$500 in brokerage account

$500 in brokerage account

Member since 2019 · 10 posts · 0 votes

I'm not sure if this is the right board or not so mods, please feel free to move if appropriate. My wife told me that she discovered her stepfather opened up a brokerage account for her almost 20 years ago. They seeded it with what is now close to 500 dollars (Not sure if they put very little in and this is what it has matured to of what?). Anyway, my wife said I can play with it if I want but the one caveat is that she does not want to close that account. I think she thinks it would be rude and kind of a slap in the face to her stepfather (who is the financial planner who opened the account by the way).

I discovered an article for real estate crowdfunding sites. It looks like a lot of these sites require very little to get started, around $500. I wasn't sure if I could invest in these sites through a brokerage account or not? If I can, does anyone have any experience with these sites? If I can't, can anyone recommend any kind of income producing investment I can do with this brokerage account? i was thinking maybe some sort of REIT or something like that but not sure where to begin looking.

thanks for the help,

0Reply
12 views

3 Replies

Jump to latestLatest
  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    7y

    $500? Why bother? Even if you doubled the money in a couple years, what would you have?

    Don't spend your time on piddly investments that earn you enough for a flight to Des Moines and a stay at the Super 8. That's not going to change your life so why put energy into it?

    It takes money and hustle to make money. Buckle down and save. Increase earnings. Figure out how to make real money and then put that money to work for you.

    The DIY Landlord Book4.7248 Reviews
  • Real Estate Agent · Cupertino, CA · Member since 2016 · 4k+ posts · 1k+ votes
    7y

    cash out. 10 bags of grocery.

  • Member since 2019 · 10 posts · 0 votes
    7y

    I was afraid you guys were going to say that. I guess because I already knew that was the answer. I even brought this answer to the misses and she said she wants to leave it be for now. She has a loyalty to her stepdad I guess and I won't dive into too deep but I guess she'd feel guilty for leaving his brokerage since he isn't doing as well as he used to.

    I even thought about using it to build a penny stock portfolio there are probably different forums for that somewhere but yeah, what are you going to do with 500 bucks. I thought that maybe the crowdsourcing of REITS might be cool but even then, how much are going to earn really?

    Oh well, I guess I'll let it sit.

    I appreciate the input.

    Brent

Join the conversationCreate a free account to reply, vote on answers and follow this thread.