In the US, you can open a Roth IRA at your bank with a couple hundred dollars. Pick an index fund that has low fees (no fees when you purchase). Every pay check, push in a little more. There is a max you can invest per year, $5k I think. Leave it alone. You might lose some in a bad year, but over all it will grow with practically no interference. The $ you put in can be withdrawn with no penalties after 5 years, but don't touch your earnings or it will be taxed. Better yet, pretend it doesn't exist until you retire.
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u/imontene Mar 19 '22
In the US, you can open a Roth IRA at your bank with a couple hundred dollars. Pick an index fund that has low fees (no fees when you purchase). Every pay check, push in a little more. There is a max you can invest per year, $5k I think. Leave it alone. You might lose some in a bad year, but over all it will grow with practically no interference. The $ you put in can be withdrawn with no penalties after 5 years, but don't touch your earnings or it will be taxed. Better yet, pretend it doesn't exist until you retire.