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ooops
Okay, I feel a little naive at the moment or at least misinformed. So, obviously the account I have my money in is not a CD account, but I do know that it is some sort or investment account, which is why i lost 3000 dollars. In that case, is it wise for me to pull the money out now before maybe it goes to zero? thanks
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Don't feel niave. The only reason that I know anything about CD's is because I had one when I was a teenager. I hope I didn't offend you or anything... It's just that as I was reading your question this little red flag went up and I was afraid that your family may have taken the money out without telling you.
Truth be told... I don't know squat about investment accounts. I will venture a guess that your decision may depend largely upon _what_ company or product the investment account pertains to. If it is a great company or product that's just fallen on hard times... It could bounce back. If not, you might be better off withdrawing your money now.
I really think the best person to help you would be a financial representative. Since your parents set up the account, you might want to ask them if they have a contact number for the investment firm or the name of someone that you could talk to. If your parents ask too many questions, you could just say that you want to do some research and get some advice... Since it is _your_ account anyway. If you end up talking to someone that has a personal interest in your investment account, and tries to talk you into keeping it... I would suggest that you do some research and then try to make a decision based on the current economic trend.
And while I admit that I still don't know squat about investment accounts... I will say that I know plenty about bills and debt. It may be worth it to go ahead and take the money out now if you need to pay something off. Especially if that something carries an interest rate or fees. 'Pay it while you got it,' is my motto. But then, that's just me :P
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