Hi there. I want to start doing more with the money I have but I have no idea where to start. I’m 37 and a single mom. I want to maybe open up a Roth IRA account or at least some type of account that would have my money ‘work for me’ and benefit me when I’m at retirement age.
A couple of years ago, I opened up a Roth IRA with Fidelity and maxed out the annual deposit amount for two years (which at the time was 6k per year) and after some time I saw nothing happening with the 12k in there. It didn’t grow or budge. Then I realized that I was supposed to do something else after the first intial deposit? Place it onto a stock or something? I really have no clue, but since nothing was happening with the 12k I decided to take it back out emptied and then got hit with a bunch of fees for doing so ($1200 to be exact.)
I’m just not sure what the actual steps are or how to put the money into stocks? Or other investments? I am so lost. Someone please explain this to me like I’m 5. What do I do after depositing the money? Thanks so much.