Asking for info regarding new investment accounts
Hi guys, I currently have a bit of money that I’m just sitting on and I thought to make an account to start to invest it. I’m in my early 20s, so this will be my first account.
My current idea is to make one Fidelity, but after talking to my dad he seems like he wants to make my investment portfolio under his account. I trust him so it’s not a worry about him running off with it, but I want to make sure that it’ll be a better idea. I do help trade with his account, so it will be easier if it’s all under one roof - but I worry that I’ll get in trouble with the law or there are details I’m not thinking of it if I go this route. For example, how would I report it on my Taxes? Could I tie the portfolio to my own info somehow or do I have to make my own account? Also, whenever I do end up making an Roth IRA - would there be any problems?
Also, should I wait till I get a job so I can put the money into a Roth IRA or should I just go ahead and put the money into MFs? I don’t know when I’ll get a job, hopefully soon, but not 100% confirmed.
So the TLDR:
Should I make a portfolio under my dad’s account or create my own?
Should I make a RothIRA later on to put the money into or just invest in a standard account now?
Submitted July 14, 2024 at 01:59AM by DestinyDecided https://ift.tt/97aKdiF
