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I want to start a Roth IRA, how do I get started?

You can only put in an amount up to your earned income for 2004, or max of $3,000 if you earned more than that.

If you have a good idea of what you'll earn this year, you could also put in money for 2005.

How much do you want to invest?
 
you would go to a brokerage... a place like vanguard or ameritrade would be good if you don't have any advanced needs. they have minimum deposit amounts though, usually around 1-3k.
 
Whatever you do, do NOT, I repeat, DO NOT call an Investment Firm and ask these questions. That's probably the worst thing you could do.
 
Originally posted by: DaveSimmons
You can only put in an amount up to your earned income for 2004, or max of $3,000 if you earned more than that.

If you have a good idea of what you'll earn this year, you could also put in money for 2005.

How much do you want to invest?
Click to expand...

I earned about $10k last year, so I guess the max I can invest is $3k? Good to know, thanks. Is Fidelity better, Ameritrade or Vanguard?
 
Originally posted by: Blieb
Whatever you do, do NOT, I repeat, DO NOT call an Investment Firm and ask these questions. That's probably the worst thing you could do.
Click to expand...


then who's he supposed to ask?
 
Originally posted by: thahenchman
I earned about $10k last year, so I guess the max I can invest is $3k? Good to know, thanks. Is Fidelity better, Ameritrade or Vanguard?
Click to expand...
I'm a fan of Vanguard, and their VFINX mutual fund (based on the S&P 500 index).

VFINX is about the safest stock-based investment you can make if you hold it long term (years), and over time VFINX and other S&P 500 index funds outperform most actively traded / stock-picker mutual funds. If you set up a brokerage account at Vanguard you also can buy VFINX shares without paying a trading / transaction fee.

Disclaimer: I have a nice chunk of VFINX, but my own brokerage accounts are actually at Schwab (so I do have to pay a trading fee when I buy VFINX shares, d'oh!). I don't recommend Schwab as a brokerage since they offer great service but charge higher fees and require a high minimum balance. My accounts are only there because I took a friend's advice on my first 401k rollover back before Ameritrade and scotttrade were around.
 
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