Ok, I Just Received A Statement From An Old Ira Account I Forgot I Had. The Balance Is Only $250.00usd?
July 15th, 2009 | by Frenday |I know I could just cash it out, but I am thinking of playing with it online in order to try to turn it into more. I know nothing regarding the stock market and investing online so are there websites that I can invest my money in and play the market, if so do you recommend this or just cashing out? I understand that I am not going to turn this into $1,000,000 by tomorrow; I am using it as a education into investing.
I have been to alot of sites and did my own research, there are so many fees per trade, or signing up that it is not worth me to invest such a small amount which is why I am looking for help. Thanks
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2 Responses to “Ok, I Just Received A Statement From An Old Ira Account I Forgot I Had. The Balance Is Only $250.00usd?”
By Rebecca on Jul 15, 2009 | Reply
Cash it in but it will cost you 25 dollars in premature distribution penalites if you do not qualify to otherwise withdraw the funds.
250 is not even enough to “play” with online or anywhere else but it might be enough to open a mutual fund where you make regular contributions.
By Patrick B on Jul 15, 2009 | Reply
surprise a relative and give all or part of it to them.
While you are not “in dire straights”, maybe someone in your family is. “pay it forward.”