3. Invest in a Roth IRA
Roth IRAs are simply wonderful. You can read about the advantages, disadvantages and rules of a Roth IRA in A Roth IRA Overview.
Mutual funds offer a basket of stocks to help you start investing. They also offer professional management to oversee your mutual fund. However, not all funds are created equal. To get started with a really great fund do this:
- Browse over to http://www.excelsiorfunds.com/applications_pdf.asp
- Under “Applications & Forms”, select the account type “Roth IRA” and select “Roth IRA Application”.
- Check “Select ROTH Contribution IRA” or call the company at 1-800-446-1012 for help working through this.
- Fill out your personal information in the required section 1.
- Fill out the required list of beneficiaries in section 2.
- Check the first box in the required section 3, “Invest my check as a contribution to an Excelsior Roth Contribution IRA…” or call the company at 1-800-446-1012 for help working through this.
- In required section 5 fill in the fund number for Excelsior Value and Restructuring Fund #1051.
- Provide your Social Security Number in the required section 7 and sign and date it.
- Just like what your doing in Action 1 – Open an Online Savings Account, participate in the automagic investment plan if you can afford to. You won’t miss the required $50.00 minimum deposit. Make it per month if you can afford to or whenever you can make $50.00 deposits and you’ll be on your way. Again, don’t forget to up the payment when you start to make more money in life.
- There is an “Optional Services Form” on the same page as the “Roth IRA Application” form. Select this form to participate in the “Automatic Investment Plan” in step 6 of the “Optional Services Form”.
- After filling out section 1 of the “Optional Services Form”, in step 2 – “Distribution Options”, check “Reinvest all dividends and capital gains”.
- Skip section 3.
- Skip section 5.
- In section 6, check the desired day of the month for automatic withdrawal from your checking account. Provide the Fund #1051 and your $50.00 minimum withdrawal.
- Skip section 7.
- Provide your bank information in section 8.
- Finish up by filling in section 9 and 10.
Don’t hesitate to call Excelsior Funds at 1-800-466-1012 for help if you need it.
That’s It!! You are on your way. You’ve started investing in a great mutual fund in your Roth IRA. Here’s is a summary of the Excelsior Value and Restructuring Fund.