NerdWallet's Smart Money Podcast
Will New Tariffs and Tax Rules Cost You? (Plus: Travel Rewards & Roth IRA Tips)
06 Feb 2025
Chapter 1: What are the new tariffs implemented by President Trump?
And with that said, until next time, turn to the nerds.
Chapter 6: How to open a Roth IRA and what to consider?
Do they have to start with a minimum investment of $3,000? Or is there a way they can start with smaller amounts?
Cheryl should certainly be able to start with smaller amounts, depending on what type of account they want. Cheryl should have no problem finding an investment account with a zero dollar minimum.
Yeah, and this is where we put our NerdWallet hats on, not that we ever take them off, and remind folks to shop around for financial products. We have loads of roundups about investing accounts on NerdWallet, so check those out. You can find a link in this episode's show notes or online by searching NerdWallet investing account.
And moving on, let's get to our final question of the episode, which comes from a listener's text message. Here it is. Step by step, like I'm a five-year-old, exactly how do you open a Roth IRA? And then what do you do once you open it? I'm college educated, but I need finances for dummies. All right, Sarah, you are a parent.
I get that your kid is not yet five, but how would you explain to them how to open a Roth IRA?
Honestly, ask me that question in a few years when he no longer refers to our dog as mama. I'm also mama, but the dog is... Double mama. Whenever I say the dog's name to him, he goes, mama.
So cute.
So opening Roth IRA is pretty simple. You can do it in just a few steps, which we laid out in an article that we will link to in the show notes, but I will also walk you through them.
Give them to us. And Sarah, you got to make this fun because I was that five-year-old who preferred to doodle with my crayons in class rather than pay attention.
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