Expert: Dr. Joseph de Beauchamp - 12/11/2006

Question
So, I am 27 and in the past year I have been reading personal finance books. I would like to say more money. Since I am a consultant (temp job), I don't make a lot of money nor does my job offer 401k.  I currently have $500.00 in my ING direct but haven't added anything in the last 3 months. So, my next step was to open an IRA. However I am just confused about where. I know about Fidelity and Vanguard...but there is also TROWE (probaly spelled wrong) and its an brokerage acct.
So my question is there any different between TROW and Fidelity. I was thinking since Trowe was a brokerage accnt, how could it be a IRA all at the same time. If you dont think opening an IRA is good for someone planning to leave their job in a few months or makes about 23000 a year, can you offer any other ways I can save. I think my main concern is openign an IRA now and loose a job and my money would fold.
any info on where i can start would be appreciated.
thanks

Answer
I would go with US savings bonds in a bank. You can buy those for $25 or more. They are not taxed, and a less costly way to save money. On the mutual fund area, a good book to read in the local library is Morningstar. They have a full rating on the various mutual funds. I am not looking for a good stock market for the next ten years, so I think this effort of mutual funds is a waste of your time. Good for your education to learn this Morningstar information, but nothing beyond this. I think you should run to the local bank and start buying US Savings Bonds.

Dr. Joseph de Beauchamp