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I'm 26 and finally have enough money to my name to put some of it away. I've been planning on putting 2000 dollars into a Roth IRA (and continuing that every year I can afford it). Whenever I talk to people about it, they recommend going with Vanguard saying they've got lower fees, etc...and that the S&P 500 index is always a good bet. But my plans were to open an IRA account with an online broker and just buying $2000 worth of Spyders. Would that not be the same thing? If I find an online broker with no IRA fees, then my only cost is the trade fee when I initially buy the stock.
Am I missing something? Does Vanguard offer some other service that I wouldn't get from a discount broker? Do the online brokerages take some extra money that I don't know about?
I try to be a good fool, but sometimes get overwhelmed with it, though recently I've put some money into stocks to get a feel for how it works, so I'm comfortable with the online discount brokerage gig.
Thanks for any help,
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