I need help trying to figure out what type of account I need to save my money in?

I am 19 years old and I am starting to save money for they future. I am saving 100 dollars a month and I want to put it into an account that I never touch. I explored many options but they all seem to be the kind where you need to put in a one time lump sum. I just want to add 100 dollars into the account every month. I want it to have a good interest rate so that way i will actually be earning money.

Public Comments

1. Start with a money-market fund. They usually need about $2000-$2500 for the initial investment but then you can add in $100 increments. After you have saved up more, you can look at the possibility of a mutual fund.
2. A Roth IRA is a good option. Once the money is inside the IRA, then you leave it in a money market account until you've built up enough to invest in stocks or mutual funds. The catch is, you won't be able to take it out for 40 years, but that's what you said you wanted to do anyway. If you are serious about becoming rich in the future, avoid credit cards, and avoid car notes.