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Is $10K really too much to invest in a daughter's boyfriend?

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Money Talk > The Green Room

Is a $10K boyfriend limit stupid?
Yes
40%
 40%  [ 2 ]
No
60%
 60%  [ 3 ]
Total Votes : 5

Author Thread
ideaman
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Is $10K really too much to invest in a daughter's boyfriend?  Reply with quote  

Hi. I have an urgent business decision to make (less than 24 hours!!!!) that is a function of whether or not we should be asking my girlfriend's parents to invest more in my company. My girlfriend is has a long-standing belife that she should never be in debt to her own parents for more than $10k. I think that limit is stupid and wanted verification from anyone in this group that there should be no limits.

So far, it is true that my company has never produced a profit in nearly a decade, but I am hoping that will change soon, and think the $10k limit is hurting us. I think I am right and she is wrong, but I don't want to push it without something firm and scientific to back me up.

Thanks in advance for any advice!

ideaman
Post Mon Jul 16, 2012 4:08 pm
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littleroc02us
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IMO, if you borrow money from friends or family and things take a turn for the worse, be prepared for your relationship to be substantially hurt. Don't do it, find another way!!!!!

Risk comes from not knowing what you're doing. (Warren Buffet)
Post Mon Jul 16, 2012 7:09 pm
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ideaman
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quote:
Originally posted by littleroc02us
IMO, if you borrow money from friends or family and things take a turn for the worse, be prepared for your relationship to be substantially hurt. Don't do it, find another way!!!!!


Bad argument because I already lost $10k of her parents dough so the relationship is already harmed from this effect. So there is nothing more to lose from that angle. Or do you think more money lost would make it worse, and increase the pressure from them?
Post Mon Jul 16, 2012 7:24 pm
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littleroc02us
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quote:
Bad argument because I already lost $10k of her parents dough so the relationship is already harmed from this effect. So there is nothing more to lose from that angle. Or do you think more money lost would make it worse, and increase the pressure from them?


So why would you borrow more? Sounds like the business is more of a hobby then a profit maker as you stated. Again, I don't think what your planning is very wise looking from the outside in.

Risk comes from not knowing what you're doing. (Warren Buffet)
Post Mon Jul 16, 2012 9:08 pm
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ideaman
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quote:
Originally posted by littleroc02us
So why would you borrow more? Sounds like the business is more of a hobby then a profit maker as you stated. Again, I don't think what your planning is very wise looking from the outside in.


Yeah good point but there is a good reason for the delay in profit. Really. It will take off soon. I think the votes speak against you. 2 people agree with me. Ok I voted so if I voted "yes" perhaps this changes things slightly but as of now you are in the minority it would seem. Thanks for your opinion even so.
Post Mon Jul 16, 2012 9:18 pm
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clydewolf
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Re: Is $10K really too much to invest in a daughter's boyfri  Reply with quote  

quote:
Originally posted by ideaman
Hi. I have an urgent business decision to make (less than 24 hours!!!!) that is a function of whether or not we should be asking my girlfriend's parents to invest more in my company. My girlfriend is has a long-standing belife that she should never be in debt to her own parents for more than $10k. I think that limit is stupid and wanted verification from anyone in this group that there should be no limits.

So far, it is true that my company has never produced a profit in nearly a decade, but I am hoping that will change soon, and think the $10k limit is hurting us. I think I am right and she is wrong, but I don't want to push it without something firm and scientific to back me up.

Thanks in advance for any advice!

ideaman

Ideaman,

It sounds like you want your girlfriend to borrow from her parents,
and then give that money to you so you can continue -- Whatever it is you do.

Do you have a written business plan?

After 10 years, your business should be able to go to a lending institution and get a loan.
Have you tried to do this at more than one lending institution?

Have you talked to a SCORE representative? (http://www.score.org/)

If your business looked good, they would be asking you if they can invest.

You (or your girlfriend) already owe them $10,000.

These folks are your girlfriend's parents,,,,
they are not your fiances parents, not your in-laws.....

Your girlfriend has it right. Listen to her.
Post Mon Jul 16, 2012 10:15 pm
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ideaman
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Re: Is $10K really too much to invest in a daughter's boyfri  Reply with quote  

quote:
Originally posted by clydewolf


Your girlfriend has it right. Listen to her.


But I have heard people who hate banks (google bank bailout). Same with VCs (google "vulture capitalists"). And the poll above, while slipping, still shows that most people agree with me (that there should not be any stupid limits to impede my company's progress). And the limit isn't from her parents. IT IS FROM HER!!!! Her!!!
Post Mon Jul 16, 2012 10:34 pm
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littleroc02us
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All I can say is good luck with that! It sounds like the business is more important then a good relationship with her parents. Remember this when you borrow money from someone you are a slave to them in the sense that you owe them and when you eat dinner with that person it tastes different.

Risk comes from not knowing what you're doing. (Warren Buffet)
Post Tue Jul 17, 2012 1:52 pm
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littleroc02us
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quote:
Yeah good point but there is a good reason for the delay in profit. Really. It will take off soon. I think the votes speak against you. 2 people agree with me. Ok I voted so if I voted "yes" perhaps this changes things slightly but as of now you are in the minority it would seem. Thanks for your opinion even so.


So your poll is based off of 3 people and one of them are you??? Smile I would listen to your girlfriend.

Risk comes from not knowing what you're doing. (Warren Buffet)
Post Tue Jul 17, 2012 1:57 pm
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ideaman
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Well the opportunity has passed and is over due to not having the funding from her parents. Thanks for the suggestions. I have researched score and was not that impressed. I think the email version of it might work.

I guess I have to respect her wishes. I'm not into forcing idea upon people, especially a women. She doesn't want to have them invest more, fine with me. I can just have a non-family investor buy them out. They can cash in indirectly, but there will be less to cash in on, since I will have to sell equity diluting my cut.

Thanks for all the input. The poll still says she is wrong though, as of now. Perhaps more people will vote.
Post Wed Jul 18, 2012 6:31 pm
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littleroc02us
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quote:
Originally posted by ideaman

Thanks for all the input. The poll still says she is wrong though, as of now. Perhaps more people will vote.


Did your girlfriend get to vote? Smile

Risk comes from not knowing what you're doing. (Warren Buffet)
Post Wed Jul 18, 2012 6:44 pm
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Wino
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I think $10,000 for a boyfriend is quite a bit. You can get a good Browning shotgun for less than $2000, and then the cleaning kit, ammo, and NRA T-shirt... I figure less than $3K for a daughter's boyfriend. Then, you only need to practice saying, realllll slowly, "Y'all ain't gonna be out later'n her curfew this time, are ya?"

The snuff isn't necessary, but a cup with some brown sludge in it nearby is a nice touch for realism.
Post Fri Aug 03, 2012 11:13 am
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josefaryan
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Seems you don't have any other doors. But, make sure that you're confident about your business plan. Then only you can ask the girl friend's parents to increase the limits. However, here no one should get bothered because of money, remember!
Post Tue Aug 07, 2012 5:26 am
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slasher
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I cannot believe anyone can be this...

Nevermind...

10 years and you haven't had any profit LOL

Then you already lost 10,000 of her parents money and you want her to get more?

Seriously? Rolling Eyes
Post Wed Mar 13, 2013 5:38 pm
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