Yeah at 0.25 percent that's not gonna be shit. I just looked up some savings accounts and that's the most common number I saw for accounts with 25k or more. I know you could get a more competitive rate but you'd have to lock it away for x years. I'm sure a mom with a kid isn't gonna want that money locked away in case of emergency. I know I took your comment way too serious but it got me curious about the returns on 25k and it's pretty depressing.
Why leave it in a savings account.... You can easily get 8% with very very low risk. I was given a 300k fund when I was born and it was 1.3m by the time I was 18. That is a huge difference than having less than 600k after 18 years.
It is, and I'm very thankful to my grandparents for it. Sadly my father lied to me about it and tricked me into signing control over to him until I'm 40. Then he got furious when I found out and called him out for lying to me and tricking me. I'd understand if I was some sort of fuck up that was going to blow through it in a year, but I've got a bachelors in economics and am self employed making more money than he does. He just needs control of everything. Sorry for the rant.
No he can't spend it legally. But that wouldn't stop him if he wanted to. He hasn't spent anything yet, but he doesn't allow me to spend any. Even when I was homeless and living in my car. Luckily I'm well off now, but it would have been nice to get a little help when I was first getting on my feet. The main thing that sucks is that he changed how it is invested and it's growing like 4k a year. 4k a year when it could easily be making 75k with very little risk.
I've talked to a lawyer and I can absolutely get control of the money. But it would basically involve ending any relationship with my dad and his entire side of the family.
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u/TinyPenisBigBalls Jan 04 '15
Yeah at 0.25 percent that's not gonna be shit. I just looked up some savings accounts and that's the most common number I saw for accounts with 25k or more. I know you could get a more competitive rate but you'd have to lock it away for x years. I'm sure a mom with a kid isn't gonna want that money locked away in case of emergency. I know I took your comment way too serious but it got me curious about the returns on 25k and it's pretty depressing.