JrJordan
03-24-2005, 10:31 PM
Hi,
I'm 20 years old and a sophomore in college. Poker has turned into a decent part-time job for me and I'd like to open a Roth IRA with some of my profits before the tax year is up. I don't have enough experience or money to try and outperform the market, so I figure the best option right now is an index fund of some sort. So the question is what site should I open it on? I know Fidelity and Vanguard both have minimal expense index funds, but noticed they both charge a $10 annual fee for balances under $10k. Is there any index fund that will get me around this (I'm guessing not). Also, am I going to be restricted to just trading on Vanguard or Fidelity's funds/stocks in the future if I start my IRA there now? If so, is there an alternative that offers some more flexibility in that? Someone mentioned Ameritrade awhile back as a good source, however I noticed they charge $17 to buy mutual funds instead of the annual $10 on Vanguard or Fidelity. Any help appreciated.
I'm 20 years old and a sophomore in college. Poker has turned into a decent part-time job for me and I'd like to open a Roth IRA with some of my profits before the tax year is up. I don't have enough experience or money to try and outperform the market, so I figure the best option right now is an index fund of some sort. So the question is what site should I open it on? I know Fidelity and Vanguard both have minimal expense index funds, but noticed they both charge a $10 annual fee for balances under $10k. Is there any index fund that will get me around this (I'm guessing not). Also, am I going to be restricted to just trading on Vanguard or Fidelity's funds/stocks in the future if I start my IRA there now? If so, is there an alternative that offers some more flexibility in that? Someone mentioned Ameritrade awhile back as a good source, however I noticed they charge $17 to buy mutual funds instead of the annual $10 on Vanguard or Fidelity. Any help appreciated.