also, if I do end up opening one, what is the minimum amount of money that I should or have to invest?
I'm 18 years old - why should I start a Roth IRA?
- Thread starter skim milk
- Start date
Don't ask for financial advice on a computer forum. Most of the people here spend every penny they have each month, and in general a lot more money that they don't have.
Financial advice is worse than medical advice on this forum.
rocadelpunk
Diamond Member
- Jul 23, 2001
- 5,589
- 1
- 81
if you don't want to learn by yourself, wait till you have 10k and take it to one of these big firms...i doubt they'll take people with much less than a start of 10k, and let them do their magic :0.
for your information... i have 20k in stocks invested 3 months ago... and saving up for med school
if you have money that you can afford to invest for a long time, then why not?
And since you are pretty young, you can afford to put most of you money into stocks (like 60% or so) and the rest in bonds and stuff. Whatever allocation you use, you should probably sitck with index (or other broad mutual) funds and avoind "stock picking".
And since you are pretty young, you can afford to put most of you money into stocks (like 60% or so) and the rest in bonds and stuff. Whatever allocation you use, you should probably sitck with index (or other broad mutual) funds and avoind "stock picking".
Originally posted by: Elemental007
Don't ask for financial advice on a computer forum. Most of the people here spend every penny they have each month, and in general a lot more money that they don't have.
Financial advice is worse than medical advice on this forum.
Exactly. The question remains - "what do you want to do with your money? What are your goals 5 yr, 10yr, 30 yr, retirement"
What you should be saving up for is english lessons. I don't mind typos and spelling and whatnot (god know I make plenty of spelling errors), but most of your posts are just straight-up illegible.
GTaudiophile
Lifer
- Oct 24, 2000
- 29,767
- 33
- 81
Because all the capital gains you earn from now until like 60 (forget the exact age) are tax exempt! What other reason do you need?
Historically, the stock market has never been down (given like any 7 year period). That's not to say you shouldn't be diverse, though.
Historically, the stock market has never been down (given like any 7 year period). That's not to say you shouldn't be diverse, though.
GTaudiophile
Lifer
- Oct 24, 2000
- 29,767
- 33
- 81
Never been hard for me. I've always had my paychecks deposited directly into savings and pretty much hid all of the withdrawal slips for my savings account. To pay a bill, I have to go through the extra step of transferring from savings to checking. I NEVER do any of that Direct BillPay crap. I require a paper trail. Online stuff like that (including programs like Turbo Tax) were invented by the powers that be to fvck individuals like you and me out of their hard-earned money.
GTaudiophile
Lifer
- Oct 24, 2000
- 29,767
- 33
- 81
You really are a rocket scientist arn't you!
Let's not turn this into a "quantify how much wdaguanudnusungsdgunsuns is worth through useless and illegible posts" thread. No one cares homie, and anyone who knows their sh!t never posts their worth on a public forum.
GTaudiophile
Lifer
- Oct 24, 2000
- 29,767
- 33
- 81
GTaudiophile
Lifer
- Oct 24, 2000
- 29,767
- 33
- 81
Why do I NOT use online bill paying?
1) I require a paper trail. Yes, I still balance my checkbook by hand, referring to ALL my ATM withdrawal slips/Debit card receipts/Credit card receipts
2) The point is to make the process difficult. We're trying to encourage saving here.
3) I don't trust companies to take ONLY what I owe and nothing more. Everyone is out to get YOU.
More about my paper trail: it goes back 5 years. Yes, all CC bills and their corresponding receipts are stapled to them. Just in case the IRS comes knocking.
1) I require a paper trail. Yes, I still balance my checkbook by hand, referring to ALL my ATM withdrawal slips/Debit card receipts/Credit card receipts
2) The point is to make the process difficult. We're trying to encourage saving here.
3) I don't trust companies to take ONLY what I owe and nothing more. Everyone is out to get YOU.
More about my paper trail: it goes back 5 years. Yes, all CC bills and their corresponding receipts are stapled to them. Just in case the IRS comes knocking.
fritolays,
I was in your shoes less than half a decade ago. My parents suggested that I open up a Roth IRA, so I went to fool.com and did some research. Everything I have read suggests that starting a retirement fund early in life will likely have a huge payoff in the long term (decades in the future).
I started my Roth in the 2nd quarter of 1999 with $1500 in an index fund. Of course, these past few years it hasn't fared too well, but I've managed to stash away some more $ in the meantime.
If you can afford it, start a Roth. However, I should add that there are some investments, especially education (college, grad/professional school), that I feel are more important than a Roth IRA if you are young. Hope that helps
I was in your shoes less than half a decade ago. My parents suggested that I open up a Roth IRA, so I went to fool.com and did some research. Everything I have read suggests that starting a retirement fund early in life will likely have a huge payoff in the long term (decades in the future).
I started my Roth in the 2nd quarter of 1999 with $1500 in an index fund. Of course, these past few years it hasn't fared too well, but I've managed to stash away some more $ in the meantime.
If you can afford it, start a Roth. However, I should add that there are some investments, especially education (college, grad/professional school), that I feel are more important than a Roth IRA if you are young. Hope that helps
I would also like to add on the stocks vs. funds debate:
Mutual funds aren't as sexy or exciting as stocks, but they are certainly more stable, since they are composed of numerous stocks (less likely to go down if one particular stock goes down).
A good fund to start with is one that tracks the S&P 500 Index. There's a good spectrum of industries represented. Fool.com has more info that might help.
Mutual funds aren't as sexy or exciting as stocks, but they are certainly more stable, since they are composed of numerous stocks (less likely to go down if one particular stock goes down).
A good fund to start with is one that tracks the S&P 500 Index. There's a good spectrum of industries represented. Fool.com has more info that might help.
GTaudiophile
Lifer
- Oct 24, 2000
- 29,767
- 33
- 81
I started putting $2K in RothIRAs when I was 17 and continue to do so every year (put in the max I can). From what I've read, it should do me wonders in 45 years or so. Though, $1 million won't be worth much when I'm that old.
TRENDING THREADS
-
Discussion Zen 5 Speculation (EPYC Turin and Strix Point/Granite Ridge - Ryzen 9000)- Started by DisEnchantment
- Replies: 25K
-
Discussion Intel Meteor, Arrow, Lunar & Panther Lakes + WCL Discussion Threads
- Started by Tigerick
- Replies: 24K
-
Discussion Intel current and future Lakes & Rapids thread- Started by TheF34RChannel
- Replies: 23K
-
-
Facebook
Twitter