Thank you terrible economy!

[madskillz]

rocketpig said:

steven787 said:
Banks are pretty safe, if it comes to the point where bank insurance (FDIC in U.S.) doesn't cover your deposits, than paper money is the least of our worries.

Why would parents put their kids college money in the stock market?

Depending on when it was invested, it may have been the smart thing to do. If his parents invested that money when he was born, it should have had over 15 years to mature and grow... But they should have realized that the smart thing to do is to pull that money out of the market a few years before he's ready for school.

Let it grow with the market but when the time nears to use that money, pull it out and keep it in a conventional bank for reasons just like what happened to the OP.

 

Yeah, I agree. I lost a few hundred in my 401K and just said 'I can do better myself.' I pulled out my loot - and now, my friends are telling me they lost thousands in their accounts. I tell you - it's risky biz all the way around.

It sucks, man. Sorry to hear that.