I am 24 years old and I am interested in opening an IRA & mutual fund account. I have heard some good things about LMP aggressive growth fund, but do not know where to start as far as IRA's? What companies out there should I look at and why?
2006-06-06 18:07:06 · 5 answers · asked by kang 1 in Business & Finance ➔ Investing
Look, before you do anything foolish with the money, get yourself an education in investing. You're going to have no idea if the advice people give you is any good unless you understand how money works. Personally, I recommend "The Only Investment Guide You'll Ever Need" by Andrew Tobias. It's an easy read and it will give you a firm foundation so that whenever you're presented with a financial choice or recommendation, you'll make an informed decision. No one's ever going to care as much about your money as you are, so you'd better learn how to handle it and make it grow. Good luck.
Oh, and have a look at Vanguard, T Rowe Price and Fidelity for your mutual funds. Each of them has a large variety of funds which will fit your age and risk tolerance.
Also come over to getrichslowly.org . A bunch of us money geeks congregate there to discuss everything from saving to investing. Feel free to wander around and ask questions. No get rich quick schemes there. Just diligent and disciplined saving and investing.
2006-06-07 13:25:44 · answer #1 · answered by VinTek 7 · 4⤊ 0⤋
I've been very satisfied with the Roth IRA that I've had set up through Ameriprise (formerly American Express IRA).
In the year and half that I've been with them, I've clocked an average rate of return of better than 15%. That beat my 401k (managed by Fidelity) by 6%.
If the place you work offers any kind of IRA or 401K matching points (i.e. for every dollar you put in, they put in a dollar...usually up to a certain amount), I would do that first before pursuing the IRA. Do the work 401k first, then an IRA.
2006-06-07 01:11:43 · answer #2 · answered by stingerlsu02 2 · 0⤊ 0⤋
It depends upon what mutual funds you want to buy. I recommend Vanguard or T Rowe Price. If you invest directly with the fund company you will save on commissions. If you use a brokerage for your IRA, you will usually pay purchase fees, but you will have more choice as to your fund and stock purchases.
2006-06-07 12:48:25 · answer #3 · answered by Yardbird 5 · 0⤊ 0⤋
fidelity is pretty easy to use.. they have a lot of research tools that can help you with your retirement goals too
www.fidelity.com
2006-06-07 03:38:31 · answer #4 · answered by do it movin' 1 · 0⤊ 0⤋
http://www.tradingresources.org/ira-401K-investing.htm
should answer your questions.
Moni
2006-06-07 05:03:09 · answer #5 · answered by Anonymous · 0⤊ 0⤋