Saving Money to Buy Stash Stock
Hello Ms. Savage. I’ve seen you on WGN and I’m thankful to ask you one question. I’m an up and coming yuppie whose 27. How can I manage my finance better into buying three major companies of the century?
Terry Says
Well, I’m glad you’re looking ahead and thinking of investing in the stock market.
First, I think you should open an Individual Retirement Account (IRA). You can do that if you have earned income –and put as much as $6,000 a year into the IRA account, if you have the extra cash. But even say $1,000 a year will grow over time in the stock market. Make it a ROTH IRA, which means you don’t get a tax deduction but the money grows tax free!!
Now, your next question is where to open this account with a very little money. Go to www.Acorns.com and learn about the many ways you can turn small amounts of money into regular investments, inside a ROTH IRA (check the section called “Acorns Later”).
Your money can be invested in portfolios they design — and I’m sure you’ll want the Aggressive portfolio! But you don’t get to pick individual stocks.
If you know what stocks you want to buy — those “three major companies of the century” go to www.Stockpile.com, where you can buy fractional shares with small amounts of money.
