"Sixty-three thousand dollars is, for me, a lot of money," Lauren says. "It's half my money. A little over a year ago, we moved the money to AIG. It was doing very well at one point, right before we put the money in. Then, it dropped."
Lauren lost money in her stock account and in her 401(k). "My 401(k) was little, it had about $18,000 in it," Lauren says. "I believe now it is below $8,000. There is nothing we can do; we just have to see if it will come back up."
When Lauren and her husband combined their money and put it in AIG, they had $153,000. That dropped to $135,000, where it held for a while. However, the recent financial crisis caused the account to drop down to $128,000. At that point, Lauren and her husband took action. They asked their financial advisor to move the money out of AIG and put it in Prudential. However, before that move was made, the account dropped down to $98,000.
"This was not something that I could afford to lose," Lauren says. "I had $153,000 in AIG and now it's down to $98,000. That's holding, but it's down to $83,000 because of the flex. It stinks. Did our financial advisor wait too long to move the money? He said it dropped too quickly, but I don't think he moved it quickly enough. If he moved the money right away, I think we would have had $128,000."
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"It's a shame because some people need that money to pay their rent," Lauren says. "We were using it for extras, but now that's gone and I don't see us getting it back for a long time. I guess everyone is just hoping this will turn around."
Many people have lost money in the stock market lately. Some were told that their investments were safe, only to learn that they were not. Others, like Lauren, say that their advisors either did not invest the money according to their instructions or did not transfer the money when they were told to. Unfortunately, these investors are now left wondering whether or not they will ever regain the money they lost.