Re: IRAs for young people?
I'm 19 and I just opened a Roth IRA a few weeks ago. My custodian is vangaurd and maxed out my contribution. If you cant pay the initial investment you can find other custodians that offer no minimums. If i were in you I would start adding whatever you can to a Roth. If you just have it laying a round in a savings acount you may spend ( Well I did before I opened a roth ) your savings on stuff you dont need and miss out on 40 years of compound interest. And as a safety, you can withdral your contributions if you really need the money. But dont go into debt jsut to contribute
Maybe you can work out a deal with your parents with them giving you money and reporting it as worked earnings. You will have to pay taxes on it but you will make it back within a year or two. After that it is all profit. Hope this helped.
-chris
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