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Originally Posted by Y2KDREAD
Be very carefull about the stock market. After 9-11 much of my college money was gone, just be very aware of that risk because anything can happen.
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You need to look long-term, no matter how painful your losses are in the short-term. The market has rebounded fairly well since then, if you kept your money in.
There are a lot of theories about young kids (under 20) chipping into a roth IRA for a couple years, and then ignoring it. Do the math on $4-5,000 compounding at 8-10% annually, with no taxes due. Over 40 years. It's fairly large, which is why if you start early, becoming a millionaire is not really that difficult. I don't know if I'd do that, though, since Social Security was originally promised to be tax-free as well when it was "sold" in the 30's.