[USER]

I may not be leaving generational wealth but trying to leave the knowledge (that I didn’t have) so my kids can FIRE if they choose…

My daughter (18) has $1500 in a Vanguard brokerage account.

She also has $2800 in a Fidelity Roth. She would like to move the Vanguard money to her Roth at Fidelity so it can grow tax free.

What’s the best way to do this?

Does she cash in the Vanguard or is there a way to roll it over ?

I wasn’t sure if there was a preferred way to move the money?

looking to close her vanguard account to simplify things

Note: she has earned enough on her W2 to be able to contribute the money.

[Steve]

Why should she want to? She should be funding her brokerage account as aggressively as possible at this age.

I thought you want her to be able to FIRE?

[Stefani]

Is the Vanguard account an IRA account or a regular brokerage account? If it is, is it a Traditional IRA account or a Roth IRA account?

If Roth IRA then can rollover to the Fidelity Roth IRA account.

If it is a regular brokerage account or a Traditional IRA account, then can transfer to Fidelity, but will be a separate account from the Roth IRA account.

[Mark]

Why would u want ur money to grow interest free.

[Lacey]

You can only contribute cash to the Roth IRA. She needs to sell the securities and contribute the cash.

Good for her!!!

Wish I knew about and started my Roth IRA at her age!

[John]

To FIRE, she’ll want nonretirement funds also. I’d just transfer from vanguard to fidelity to consolidate the accounts.

But I would still have 2 accounts, 1 investment, 1 retirement, and contribute to both.

[Brandon]

Tax free* (you want interest)

$1500, I can’t imagine it’s earned too much?

Sell it, deposit it to bank and send to Fidelity.

[Author]

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