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Only $1.97 in interest

January 16th, 2007 at 04:42 am

I know something is better than nothing, but I only earned a $1.97 in interest. I deposit at least $50 a month to my IRA and at my age I am aware it should be more, but I am just a little dissappointed seems like I am not making any progress. My job offers nothing towards retirement so it's just me and now I am trying to save for a house and EF as well...I'm stressed

Posted in Miscellaneous | 4 Comments »

4 Responses to “Only $1.97 in interest”

  1. baselle Says:
    January 16th, 2007 at 05:26 am 1168925201
    1168925201

    Where do you have your IRA (like Fidelity, Vanguard) and in what (money market fund, mutual fund, stocks, bonds)?

  2. Ima saver Says:
    January 16th, 2007 at 02:15 pm 1168956948
    1168956948

    Just take it slow and steady. I started my first mutual fund with $50 and then added $50 a month.

  3. Amber Says:
    January 16th, 2007 at 02:29 pm 1168957745
    1168957745

    Baselle,
    I have it at a credit union that I bank with, unfortunately I know nothing about IRA's and how they actually work. And Ima, I looked into a mutal fund account but most want you to have at least $2000 to deposit, what exactly is it and how can I stat at just $50?

  4. creditcardfree Says:
    January 17th, 2007 at 06:24 pm 1169058292
    1169058292

    Amber, check T.Rowe Price. I think they have lower minimums if you can do a monthly $50 contribution.

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