I just opened up an IRA account at Etrade today with a $10 deposit. I know I need to contribute more, but what can I do from my initial depsoit?
I've been checking the mutual funds and other options and all seem to have a high purchase requirement.
Also, with my IRA, will my cash garner interest?
2007-11-11 15:18:55 · 4 answers · asked by collegeboy2178 3 in Business & Finance ➔ Investing
If you can commit to a regular monthly deposit, a few funds will let you start with tiny amounts. Not sure if $10 will get you anywhere, though. Might need $100 or so to start.
2007-11-11 15:58:55 · answer #1 · answered by Houyhnhnm 6 · 2⤊ 0⤋
Check out computershare.com you can purchase some straight stock for as little as $ 250.00 first purchase and $ 50.00 after that.
Mutuak funds usually want $ 1000.00 for the first purchase then $ 50 to $ 100 a purchase after that.
I do not know about e-trade- as for do they offer Ira cash accounts ??
Start small in a bank then move on to mutual funds or stock in reg savings or Ira
2007-11-11 15:26:32 · answer #2 · answered by MAC 1 · 0⤊ 1⤋
you should earn cash on the $10 but you need to know what the annual fee they are going to charge you. It would be a shame to put in $30 a year and then get charged the same amount. Find this out and make sure you put a lot more away than that. Worry about where to invest it after that.
2007-11-11 16:46:36 · answer #3 · answered by dinky 2 · 0⤊ 0⤋
get direct deposit into your IRA it will build up quickly, when you have enough money look for a growth stock mutual fund, your broker has a list of available funds to invest and strategies.
2007-11-11 16:54:34 · answer #4 · answered by Anonymous · 0⤊ 0⤋