?

Log in

Aug. 8th, 2010 @ 04:07 pm baby_poor
About this Entry
Living on Minimum Wage
minimumwager:
[User Picture Icon]
From:tzigana
Date:November 9th, 2010 10:49 pm (UTC)
(Permanent Link)
Better late than never. . .

If your willing to wait abit to open it up, I would save for retirement for a few years in cd's, and then open a mutual fund once you have enough for the first time minimum. I think Vanguard has some where the minimum is 3000, I'm not sure about the others. Once you have it opened you can add to it with less.

Would you be able to make do with 81.80 for spending? Then you could split the rest at 100 for a car and 100 for retirement.
[User Picture Icon]
From:minimumwager
Date:November 10th, 2010 02:26 pm (UTC)
(Permanent Link)
After I posted this I discovered that I could start out by funding an IRA with a money market (or CDs)...I wish financial people would talk about that option more often. I could have gotten started years earlier if I'd been aware of it.

Unfortunately right now my business has taken a hit, so the question's moot until things pick up again. I'm still determined to start a Roth IRA at the end of the year. It may be a very small intitial contribution, but I do want to at least get started.