I want to know if there are any funds (in US), that let you put some money in per period, like weekly or monthly. I know you can put money into 401k per paycheck. I want something similar without the restrictions of 401k. What are these funds called? Any good suggestions.
I got this idea from (Systematic Investment Plan) SIPs in emerging countries like India. Are there any equivalents in US?
Thanks JB King,
Google for Automatic Investment Plan. You can find everything about it through your broker's website.
Basically, how this works? 1. Lets say I have a fidelity account. 2. I purchase an initial investment in one of the specified commission-free mutual fund with minimum required investment. 3. Then I can enroll in automatic investment every month with a specified amount (any amount, no limits) to put money in that fund.
Now, lets say, you want to diversify. 1. You have to purchase another commission free fund with the minimum required investment. 2. Then you can create another rule to add money into it every month.