This year for the Holidays ask everyone for cash to start an IRA.
For young adults this couldn't be a better time. The market is low and you have time. All you have to do is ACT! What are you waiting for?
T Rowe Price has an account you can start for $50 a month or $1000. If you go with the automatic account builder it will help you make small changes so you can continue to contribute every month. We are talking $12.50 a week. One less fast food meal and speciality coffee a week - will start to build you wealth and security.
Basic Rules for Investing in an IRA.
1 Need earned income
2. 2008 limit $5000, if over age 50 $6000
3. Can not contribute more that you earn
4. 2008 contribution deadline is April 15, 2009
5. Roth IRA is normally the best choice for young investors
6. Investment - research all in one funds/target retirement date
T. Rowe Price gives an excellent data sheet on the differences and eligibility for IRA investing. If you have concerns feel free to comment on the blog and I will be happy to answer your questions.
After much research T Rowe Price had the lowest minimum to get a new investor started. Other discount firms such as Fidelity Investments had a minimum of $200 amount on an automatic account builder and Vanguard had a $3000 minimum. As always check with a financial professional before making an investment decisions. All the above companies have licensed representatives available to answer your questions and assist you. They are all salaried and not on commission. This keeps fees low and the representative from pressuring you into a product you don't need.
As always check with a financial professional prior to making any investment decisions.
Happy Holidays
Stay tuned................
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1 comment:
A nice gift that people always love is cookies. However, as I have recently found out, they can be quite expensive to make...especialy if you're making multiple kinds and batches. However, to keep costs down I am watching closely for coupons and sales at multiple stores. I realized that I have saved over $30 because so many expensive items, like chocolate chips or cream cheese, were purchased at a discount price.
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