Re: 2k to spend, what should I do??
Motley Fool is good info, as is Morningstar(.com). If you want some easy-to read/digest articles, MSN Money is always reliable as well.
Yes, there is a penalty (hefty, which means 10% plus fully taxed at your current bracket) for non-qualified withdrawls from an IRA. IRAs are long-term investment accounts meant to be used to save funds for retirement, not for short or mid-term expenses/expenditures. The annual contribution limit to IRAs for 2005 is $4k, and a $2k contribution would be a nice start.
You should definitely read-up on the differences between a traditional IRA and a Roth IRA.
I'd be happy to address any questions you have. You can PM me.
Sticky [img]/images/graemlins/heart.gif[/img]
|