I have $350 in a Roth IRA Money Market. What can I do with it to make more money?

Question

I don't plan to add money into it. I can't put it into a CD because it's not enough money.

Answer 1

I recommend you to invest in business. You could earn really high returns

Answer 2

invent a time machine and travel to the future, with only $350 you don't have any options better than where you have it

Answer 3

With that amount of money you really don't have much options.  You might find some places like H&R Block Financial with Roth IRA that pay 3.5-4% interest.

If you still want to take the money out, once the money has been in the Roth account for 5 years then you can take the money out without any tax or penalty.  

Keep in mind the financial institution is more than likely charging a fee to close the Roth IRA.

Unless you really need to money or have high return investment options available to you outside of Roth IRA, why not leave the money alone.

Best wishes.

Answer 4

Most companies won't let you get more than .01% on a money market until you have several thousand dollars.

I would cash it out and put it into a bank savings account and add to it. With a Roth IRA you will only have to pay the fees that the companies charge to cash out. I just did this 2 weeks ago on $600 and I only paid $75 to cash it out. I put into my savings account and added it to some more money I was saving. Then I had enough to put it into a cd. I was getting the same rate on the Roth IRA as I was on the savings account. I figured since the fees are percentage I was btter off to cash out when the amount of the IRA was low, then to build up thousands then pay a higher fee.

cash out while it is low and wipe oyur hands of something that will never build wealth for you. Take it to higher standards by putting it into savings and adding it up quicker. At least if it is in savings then you don't have to worry about not having access to it if there is an emergency.

Answer 5

a money market is a high yield savings account. move the money in to a mutual fund.