wherefore art my roth
I have been all over the internet trying to figure out whose Roth IRA, out of those I can afford to start, would be my best investment tool. I can really use an appreciable asset in my net worth balance sheet. I’d also like to use these last few years of my twenties to try to take advantage of the miracle of compounding - my 20th birthday present to myself was supposed to be my very own first investment. Seven whole years have gone by and all that unrealized interest is lost to me forever. I really want to get started with the extra paycheck I’ll be getting in August.
However, my enthusiasm is a little bit limited because of the constant tension between my competing priorities of socking money away and getting out of consumer debt. I don’t know, given my zeal to aggressively reduce my debt, if I can get an entire $4,000 contribution into a Roth by the 2007 tax year’s deadline, but I figure that any amount is better than a big old goose egg. Another competitor for my money will be the 401K I’ll be eligible for through my employer in October. I intend to contribute at least enough to get my employer’s full contribution - I have NEVER turned down free money and I don’t intend to start at this stage of the game.
Whenever I wonder if I can do all of these things at once, I remember that I got by on about $9,000 a year while I was an upperclasswoman in college. I had at least two or three jobs at all times, but my lights and gas were never cut off, and I didn’t starve to death. If I could do that, then surely I can properly allocate my discretionary and pre-tax income wisely with several times the resources I had then. Sure I’m in more debt now than I was then, but I’ve got more experience and financial savvy now.
Any recommendations for a ROTH for me to consider (and features I should research in particular) would be greatly appreciated. I haven’t found a tutorial online yet, and I don’t want to just pick one off of name recognition or because the company’s web site is pretty…
