If you are ever curious why I have such disdain for large companies and interest in teaching others about finance it's because of this.
When I was 16 or so, and in high school we had our first class explaining how compound interest worked, and about saving and investment. Many students didn't give it a second thought, but I thought this was the golden goose. I mean I can make money and do no work. My father has a back surgery once a decade because of his work and I can make more money than him by watching TV.
So, I went to a brokerage named PainWebber with ~$200. At 16, $200 is a lot of money. I walked in and stood around. I am used to people in suits ignoring me at other places like jewlery stores and car lots, so I knew I would have to ask for help....I told them I wanted to be an investor. The first thing they told me is that I should get a savings account. I needed a $10,000 commitment to talk to anyone.
So I left. But that changed me forever. I had such a hatred for financial institutions...I didn't quite trust etrade at the time so I did just save it....But what I hated so much is that they considered my $200 insignificant...so much anger.
Now, not so much. Unlike before, now there are places like sharebuilder which welcome investors with just $200. When I began investing, I wrote them a letter appreciating their business venture.
One day, I will bankrupt PainWebber for what they did to me...but as more and more locations close, it looks like the market is well ahead of me.
