How to Open and Invest in a Roth IRA
Listen, y’all, I’m no financial advisor. But I implore you to consider opening a Roth IRA if you have not already.
Before we answer the question “How?”, let’s answer the question “Why?”.
Take a look at the simple example below.
If you set up your account to contribute even just $50 per month, over the next 20 years you will contribute $12,000 of your own money. However, due to compound interest (assuming a reasonable return of 8%), your money will have more than doubled, growing to over $29,000. That’s $17k of free money you just made simply by starting today and giving it 20 years to grow.