What's the lowest initial upfront costs? Are there any commission free brokerage companies to invest with? Any additional information would be helpful.
2006-08-30 15:31:22 · 6 answers · asked by gs400cww 2 in Business & Finance ➔ Investing
It depends on who you start your investment with. Vanguard is good, that is who I use. They don't have a commission fee. Right now the max per year investment is $4000 this year and next and Iits going up to $5000 in '08. However, You're not eligible for a Roth if you make more than $110,000 a year. The minimum investment to open up a ROTH at Vanguard is $3000.
Good Luck!
2006-08-30 15:57:13 · answer #1 · answered by Michael 3 · 0⤊ 0⤋
You probably won't find a commission-free brokerage house. The commission is part of the way they make their money. Your best bet is to check some of the rating services to find a mutual fund that you like. Morningstar is one, but you can find others as well.
You really, REALLY need to educate yourself in finance to do this well. The Motley Fool site will help with that.
The best advice I can give you in this short space would be to find a reputable mutual fund company that has an index fund that charges a low fee (like well under 1 percent), contact them, and tell them you want to set up a Roth IRA. If you want to diversify more, find a 2nd fund in a different company on a different index, and set up another fund. Use dollar cost averaging, and remember that you have limits on the total amount you can contribute each year.
2006-08-30 15:40:16 · answer #2 · answered by Ralfcoder 7 · 0⤊ 0⤋
Most online brokerages will open an IRA account for you with no fees (see for example http://personal.fidelity.com/products/retirement/retirementintro.shtml.cvsr?banner=12493872&immid=00045&psite=overture&crtype=search&kw=ira_account ). You would be hard pressed to find one that would offer free commissions, but, heck, we're talking maybe $10/trade these days. Not a significant cost unless you're planning to do a lot of trading (not advised).
2006-08-30 15:40:00 · answer #3 · answered by SDD 7 · 0⤊ 0⤋
you're able to do it by using a information superhighway or offline brokerage employer. you will possibly desire to be 18 to get a Roth, yet you could build up you funds earlier hand. no longer purely that, you will possibly desire to be reading up on the basics so somebody starts spewing technobabble at you, you will understand what they mean. on line you purely fill out the information on line and presto you get an account. then you definitely deliver funds (you tell them the way you want that executed on line) after which you placed your order in and that they purchase the shares for you. once you opt to sell, you create a sell order (in actuality asserting you opt to sell 500 shares on such and such date). With an offline brokerage employer, you utilize the telephone and mail gadget. you're able to do extra over the telephone nonetheless, in case you opt to do extra effective than purchase and sell shares on your Roth (case in point you could have actual products tied on your which contain actual property and baseball taking part in cards).
2016-11-06 03:00:34 · answer #4 · answered by hartzell 4 · 0⤊ 0⤋
I would suggest you get fully versed on what a Roth is and how it works. To learn more : http://taxes.yahoo.com/guide/rothira/
But to answer you question, the link on "How to Start a Roth IRA" will give you a very complete answer.
2006-08-30 15:43:19 · answer #5 · answered by Janis H 2 · 0⤊ 0⤋
I think you need $500
2006-08-30 15:34:56 · answer #6 · answered by You may be right 7 · 0⤊ 0⤋