Starting a Roth IRA

[copper2]

Hi everyone, here's a question I haven't found in the Forum yet. I am approaching 3 years since discharge and want to establish an IRA. I am self-employed. The obvious place to go is my own bank. However, my credit card with them had to be included in my filing back in 2005. Likely a stupid question but it seems to me an obvious conflict of interest for my bank to turn around and approve my application for a ROTH. At the same time, if feels funny to pick "any" bank and walk in the door and apply. My CPA told me to go anywhere. Does anyone have any experience to share? Thanks, Copper.

[ThreadsSnapping]

Why don't you ask a few friends where they bank and if they are happy with their bank. That's how I did it a few years ago, was very happy until they were bought out.

And as for just going in and applying, well you have to start a relationship somehow.

TS

[lillaimof2kids]

OH, I don't think you'll have a problem at all. At work we have a customer who filed BK7 2 years ago. They just built a new house and financed a new hot tub. I'd say an IRA is more important than any material thing.

[chloe0724]

Copper,

Being self employed you have more options available to you than just an IRA. Be sure to ask your bank to speak with their Financial Advisor about all your options.

Congrats on that big step!!

[Never_Again]

You do not have to, nor should you, start an IRA at a bank!

Fidelity, Vanguard, T-Rowe Price, and most other mutual fund companies can take care of that for you quite easily!

[Phillymanhere]

yeah, I'd go with the big guys ... I'd never go with a bank ... generally for ira's the financial folks recommend equities and bonds .... index funds seem the best ... go with the big guys, fidelity or vanguard .....

[copper2]

Thanks for that

Thanks for your input on that. I'll tell you what, as I said before, be glad you are filing, or having to. Starting over is the biggest gift in disguise, as everything is changing out there. Three years out, I have no debt, use my new cc's only for cash advance, paid off every month. I'm using them, as they used me. A creditor can insert itself in your "purchase," or lend you the same credit for "savings." This is our time to begin thinking outside the box. You can pay it off in a minute if you have to. Don't tell anyone...I'm speaking for working folks with wages going nowhere...