Comments on: Money Hack: How To Open Up An IRA For $1 In 15 Minutes http://www.pfadvice.com/2007/06/22/money-hack-how-to-open-up-an-ira-for-1-in-15-minutes/ Bridging the gap between saving money and investing Fri, 10 Oct 2008 22:00:14 +0000 http://wordpress.org/?v=2.6.1 By: Amy F. http://www.pfadvice.com/2007/06/22/money-hack-how-to-open-up-an-ira-for-1-in-15-minutes/#comment-164346 Amy F. Mon, 26 Nov 2007 23:42:24 +0000 http://www.pfadvice.com/2007/06/22/money-hack-how-to-open-up-an-ira-for-1-in-15-minutes/#comment-164346 Hi Naveen, I'm sorry it has taken so long for me to get back to you. Hopefully you've subscribed to receive followup comments by email. A friend just alerted me to this problem over the weekend. It appears that while the process described in this article originally worked, Fidelity has closed the loophole and you now need the minimums you described to open the account. I apologize for any frustration or inconvenience this change may have caused you, and I hope that you will still open an IRA at Fidelity or another institution. Please feel free to contact me if you have any further questions. Hi Naveen,
I’m sorry it has taken so long for me to get back to you. Hopefully you’ve subscribed to receive followup comments by email.

A friend just alerted me to this problem over the weekend. It appears that while the process described in this article originally worked, Fidelity has closed the loophole and you now need the minimums you described to open the account.

I apologize for any frustration or inconvenience this change may have caused you, and I hope that you will still open an IRA at Fidelity or another institution. Please feel free to contact me if you have any further questions.

]]> By: Naveen http://www.pfadvice.com/2007/06/22/money-hack-how-to-open-up-an-ira-for-1-in-15-minutes/#comment-131618 Naveen Thu, 25 Oct 2007 15:21:45 +0000 http://www.pfadvice.com/2007/06/22/money-hack-how-to-open-up-an-ira-for-1-in-15-minutes/#comment-131618 Hi, I tried your steps for "Money Hack: How To Open Up An IRA For $1 In 15 Minutes" with Roth IRA. I was at last steps, where i need to select a radio button for "$2,500" or "an automatic investment of $200 a month". when i select either of one.....its asking my bank account number to draw that amount...And i got paniced....i close the window. Do you remember to go through those screen ? Did they discover this hack ? OR Should i keep continue to finish the process ? Your help is appriciated. Hi,

I tried your steps for “Money Hack: How To Open Up An IRA For $1 In 15 Minutes” with Roth IRA. I was at last steps, where i need to select a radio button for “$2,500″ or “an automatic investment of $200 a month”. when i select either of one…..its asking my bank account number to draw that amount…And i got paniced….i close the window. Do you remember to go through those screen ? Did they discover this hack ? OR Should i keep continue to finish the process ? Your help is appriciated.

]]> By: What is a Money Market Fund? - SavingAdvice.com Blog http://www.pfadvice.com/2007/06/22/money-hack-how-to-open-up-an-ira-for-1-in-15-minutes/#comment-79269 What is a Money Market Fund? - SavingAdvice.com Blog Thu, 26 Jul 2007 14:25:46 +0000 http://www.pfadvice.com/2007/06/22/money-hack-how-to-open-up-an-ira-for-1-in-15-minutes/#comment-79269 [...] my recent article about how to start an IRA with $1 in 15 minutes, I said that you would be putting your money into a money market fund. I thought I should explain [...] [...] my recent article about how to start an IRA with $1 in 15 minutes, I said that you would be putting your money into a money market fund. I thought I should explain [...]

]]> By: 91 Ways To Wealth: The Carnival of Personal Finance, Epic Journey Edition » Silicon Valley Blog About Money http://www.pfadvice.com/2007/06/22/money-hack-how-to-open-up-an-ira-for-1-in-15-minutes/#comment-64329 91 Ways To Wealth: The Carnival of Personal Finance, Epic Journey Edition » Silicon Valley Blog About Money Mon, 25 Jun 2007 16:05:59 +0000 http://www.pfadvice.com/2007/06/22/money-hack-how-to-open-up-an-ira-for-1-in-15-minutes/#comment-64329 [...] L. Fontinelle from SavingAdvice.com Blog surprised me with this Money Hack: How To Open Up An IRA For $1 In 15 Minutes. So as she says, even if you don’t have an IRA, here is a simple way to get started even if [...] [...] L. Fontinelle from SavingAdvice.com Blog surprised me with this Money Hack: How To Open Up An IRA For $1 In 15 Minutes. So as she says, even if you don’t have an IRA, here is a simple way to get started even if [...]

]]> By: Luke http://www.pfadvice.com/2007/06/22/money-hack-how-to-open-up-an-ira-for-1-in-15-minutes/#comment-64283 Luke Mon, 25 Jun 2007 14:11:32 +0000 http://www.pfadvice.com/2007/06/22/money-hack-how-to-open-up-an-ira-for-1-in-15-minutes/#comment-64283 I just wanted to say thanks for making this post as I will be directing folks that say its to hard to this. It really is that easy, yet the money needed [or made to look like is needed] upfront startles and scares off many folks I know. If a large company said simply, "Start a IRA with us for $1" I would think the push into new accounts would be huge and I know there is cost involved with opening them, but I have never heard a financial institution the size of Fidelity or Vanguard complain about getting 1000's of new accounts. I started my Roth IRA in 2003 with $50 and sneaked under the radar like you suggest. I simply built up enough money to buy mutual funds and you could even get into the Vanguard Star fund for $1000 or get into a few low-cost ETF's [VTI] for far less to get the money working faster. I just wanted to say thanks for making this post as I will be directing folks that say its to hard to this. It really is that easy, yet the money needed [or made to look like is needed] upfront startles and scares off many folks I know. If a large company said simply, “Start a IRA with us for $1″ I would think the push into new accounts would be huge and I know there is cost involved with opening them, but I have never heard a financial institution the size of Fidelity or Vanguard complain about getting 1000’s of new accounts.

I started my Roth IRA in 2003 with $50 and sneaked under the radar like you suggest. I simply built up enough money to buy mutual funds and you could even get into the Vanguard Star fund for $1000 or get into a few low-cost ETF’s [VTI] for far less to get the money working faster.

]]> By: Ryan http://www.pfadvice.com/2007/06/22/money-hack-how-to-open-up-an-ira-for-1-in-15-minutes/#comment-63430 Ryan Sat, 23 Jun 2007 19:45:41 +0000 http://www.pfadvice.com/2007/06/22/money-hack-how-to-open-up-an-ira-for-1-in-15-minutes/#comment-63430 Thanks, honestly I had no idea how easy it is to set up a retirement account. Although I'm really young, I've read that its wise to begin saving up for the Roth IRA. Thanks, honestly I had no idea how easy it is to set up a retirement account. Although I’m really young, I’ve read that its wise to begin saving up for the Roth IRA.

]]> By: Pete Crane http://www.pfadvice.com/2007/06/22/money-hack-how-to-open-up-an-ira-for-1-in-15-minutes/#comment-63387 Pete Crane Sat, 23 Jun 2007 17:47:45 +0000 http://www.pfadvice.com/2007/06/22/money-hack-how-to-open-up-an-ira-for-1-in-15-minutes/#comment-63387 While anything that gets people saving is nice and I love anything promoting money market funds, you really do need at least a couple thousand dollars to make a difference. If one can't afford to set aside a couple thousand, then worrying about retirement (and investments) shouldn't be a concern. You should spend you time trying to earn more, or spend less, first, and should keep all your cash in a checking account -- because chances are you're going to need it soon! While anything that gets people saving is nice and I love anything promoting money market funds, you really do need at least a couple thousand dollars to make a difference. If one can’t afford to set aside a couple thousand, then worrying about retirement (and investments) shouldn’t be a concern. You should spend you time trying to earn more, or spend less, first, and should keep all your cash in a checking account — because chances are you’re going to need it soon!

]]> By: Angie Hartford http://www.pfadvice.com/2007/06/22/money-hack-how-to-open-up-an-ira-for-1-in-15-minutes/#comment-63362 Angie Hartford Sat, 23 Jun 2007 16:16:09 +0000 http://www.pfadvice.com/2007/06/22/money-hack-how-to-open-up-an-ira-for-1-in-15-minutes/#comment-63362 Genius! I wonder how long it will take for Fidelity to notice what's going on and change their setup? Genius! I wonder how long it will take for Fidelity to notice what’s going on and change their setup?

]]> By: mitoshii http://www.pfadvice.com/2007/06/22/money-hack-how-to-open-up-an-ira-for-1-in-15-minutes/#comment-63132 mitoshii Sat, 23 Jun 2007 03:22:45 +0000 http://www.pfadvice.com/2007/06/22/money-hack-how-to-open-up-an-ira-for-1-in-15-minutes/#comment-63132 That was surprisingly easy! I now have an IRA. That was surprisingly easy! I now have an IRA.

]]> By: darrw http://www.pfadvice.com/2007/06/22/money-hack-how-to-open-up-an-ira-for-1-in-15-minutes/#comment-63086 darrw Sat, 23 Jun 2007 01:57:49 +0000 http://www.pfadvice.com/2007/06/22/money-hack-how-to-open-up-an-ira-for-1-in-15-minutes/#comment-63086 I guess I don't have any more excuses. Going to set one up right now. Thanks. I guess I don’t have any more excuses. Going to set one up right now. Thanks.

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