UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next
Author: dcunited Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 74759  
Subject: Re: IRA choices for YOUNG investor ??? Date: 2/10/1998 7:22 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
"5) Discount brokerage account. Then, each year's contribution can be invested as one sees fit. The tricky part here is to find a deep-discount brokerage that I'm comfortable with AND has ultra-low or no ongoing fees AND will accept a custodial IRA AND will reinvest dividends AND will allow bond investments AND has decent no-fee mutal funds to pick from. This choice allows Foolis Four-type portfolios to be set up, once the pile grows to $4,000 or so. [I can't see buying 4 stocks with $2,000, even at $12 commissions--that's over 2% off the top.]

Any feedback? Thanks."

>>>>> Hi, DownwardSpiral!

I have set up a '97 IRA for my seventeen-year-old daughter at Waterhouse, which offers most of the features you are after. While they will not allow a custodial IRA, they did allow me to set up the account online (after providing the required information over the phone to establish identity), and control the account from there. FWIW, I am making a limit buy of Texaco stock, as part of the Beat the S&P Strategy. In 12 or 18 months, I will sell if Texaco is no longer on the Beat the S&P list, and buy whatever is on the list at that time.

I will soon help her set up a '98 IRA. For that, I will buy one of the other Beat the S&P stocks (currently Ford, Anheuser-Busch, and Emerson Electric, if memory serves me).
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
2013 Feste Award Voting Begins!
Who will win the 2013 Feste Award? Vote now for the Fool that most exemplifies the Fool Community mission of Learning Together!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Tax Strategies

TMFPMarti-Feeling Good
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement