Hi everyone, im feeling a bit stuck at the moment and i need some advice, so my partner and i have a 3 yr old daughter and iam also pregnant at the moment. My partner runs his own small building company but he doesnt like his job anymore. He said he is sick of spending all his time at work and he wants to spend his life doing things he enjoys with his family and not worrying about working while still recieving an income so he has turned to bitcoin (crypto currency) he believes that investing it in and other crypto currencys that it will benefit us hugely in the future. He has already invested $7000 so far and he wants to invest more. He wants to use our savings (about $55,000) or he wants to sell our investment property that we only purchased a couple of years ago. Im not keen on selling our house for this reason at all and i also dont want to spend our savings on it either. This investment he wants to do isnt garrenteed to make us money and i dont want to risk loosing everything we have but he doesnt understand this as he is sure it will make us better off in the long run. We have been arguing about this and he has even said that he will spilt up with me if i dont let him do it. What do i do?? I have tried to compromise with him, i have told him that i dont mind him using his buisness money ($25,000) to invest if he likes but i dont want him selling our house or using our savings. I dont want to stop him from following his dreams but i also dont want to be left with nothing if what he is doing fails. When my partner and i were first together (10+ years ago he had a unit that he done a deal with (ended up being a scam and he lost all the profits he would have made. Please help and tell me what everyone else thinks of this situation. If we did decide to break up over this i really would struggle to afford to put a roof over mine and my childrens heads on my own. I know i have savings but even with that i wouldnt be able to afford to buy another place on my own unless i moved states... thanks if you read this far.
I feel stuck!!
I feel stuck!!
Posted in:
Relationships & Marriage, Men's Business, Pregnancy, IM's In Business, Money
10 Replies
Compromise.
Use half the savings and after a few years if the investment is promising then reinvest.
If you lose, you’ve only lost half of what you had.
Sometimes men chase the impossible dream because it’s like gambling...it’s an addiction and affects men more often than woman as they feel pressure to provide as well as being present.
If it’s consuming him everyday, then he needs financial advice and maybe some counseling.
But only compromise half of what you have. If he breaks up with you over this... then he will always chose money over his family...not an ideal partner..
Ummm...he's telling you he will split with you if you don't do what he says I.e. Sell the investment property??? I think that says it all. You deserve better and will survive without him. If he really wanted to spend time with his family he wouldn't threaten to split with you when you disagreed with him!
Apart from that why doesn't he sell his business and use the proceeds from that to fund his hobby. I say hobby because it doesn't sound like he has thought about it seriously. Selling investment property - any gain you made will be taxed. Also altHough the crypto currencies might bring long term gains how will that meet your current cash flows? I certainly wouldn't be investing money with him anytime in the future. From his precious investments he sounds like he likes the riskier investments so higher reward but also higher chance of losing your money.
He wants to risk the financial security you have now for something that's not even guaranteed? Hell no...
"I'll split up with you if you don't let me do it" I'm sorry, what now?? That tells me there's no room for compromise, it's his way or the highway. So much for wanting more family time - he's pretty willing to destroy the family if shit doesn't go his way!
Let him chase his pipe dream, let him bankrupt himself but don't let him demolish your or the children's security in the process because it sounds like he's made his choice already!
Id rather breakup and keep my half of savings than let a dickhead partner sink you financially on a whim get rich quick bet.
hes being reckless and needs to get over himself. If he thinks hes can build $60000 into a lifestyle, then he needs to start with what he has and build it himself, then he can play with large amounts but you dont mess with your families security and threatening divorce shows thats not on his list, hes consumed with a dream and ignoring the other possible outcomes.
Any investment specialist will tell your partner that investing all your funds in one thing is a dick move.
I'd be getting legal advice and he needs to know if he separates he will have to pay you out half the assets.
Actually i read something recentlyabout this. Its amindset, often in men, willing to take big risks to get the big payoff.
hes sick of his job so he wants it all now, its kind of a gambling mentality, only thinking about the payoff not the loss.
My partner was sick of his job so he got another one, not hooked on what is possibly a scam (some of the bitcoin traders have very bad names but they're the most convincing).
I’m in the finance industry and I can say without a doubt this is a HUGE RISK. From the little personal information you have given, I would not recommend high risk investment for you, and certainly not in Bitcoin. I don’t know a single client or broker investing in Bitcoin, and I know a lot of high risk investors.
Go to a reputable financial advisor. If he wants to “take a punt” and invest, I would recommend a medium risk in equity shares to suit both of your needs. Use some of your savings, but don’t sell the investment property. It’s about diversification and spreading risk while having enough exposure to make gains.
His strategy will send you to the poor house.
Random question, how is your partner coping mentally? I'm no expert by a long shot, but impulsiveness and risk taking can sometimes come with poor mental health...
what he is doing is definitely very risky. though not the same, but my hubby ended up with close to $40,000 debt from his loans, credit cards, etc. and what is even more worrying is, i hadn't had a clue where all the money went to.
it was definitely a wake up call for me. not that i'm encouraging u to split from him but u definitely need to manage your own finances well.
i am working full-time and is now doing a side business with a group of mumpreneurs too in order to ensure i can achieve financial freedom for both me n my kid.