Pants
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Post by Pants on Mar 4, 2011 13:15:57 GMT -5
In a thread recently (can't remember, sorry), people were talking about a Roth you could start with $1000. Vanguard maybe? Firebird you may have mentioned it? Could someone remind me what that is?
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Post by Savoir Faire-Demogague in NJ on Mar 4, 2011 13:26:38 GMT -5
Many firms such as Vanguard have minimum initial deposit requirements to get into a fund. Many times the buy-in is $3000, maybe $5000, depends.
I know Vanguard has a lower requirement for IRA/Roths because I have my 401K and a taxabel account with them, plus a few years ago, I had some IRA money there. The minimums for IRA/Roths are much lower.
Just go to their web site for information.
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resolution
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Post by resolution on Mar 4, 2011 14:12:06 GMT -5
Vanguard has a STAR fund that only requires $1000. I don't know if you can open an IRA with less than $3000, but that particular fund only needs $1000.
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Pants
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Post by Pants on Mar 4, 2011 14:27:38 GMT -5
Ahhhh, that sounds right, thanks, sorry I got confused!
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reader79
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Post by reader79 on Mar 4, 2011 14:53:25 GMT -5
I started mine at T Rowe Price about two years ago because there was no account minimum as long as you signed up for a $50/month auto deposit.
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Pants
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Post by Pants on Mar 4, 2011 14:56:34 GMT -5
Thanks Reader, I will check that out!!!
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DVM gone riding
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Post by DVM gone riding on Mar 5, 2011 22:17:25 GMT -5
schwab had no min when i started mine, though I think the different funds had mins of like 500-1000 to purchase into a fund, the roth acct itself did not.
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cronewitch
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Post by cronewitch on Mar 7, 2011 12:02:01 GMT -5
My nephew just started his first brokerage account with zero dollars. He is having a direct deposit put in from his paycheck. It isn't a retirement account just savings. They have debt and have filed bankruptcy but his wife wants them to save 25K before they pay down the house, home equity loan and car loan. He needs to pay attention to his wife and aunt who tell him to save and stay out of debt.
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Tiny
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Post by Tiny on Mar 7, 2011 15:50:11 GMT -5
I bet Fidelity and Vangaurd both have Roth IRAs that you can sign up for as long as you commit the minimum monthly amount to auto deposit (let's pretend it's $50.00 a month). They may even let you buy $50.00 worth of some Fund(s) that normally have a 1K or 2500 or 5K limit to buy into. If they don't allow that they will let you put your contribution into something like Cash Reserves (it will get some interest)... at some point you'll have enough money in the account and you'll be able to buy the fund of your choice. I'm pretty sure it easy to read the homepages for Fidelity, Vanguard, and TRPrice to determine what you can and cannot do with a "starter" Roth/IRA. Try searching for account builder or start up Roth....
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Firebird
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Post by Firebird on Mar 7, 2011 15:50:34 GMT -5
Vanguard has a STAR fund that only requires $1000. I don't know if you can open an IRA with less than $3000, but that particular fund only needs $1000.
The STAR fund is a ROTH IRA.
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schildi
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Post by schildi on Mar 7, 2011 22:19:10 GMT -5
Vanguard has a STAR fund that only requires $1000. I don't know if you can open an IRA with less than $3000, but that particular fund only needs $1000.The STAR fund is a ROTH IRA. I don't think so. A Roth IRA is an account type, and the Star fund is a balanced fund. I can buy VGSTX in my brokerage account if I want to. |
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