Back when I was a senior in high school I got well over $1000.00 in graduation money. I desperately, desperately wanted to open an investment account with A.G. Edwards, something my Uncle George encouraged me to do.
I lined up all the money in a checking account my mom helped me open, filled out all the paperwork, met the broker, and was ready to go. I wanted to throw half of it into Apple Computer, which was and is one of my favorite companies, and then spend a quarter and invest the other quester in other stocks.
My dad worked overseas so my mom had to sign the account for me — I was seventeen at the time.
She refused. She was convinced, despite her and my dad having their worldly savings invested in Dupont stock, that I’d lose all my money in what amounted to gambling.
I could have purchased 83 shares of Apple stock with $500.00. Today it’d be worth over $12,000.00, excluding dividend reinvestment. A pretty good investment for $500.00.