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Being a new member I'm still leaning these boards and how they work, and I've read some great stuff here from you guys. I'm used to speaking not typeing, anyway here's what I need your help with...OK, We paid off ALL DEBT, including home, all credit cards,all 3 cars (19 yr old son)so I also paid his car insurance for next 6 months. Hurricane Wilma left me with $11000 (home repairs) of which I paid 50% up front 50% when completed in March 2006 I will have to pay(yes it's taking that long).I picked a broker,opened an account with $21000,on Dec 31 I started buying stock & a few ETF's I lucked out stocks would be the lowest they've been that day and put together a fairly diversified portfolio (I think) though I wished I had bought more Google at $415. I had $10000 put away for my son to start school,but he'd rather work at a job he started this past summer. I believe my next step is taking the $10000 and open up an IRA for my son for 2005 and 2006. Should I open up Roth IRA's or traditional and should I put the $5000 for each year's IRA in no load Mutual Funds or ETF's?
I've talked to him about learning to invest but he's a late bloomer and I want to put the money in something that he just can't easily liquidfy. He's not earning alot of money for the IRA tax advantage to really help him now as opposed to hopefully in the future. That's why I'm a little confused about a Roth for him now.
I would appreciate any and all input Foolish or not and THANK YOU FOR HELPING ME GET STARTED
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