Welcome to the Newschoolers forums! You may read the forums as a guest, however you must be a registered member to post.
Register to become a member today!
Who wants to be a millionaire?
Posts: 3322
-
Karma: 30
If you want some skrilla when you retire talk to your parents about getting a Roth IRA. The sooner the better. You put in money that you have made, so it is already taxed, so that when you take it out at age 65, they don't tax you then. Putting in 4,000 dollars a year between ages 16 and 21, by the time you are 65 you will have over 2 million dollars (at about 10% interest) and its tax free! You can also invest it in mutual funds, bonds, whatever so there is more flexibility than 401k's, so if your willing to take big risks, you will get even bigger rewards.. The only catch is you need a job, and you cannot put in more than you've made. So talk to your parents and ask them to double any money you put into it this summer, and see what they think.
Posts: 6072
-
Karma: 18
Haha that's funny, I'm about to open a Roth in a couple of weeks here. Gonna be rich later in life! 19 at the moment.
There are a few good ones, you can go to your bank and talk to them but there are better ones online. Vanguard is apparantly the best, unfortunately it takes $3000 to start it up. Fidelity is good too I guess, they have one that costs like $2500 to start.
The best one I think I've seen for a student is Fidelity SimpleStart I think it's called. It only takes like $200 to start and then you have to put in $200 a month for a certain time period. So you don't get that huge upfront cost
The other cool thing about Roth's is that you can do things like transfer from other money accounts, or retirement funds etc and they don't get taxed at all until you are older.
Posts: 571
-
Karma: 11
All times are Eastern (-5)
