A Morgan Stanley College Fund I started for my daughter (Coverdell ESA) $500 initial investment is $175, 13 years later! Almost 3/4 loss of money!

I just had to inform everyone.  NEVER NEVER start a college fund for your child.  13 years ago I started one for my child when she was one year old with Morgan Stanley/Dean Witter.

I called, as I remembered it today and had never received any statements in all these years.

I figured there would be a few more dollars in the account after 13 years, after all it is a college savings account that is suppose to earn money and the stock market is UP.

Well, I got a Huge Shock!  The amount left in the college fund is only $175.00 After 13 YEARS!

So... the fund lost almost 3/4 of it's value!  No fees were involved, all just bad investments on Morgan Stanley's part.

How typical of the Wall Street banks.  A College (Coverdell ESA account) is eaten up by their Wall Street bad investments for the clients but good investments for themselves as they bet against what they put your money into.

When talking to them today, their attitude was "Oh Well" that is how it goes.

I told him, I had not had a choice of where the money went to and they are the ones who invested it.

He said they had put it in technology stocks in 2000 when the stocks were at the top of their market.  He tried to make me feel better saying "Well within 3 years it had gone down to $75 and then it went up to $125.  Then it went down again to $88 in 2007 and so it has doubled since then."

I laughed not in a nice way and said, yeah doubled since 2007 but loss about 3/4 over the 13 years!  I did let him know what I thought of how they invested other people's money! 

His attitude was of complete boredom and could care less about it.  

If only I would have put that $500 in gold or silver in 2000, then it would be triple or more in value instead of a loss.

Oh, one other thing... I can't get the $175 until next week.    They wonder why people dislike them so much too...

I will NEVER invest money with any Wall Street firm again.

By the way, putting money in an IRA and giving it to a Wall street bank is just like a college fund. When they lose your money it is "Oh well, too bad for you attitude."

I will be interviewing a company next week and will put it up on the blog about a new way of investing with your IRA.  It is where you can hold physical gold and silver at home yourself and it is still considered an IRA yet you have the physical personally.  I have put the banners for them on the side - Perpetual Assets.   It will be explained more next week.

Don't trust anyone with your investment money, except for yourself.  That is my opinion.