Hello everyone, I’m a 2nd year college student and I’m heavily invested in stocks and the stock market. I opened my first brokerage account as soon as I turned 18 and I’ve been adding as much money as I can into it. I don’t make much money as a college student but over the past almost 2 years I’ve accumulated just over 10k in my brokerage account. Only 2k of it was taxed because I’ve done my fair share of trying to time the market and getting timed by the market. That being said I’ve always been hesitant to open a Roth IRA because of the limited flexibility with withdrawing and my ultimate plan is to use my stocks to buy a house (down payment) on a car when I graduate. I’ve done more research recently and think I’m going to open a Roth but I don’t if I should contribute the cap of 7k I can this year or start small. I’m open to all comments and help so please lay your knowledge on me!
Posted by ProgramOpening7959
4 Comments
Yes, u can always withdraw contributions from your roth ira with no penalty. I wish I knew about a roth ira in college lol but I was too dumb…
You will need income from a job or self employment to contribute to an IRA
Yes
Max it out, you can pull your contributions out for that house later anyway.