Lulu called her Dad for a quick loan last week: her car transmission just went out, and she needs her car for work. She has appointments she drives to every day.
“Well, I don’t have anything to loan you, dear girl,” he said. “What I have saved for you in my retirement and 401k has dwindled down quite a bit this year. So why don’t I just give you some of your inheritance portfolio now instead…”
Lulu was in shock. Yes, she’d get some stock and mutual funds her dad had planned to leave her anyway, but now her inheritance, which she’d counted on when her dad passes, well, it’s down 80% from last year.
Since she needs extra money right now, she has to cash out fast before they lose more of their value. Plus her dad is in a fix wondering how he’ll get on himself…
Average people who have saved for 20, 30 and 40 years, and put it into stocks and other “safe” funds find their next egg is suddenly 80% gone. Anyone who invested in GM has seen 90% of the value disappear. There are hundreds more.
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