Here’s how to open a Roth IRA with $250.00. Go to Action 3 – Invest in a Roth IRA and follow the instructions.
You might want to eventually transfer your Roth IRA over to a brokerage firm like Charles Schwab or TD Ameritrade when you’ve accumulated quite a bit (thousands of dollars) in your Roth IRA. You can certainly do that now but there is a minimum $1,000.00 to open a Roth IRA at Schwab or the $1,000.00 is waived if you commit to a monthly transfer of $100.00 into the account.
Where as in Action 3 – Invest in a Roth IRA you can open up a Roth IRA with $250.00 and let it sit. Any deposits after that must be a minimum of $50.00. What I highly suggest is, to make the deposit from your main bank account to your Roth IRA automagically every month or whenever and however you get paid. Just like you make it automagic when you ______ (fill in the blank with any fun stuff you pay for in life especially on a regular basis).
Remember that saying, taking the first step is the hardest. Which reminds me, I have an older brother and when we were kids he used to help me do various things in life since he was always four years wiser than me.
Well we used to frequent the local swimming pool and when it was time for me to dive into the pool he babied me like my mother told him to while showing me how to dive into the pool. The problem was, when we were close to the edge of the pool he’d give me this quick snap with his elbow and I’d go belly flopping right in the pool.
From a distance my sunning mother watched, probably thinking, isn’t that so nice to see the older brother helping the younger brother learn how to swim and dive. When in reality my older brother was using me for his own entertainment. More to come about my older brother.
Don’t stress over this task. Just keep at it until it’s done and you can go on living your life. And if your doing all three actions, Great Job!!
Now I know for some folks $250.00 will be a lot. Make it a priority!!
Also, don’t forget to read the Roth IRA Rules for 2007. Yes I know, you’re trembling, “For Crying Out Loud, There’s Rules?” Well, here’s your virtual elbow from me to you.