Gave brother $ to invest for me but he bought...

[Anonymous]

I gave my brother $10k to stick in a safe and steady S&P500 index account, but he bought something ridiculous like Norwegian Cruise Lines, which of course lost money. Do I ask him for the money back, less whatever he lost or the entire 10k back? He also offered to reinvest the money in an index 500 bit I'm not sure I trust him to do that.

[Anonymous]

Why didn’t you open an account with something like Fidelity by yourself?

[Anonymous]

You might feel differently when the cruise lines re-open in late fall and the stock soars.

Either way though, you need to be able to trust your brother and it sounds like you can't. So...

[Anonymous]

Of course you can't ask him for the money back. You gave it to him. It was a gift. You were a jerk to give money as a gift with strings. When you give someone a gift, you can't and shouldn't try to control what they do with it.

Consider this a $10k lesson you learned.

[Anonymous]

...what? Do you not know about etrade?

[Anonymous]

Why would you ask him to do
This?

[Anonymous]

Why didn't you open your own brokerage account? But to answer your question, I don't think you can ask him to make up the money he lost for you. You gave up that right when you gave him the money to invest for you.

[Anonymous]

It sounds like you did something really silly, OP. Why on earth did you give your brother money to invest for you? Why didn't you invest it yourself with a reputable firm or stockbroker?

So you gave him money to invest, he invested it, and it lost money. And now you want him to cover the loss. Hhhhmmm...what would have happened if the investment would have made money? Would you have given him the proceeds?

See how that works??? You can't blame him for doing a bad job when you did a worse one yourself imo.

[Anonymous]

Anonymous wrote:Why didn’t you open an account with something like Fidelity by yourself?

This is the first thing that came to my mind.

Take control of your own money, OP. And if you don't, don't complain about the actions of your brother. And NCL will very likely bounce back.

[Anonymous]

You sound dumber than he is.

[Anonymous]

Is the stock in your name or his?

[Anonymous]

I have to agree with the other posters. From reading the title, I thought he would be some savvy financial type person but to use him to invest in s&p 500?

[Anonymous]

Anonymous wrote:Of course you can't ask him for the money back. You gave it to him. It was a gift. You were a jerk to give money as a gift with strings. When you give someone a gift, you can't and shouldn't try to control what they do with it.

Consider this a $10k lesson you learned.

How would that be considered a "gift"? He was investing for HER, not for himself.

[Anonymous]

Invest it yourself. Live and learn.

[Anonymous]

Anonymous wrote:I gave my brother $10k to stick in a safe and steady S&P500 index account, but he bought something ridiculous like Norwegian Cruise Lines, which of course lost money. Do I ask him for the money back, less whatever he lost or the entire 10k back? He also offered to reinvest the money in an index 500 bit I'm not sure I trust him to do that.

Just leave the money where it is. NCL will be fine in the long run. And invest your own money in the future.