Comments on: Investing With Family … the Good, the Bad, the Meh https://eliteedgemoney.com/investing-with-family/ Money | Minimalism | Mohawks Mon, 24 Oct 2022 13:46:51 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: Joel https://eliteedgemoney.com/investing-with-family/#comment-328586 Sun, 13 Jun 2021 14:27:47 +0000 https://staging.eliteedgemoney.com/?p=63086#comment-328586 In reply to Arvind Shah.

That’s awesome. I remember sitting with my Dad when he was doing his tax returns (he helped file mine manually when I was a teenager too). So money was always an open topic in our family and we were comfortable investing together because we had the same mindset.

]]> By: Arvind Shah https://eliteedgemoney.com/investing-with-family/#comment-328568 Sat, 12 Jun 2021 12:13:59 +0000 https://staging.eliteedgemoney.com/?p=63086#comment-328568 Investing with a family together is good. During trading hours Me and my brother both sit with together with my dad. We usually observe and learn his strategies, stock picking,chart system, and also his portfolio in Kotak Securities.

]]> By: Joel https://eliteedgemoney.com/investing-with-family/#comment-306357 Tue, 11 Aug 2020 20:32:06 +0000 https://staging.eliteedgemoney.com/?p=63086#comment-306357 In reply to Kathy.

Definitely a fortunate situation, Kathy! The ability to stay close to your parents as the grow older is not a luxury most people get. As for the maintenance costs, I can think of many more expensive ways some people “pay for their parents living” in facilities, etc.. That’s great that your siblings help out also! I wish I had a farm! :)

]]> By: Kathy https://eliteedgemoney.com/investing-with-family/#comment-306353 Tue, 11 Aug 2020 18:33:10 +0000 https://staging.eliteedgemoney.com/?p=63086#comment-306353 About family living in one’s house- I built a retirement house on my farm in my home country and my parents live there and don’t pay rent. It’s been a win-win for us, as I am happy that my parents have a spacious comfortable home in their old age while this ‘forced’ me to invest earlier than I would have. I still have to pay for the repairs, but fortunately my brothers who live nearby do the materials purchase and project supervision as their part to help my parents who are no longerstrongenoughtorun around. I amfortunate, Iguess.

]]> By: Joel https://eliteedgemoney.com/investing-with-family/#comment-305728 Thu, 30 Jul 2020 20:14:20 +0000 https://staging.eliteedgemoney.com/?p=63086#comment-305728 In reply to TPM.

Oooh, this scenario scares me. One question is… Is this a “home” or an “investment”? If you guys are approaching it with different goals in mind (You think it’s a great investment, while parents just want a sweet home to live in) then there might be future problems when you want to sell. As a landlord myself, I would never want family living in a place that I own. Then again, I think many issues can be overcome with a lot of upfront planning, constant communication, and maybe a legal contract of some sort? Good luck with the decision!

]]> By: TPM https://eliteedgemoney.com/investing-with-family/#comment-305726 Thu, 30 Jul 2020 18:32:22 +0000 https://staging.eliteedgemoney.com/?p=63086#comment-305726 We have talked sharing a property with my parents. They want to live coastal, but can’t afford to get what they want in retirement. My family wants a vacation house but don’t want to spend a fortune on it. We talked about splitting with my parents. They would live full time and we could use when we wanted. It sounds like a win/win, but the question goes back to, who’s house is this? Who gets to decorate? Who handles the maintenance? There is so much to work out so everyone can enjoy themselves. The other option is we buy it and they rent it from us. Sounds equally as complicated so we haven’t made the decision.

]]> By: Joel https://eliteedgemoney.com/investing-with-family/#comment-305712 Thu, 30 Jul 2020 16:56:18 +0000 https://staging.eliteedgemoney.com/?p=63086#comment-305712 In reply to Caroline at Costa Rica FIRE.

Real estate is the main area I see families investing in together. It’s nice to be in a position to do it on your own – there’s a wicked sense of pride that comes with that too!

]]> By: Joel https://eliteedgemoney.com/investing-with-family/#comment-305709 Thu, 30 Jul 2020 16:41:20 +0000 https://staging.eliteedgemoney.com/?p=63086#comment-305709 In reply to Dollartrak.

Yep, family is #1.

]]> By: Joel https://eliteedgemoney.com/investing-with-family/#comment-305707 Thu, 30 Jul 2020 16:38:06 +0000 https://staging.eliteedgemoney.com/?p=63086#comment-305707 In reply to Ed.

I hear ya! My siblings are in very different situations (locations, education, family size, profession) and I’d have no problem investing with some, but couldn’t fathom investing with others. Haha

]]> By: Ed https://eliteedgemoney.com/investing-with-family/#comment-305705 Thu, 30 Jul 2020 15:49:29 +0000 https://staging.eliteedgemoney.com/?p=63086#comment-305705 I like this overview and analysis. For me, the answer so far has been a “no”, but it doesn’t mean I wouldn’t. I think the point about knowing who you’re working with is a critical one. I’d definitely invest in partnership with my sister because she’s demonstrated the ability to make it on her own, work hard, and always follows through in all aspects of her life. My brother…not so much. If there was a deal that made sense for both of us, I’d have no problem doing it.

]]>