I would think if you can put the very minimum in an IRA account, they can't do much. You don't say how many is in the household, what your making is not much at all.
Quoting brieri:I would think if you can put the very minimum in an IRA account, they can't do much. You don't say how many is in the household, what your making is not much at all.
I know, I am in the same boat, it's just me though. I not collecting Foodstamps or anything at the moment, but I have other equity but can't reach it, til I am at retirement age,which is another 5 or 20 yrs, depending on the situation. I may need to get Foodstamps soon, because the money I do live on, may run out very soon. Like you my income is very limited too.
Quoting Zacknalexmom:
There is 3 in my household. Just me and my 2 children. Correct,my income isnot much at all.
Quoting brieri:
I would think if you can put the very minimum in an IRA account, they can't do much. You don't say how many is in the household, what your making is not much at all.
most ira require a min of 5000 a yr , you can start with 20 but must have 5000 for whole yr,I just looked into it at least thats what wells fargo told me
Quoting brieri:I would think if you can put the very minimum in an IRA account, they can't do much. You don't say how many is in the household, what your making is not much at all.
Save the $20 a week in a simple savings account until you have 6 months of living expenses (without assistance) covered. Then when you have that move the money to something that gets more interest but is accessible with minimal penalties like a c.d. or money market account and keep saving the $20 a week into the regular savings and when you get a couple of thousand then move it and start again. Always have an emergency fund where you can get it quickly but keep moving the money up into higher invested accounts until you get it where you want it then just add to the account.
Without a emergency fund you could lose a large chunk of what you've saved in fees if something came up and you needed the money quickly. Also most states have a cap on assets so you could be cut off of assistance once you hit certain amount and you need access to the money if that happens. Some states exclude certain types of accounts so you should check and see exactly what yours allows.
When I first started saving I signed up with Sharebuilder to buy stocks. I put money in mine and my sons accounts weekly and once it hits a certain amount I selected they take the money and buy the stock I picked. Buying very small amounts of stocks monthly has added up over the years and the amount goes up and down with the economy but overall its been a great investment but if I needed to pull the money out for an emergency it would cost me a lot so I don't touch it.
Scared to get out of my comfort zone
- Zacknalexmom
on Oct. 8, 2012 at 6:19 PM