The Good Samaritans

[bar1080]

Perhaps he was just trying to get others to do something similar, which is even sadder.

About 20 Years ago I knew a couple who spent every dime and took several vacations a year. But they DID have a college plan for their little daughter. They bought 100 shares of Walmart stock (about $4000 then) convinced that stock would eventually grow to pay for four years of higher education. Their broker said that was possible. He told them exactly what they wanted to hear, that they could pay for college without trimming their lifestyle.

WMT wasn't the worst choice, of course. It's about doubled since then. But it's far under-performed the S&P.

Update: The couple soon divorced, the WMT was dumped probably at a loss after the dot com crash, and their daughter is now $100k in debt from college loans.