2007-01-23 19:05:28 · 5 answers · asked by RFJ 3 in Business & Finance ➔ Investing
This one, l don't know!!!
2007-01-23 19:11:34 · answer #1 · answered by yahaya K 2 · 0⤊ 1⤋
installation any type of an IRA for a baby is very smart. the challenge is devising strategies of acquiring criminal wages for the youngster. some human beings have run infant ware revenues activities and used area of the proceeds to pay the newborn for modeling amenities. Such money at compound pastime over 60-sixty 5 years can outcome in a tremendous quantity at retirement. correct right here's authentic: a guy begins an IRA at 18, money it at $2000 till eventually he's 28 and stops. His brother begins at 28, money it at $2000 a three hundred and sixty 5 days till he's sixty 5. Who, assuming an same pastime cost of go back, at sixty 5 has the most money? answer the guy who all started early and then stopped.
2016-12-02 23:44:13 · answer #2 · answered by cutburth 3 · 0⤊ 0⤋
Absolutely. Start early compound interest makes a world of difference. If a 25year old puts 2,000 in an IRA and a person waits to 35 years old to do the same, at the age of retirement the 25 year old will have nearly double what the 35 year old has. It sounds hard to believe but that 10 years of compound interest really adds up. Save your money now and save often.
2007-01-23 19:17:51 · answer #3 · answered by Billy FZ1 5 · 0⤊ 0⤋
WOW RFJ!! good job man-sure why not, if i had ur brains I'd be rich by now! eer let's see (too many places to look) i presume ur working-right? check out ur local bank websites and www.fidelity.com has a no fee acct and i think www.schwab has a fee deal also. go shopping online and get a good rate for urself.
2007-01-23 20:59:35 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Good for you, but I thought you had to be 21 to do this.
2007-01-23 19:13:44 · answer #5 · answered by soulguy85 6 · 0⤊ 0⤋