The Motley Fool Discussion Boards
Investing/Strategies / Retirement Investing
|Subject: Re: IRA or no?||Date: 4/9/1997 3:00 AM|
|Author: metro||Number: 8 of 76106|
On Tue, 08 Apr 97 23:05:47 -0600, jeremy wrote:
I am 21 years old and interested in investing. I plan to follow the Foolish Four or some variation of it. I only have about $500 of beginning capital. Should I put this into an IRA (which most brokers do not have a minimum deposit) or into a standard fund? I believe I am eligible for the $2000 tax deduction. My (soon to be) wife does have a 401k plan where she works, but we will not make over $35,000 this year together. My last question concerns brokers. Are there any that will accept a $500 initial
deposit? ETrade appears to accept a minimum of $1000, which I may be able to scrape together. Any information would be appreciated.
I'm am in almost the exact same situation. (23 getting marries minimal income) I've found through calling the online brokerage 800 numbers that quite often they will allow you to open an account with a balance less than their advertised minimum. Some of them do have catches though. One place wouldn't let you trade until the minimum was reached, another place charged an additional fee to open the accound, etc....my advice is to just call them. All of the account systems are different too in terms of pricing, so remember to get all the information, and don't be afraid to ask. We're micro investors right now, but in a few years we won't be.
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|