000 min, and its not the case..Any advise on where to start and how to make sense of whats hype and what could really help me retire one day or just have the financial freedom to help my kids when they get older and start planning for college.

    • says

      @ Roxanne Check out a previous post where I talk about some of the Best Places to Open a Roth IRA.

      A few personal favorites are Scottrade and Betterment. Scottrade is a legitimate do it yourself online brokerage but they do have an awesome customer service hotline to help their clients. I know, because I talked to them. :) Their fees area also very reasonable; much cheaper than going to a local investment firm.

      Betterment does the investing for you, you just convey to them what your risk profile is. They also have very reasonable fees.

      • Roxanne says

        Do you think a Roth is right for a person such as myself, where I own a small business that is thriving at the time, but could always do worse in the future? This is something that terrifies me, hence one of my reasons to save as much now as possible. The tax bracket I am in now, could always increase or decrease in the future. I guess one day I will also be looking at not having the kids at home, and then my taxes will rise as well. Am I still looking for a Roth with these thoughts in mind?

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