Cimarron29414

Well, that is typically up to the firm with whom you invest. $500 sounds about right. It isn't a question of *whether you can afford to pay the taxes now*, you can't afford NOT to pay them now. Does the government deserve your $37,700 or you? Do you want to make an extra $10K or not? Frankly, it's a no brainer, simply a smaller initial investment. Taxes on $500 is lunch money. Ask yourself if two weeks of bologna sandwiches is worth $10,000 or not?


Now, let me tell you about the glories of early investment....

Lets suppose, at 21, you put $5000 a year in a Roth IRA for 8 years and then quit. Your buddy starts at 29 and puts $5000 a year in a Roth IRA every year for 32 years.

You put in $40,000 and he put in $160,000. When the 40 years is up, you will have more money than him!

Obviously, $5000 is a lot of money, but I use it to illustrate the point. So, invest as much as you can when you are young. It might hurt for 8 years, but it is the difference between being a Thousandaire and a Millionaire!

21. I wish I knew then what I know now.... ~mumbles about 21-year-olds and their damn rap music~

__________________
Gives a man a halo, does mead.

"Here lies The_Jazz: Killed by an ambitious, sparkly, pink butterfly."