in my pocket b/c my college tuition is fully paid for. What would be the best mutual fund company to invest with? What percentage should I invest? save? put into “emergency account”? Keep in my all of my food, room&board, tuition, and transportation is already paid for. Any help would be much appreciated!!!
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You can’t fund an IRA unless you have “earned income”. Earned income is income from wages/salary or self-employment.
You can invest in mutual funds in a taxable account but you can not have an IRA.
“Wayne Z” is correct. Read the basics:
http://www.ira.com
yOU SURELY NEED TO HAVE EARNED THAT INCOME BY PUTTING IN TIME – SCHOLARSHIP MONEY OR ANY FREEMONEY WILL NOT QUALIFY FOR ANY OF THE IRA’s INCL ROTH IRA.
You must have earned income of at least the amount you put into an IRA in the year you put into the IRA. It doesn’t matter if the money you put into the IRA actually came from a job, but you must have earned it somewhere to contribute to an IRA.
If you are not working, you should start with a money market savings account…INGDirect.com is as good as any. Emergency funds should have at least one months expenses or one months pay, which ever is greater.
Once you have income, you can set up an IRA at INGDirect for free. Once you have $10,000 saved you can money it to Vanguard.com. Vanguard index funds and Target Retirement funds are “the best” options for most people, IMHO.
Sweet deal none-the-less. I wonder if you best bet is to just put it in a high interest savings account until you get out of school then just pump the maximum amount into a Roth when you’re working full time out of that savings account. Shop your bank for the best rate of return and freeze it for X amount of years.
education.mypressonline.com – try this site. It has info about different US scholarships for college students and their grades requirements.