Roth IRAs

[pizzaman]

Can anybody inform me on Roth IRAs and how they work? I know( If the info I got was correct. ) that you HAVE TO deposit a certain amount of money into your Rother IRA account each money, and you can't take any out until you're 55, is that correct?

I also heard that the interest is immense! Could anybody inform me on this matter as well?

[chaos master]

Well, I heard that if you put in such and such amount of money in the bank each and every week, by the time you're old, you'll be a millionaire.

[pizzaman]

Well, I heard that if you put in such and such amount of money in the bank each and every week, by the time you're old, you'll be a millionaire.
Lol, that's a little vauge, but yes that could be a possibility.

Roth IRAs have a huge interest percentage. The more money you put in, the more money you get back. The sooner you start these things, the more money you'll get later. So I want to invest some money into it, but not now( As you need to have a job, no under the table kind of stuff. ).

[chaos master]

Lol, that's a little vauge, but yes that could be a possibility.

Roth IRAs have a huge interest percentage. The more money you put in, the more money you get back. The sooner you start these things, the more money you'll get later. So I want to invest some money into it, but not now( As you need to have a job, no under the table kind of stuff. ).
So, you work under the tables??
I think if you put in $100 a week every week for from you're 20 or something until you're 65, you'll retire with more than a million dollars. Sure, I'll have an extra $100 a week when I'm 20! Who wouldn't?!

[pizzaman]

So, you work under the tables??
I think if you put in $100 a week every week for from you're 20 or something until you're 65, you'll retire with more than a million dollars. Sure, I'll have an extra $100 a week when I'm 20! Who wouldn't?!
Maybe Brady( DarthBrady ) knows about this. He does own a shop and whatnot. I of course don't get paid with all that tax crap. I can legally work in my parent's restaurant, because they own it, even if I am 14, but my dad is lazy sometimes. So he'll just wait until I'm like 16 or something to legally work with all the paperwork and other fascinating things!

[pizzaman]

Brady, do you know something about this? You were gone, so I thought maybe you missed this thread.

[DarthBrady]

Brady, do you know something about this? You were gone, so I thought maybe you missed this thread.

Yeah, I missed it, but no, I have never messed with that stuff. I keep my finances simple. I dont make enough doing it to need an account like such (sadly, but in a few years when I get A++ certified and get a degree, all that will change when I go full-on commercial business, right now I guess you can consider me "Undergorund")

[pizzaman]

Yeah, I missed it, but no, I have never messed with that stuff. I keep my finances simple. I dont make enough doing it to need an account like such (sadly, but in a few years when I get A++ certified and get a degree, all that will change when I go full-on commercial business, right now I guess you can consider me "Undergorund")
Oh okay... but you might want to check it out, if it sounds interesting. It's pretty much like retirement fund if you look at it, ecxept with interests.

[DarthBrady]

Oh okay... but you might want to check it out, if it sounds interesting. It's pretty much like retirement fund if you look at it, ecxept with interests.

okay. I'll check it out sometime. Right now I like my Indexed investement savings account, although there's not much in it, the interest it will grow could make me some serious money once I get going.

[Rivaan]

And here I was, thinking there were two forms of the Irish Republican Army :D

If the problem is that you can't do this till you have a job and get a salary, why not just open up your own account and deposit into it whenever you get the chance? You could put more in when you can afford to, and less when you need to. That way you will be in charge of it. You will need determination not to touch that money till years later though.

Bear in mind I have no clue about these IRA things :o

[pizzaman]

And here I was, thinking there were two forms of the Irish Republican Army :D

If the problem is that you can't do this till you have a job and get a salary, why not just open up your own account and deposit into it whenever you get the chance? You could put more in when you can afford to, and less when you need to. That way you will be in charge of it. You will need determination not to touch that money till years later though.

Bear in mind I have no clue about these IRA things :o
Well that's why I want to know about them. IDK if I have to put money every so often, or if it's optional. Well and other things as well, but I'm not going to make a list if everybody says that they don't know what they are. :(