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I am a new Fool, and this is my first post. I have read many of the investing basics and strategies, as well as many excellent message board posts, but there is something I need clarification on. I am getting ready to open a self-directed Roth IRA, and want to invest in a combination of Rule Makers, Rule Breakers, and perhaps FF. But I also learned that I should try and keep commissions under 2%, which amounts to only $40 in this case. At $12 a trade (I plan to go with Waterhouse), this obviously limits the number of companies I can buy. My questions:

1) Do I simply wait until I have enough money in the account to buy my 10-15 stocks (and just go with an S&P 500 Index Fund while I wait)?

2) How much is "enough money" for me to start buying these companies, and how many should I start with? I'm anxious to get going and don't want to wait too long. (Not looking for an exact amount, just the guidance of a ballpark figure).

3) I plan on changing my current 401k distribution so that all my money is in an S&P 500 Index Fund, but is it okay to have both my 401k and Roth IRA comprised solely of this Index Fund?

Thank you for your time.
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