When a fund says its minimum initial investment amount is $2500, does that mean I need $2500 in my Roth IRA account to trade that fund? If so, would I need $7500 total in my Roth IRA account to trade three funds that have same minimum initial investment amount?
I just got into this enormous world of investment few weeks ago. I was able to open my Simple IRA account with my company. While choosing index funds to invest in, I saw a section called "Minimum initial investment", and most of funds that I looked at had $2500 in that section. I asked our financial manager what this is, and he just said I can just ignore that when choosing funds for Simple IRA.
Now, I opened Roth IRA as well, which only has $1000 for now, and here comes a problem.