Trust fund husband with lucrative job won't fund wife's business?

[Anonymous]

Rich people are often very cheap. They don’t want to risk their own capital. They’d rather find some other naive people to do it.

Don’t be the naive person, OP. You are not obligated to invest.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I have a trust fund. The terms would not allow me to give money to a spouse to start a business.

Yes, but if you had a high paying job, couldn't you donate some of that money to your wife?

DP. A relative set up a trust fund for members of our family. The money can only be used for certain things, such as buying a house and education. It can’t be used for daily expenses. So it’s possible that if they used husband’s income to fund her business, they couldn’t use the trust fund to buy clothes, go to dinner, pay the babysitter, take a vacation, etc. I’m guessing that his high paying job funds a nice lifestyle that they want to maintain, and spending his income on her business will affect that.

Bottom line is that you don’t know the whole situation, and instead of speculating about it, you should just leave it alone and move on. Not your business at all.

[Anonymous]

Because if she's starting up a business, she needs to learn to fundraise.

Because she doesn't have a strong business model.

Because it's an MLM.

Because he put up some money, but not all of the money.

Because she doesn't have the skills/experience to make it happen.

Because she chooses not to rely on his money.

Because you don't know what he has not contributed.

[Anonymous]

I have a friend with a wealthy husband who started a gofundme for her child's private school tuition. She was trying to shame him publicly. They are both messy people.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I have a trust fund. The terms would not allow me to give money to a spouse to start a business.

Yes, but if you had a high paying job, couldn't you donate some of that money to your wife?

Sigh. You don't understand much about trust funds, do you? Perhaps he isn't allowed to access the funds yet so the family is still completely dependent on his earnings...that would be a reason why he couldn't "donate" some of his work earnings to his wife. I'm not trying to be snarky but you're wading into waters that you are clearly unfamiliar with.

My advice is to stay in your lane and MYOB.

[Anonymous]

OP here. This is interesting. You are right. I don't know hos trust funds worl. When she married him she is the one who shared he had a trustfund and he was studying to go into a lucrative field. We have heard about many a lovely trip to Europe and we heard all about the renovations of the huge beach house they purchased. I did not concern myself with their finances then. Once I got a request to "invest" in her business, then I started to wonder what happened and I wondered about their finances. When you ask a bank for a loan they don't MYOB either. It doesn't sound like any of us will be investing, but we wish her well.

[Anonymous]

Sorry for typos

[Anonymous]

I would look at it like an investment. If you think that the business will be successful, and you want to get in on the ground floor, do it. If you think she's looking for a handout, don't. Any sort of venture capital is fairly risky for an investment, so if you don't have money to play with, then don't do it. Of course, the stock market is in the crapper, so maybe venture capital investments looks more attractive right now.

[Anonymous]

Anonymous wrote: Not sure where to post this. Someone I went to college with is looking for people to invest in her small business. I was taken aback and asked a fellow friend if she is getting divorced. Nope. She even took out loans. Her husband has a trust fund and a high earning job. She has done all sorts of things to help support him in his career (free labor) and she does plenty of domestic things that they would have to pay a fortune to hire out (cook, raised kids, was active on PTA, entertaining his parents who are not nice to her). I want to help her out, but I am not rich like her husband and we really need to stick to secure investments for our kids' college and our retirement. I saw her business plan and it is well done and I do think she will be successful. I just am stunned. Is this common that wealthy people with highly supportive spouses can't be bothered to help the spouse out financially with starting a dream?

Your list isn't complete without mentioning how he owes her cold hard cash for each of the 1000 times they've had sex because outsourcing that to prostitutes would have been really expensive.

Sarcasm.

[Anonymous]

He doesn't believe in her mission. And that's ok. If it's a goofy business idea, he doesn't have to support it. No matter how rich he is. No matter how much he loves her. No matter how good the marriage.

It's not about her. It's about the business idea.

[Anonymous]

Since you don't know the details, it would be graceful of you not to judge so much, OP.

[Anonymous]

I think it's like the difference between when a friend who is truly in need sets up a gofundme and when a friend who financially fine just doesn't want to deal with medical bills or whatever and sets up a gofundme. Once you ask for money when you already live the high life, people will judge. There is a lot of privilege on this thread. We are talking about the top 1%. It's one thing to take out loans to start a business, but it's another thing to ask those far less affluent for money.Yes, people can always say no, but it's like asking for free babysitting when you have a nanny who is on vacation. Tactless.

[Anonymous]

Anonymous wrote:OP here. This is interesting. You are right. I don't know hos trust funds worl. When she married him she is the one who shared he had a trustfund and he was studying to go into a lucrative field. We have heard about many a lovely trip to Europe and we heard all about the renovations of the huge beach house they purchased. I did not concern myself with their finances then. Once I got a request to "invest" in her business, then I started to wonder what happened and I wondered about their finances. When you ask a bank for a loan they don't MYOB either. It doesn't sound like any of us will be investing, but we wish her well.

NP. OMG. Go away. You sound petty and jealous and like you are hoping something is wrong in their marriage. MYOB.

[Anonymous]

Anonymous wrote:OP here. This is interesting. You are right. I don't know hos trust funds worl. When she married him she is the one who shared he had a trustfund and he was studying to go into a lucrative field. We have heard about many a lovely trip to Europe and we heard all about the renovations of the huge beach house they purchased. I did not concern myself with their finances then. Once I got a request to "invest" in her business, then I started to wonder what happened and I wondered about their finances. When you ask a bank for a loan they don't MYOB either. It doesn't sound like any of us will be investing, but we wish her well.

You’re right about banks wanting more details, so why don’t you send her a loan application and schedule an interview with her so you can ask her all these questions before you turn her down.

Or, since you’re not investing in her, why not quit gossiping with your other friends about her. That’s mean and rude. Also, if your “friends” will gossip with you, they’ll gossip about you. Maybe you should reevaluate these relationships because they don’t sound healthy and mature.

[Anonymous]

My wife has had a few business ideas. I would never think of supporting any of them. Almost all businesses fail. Don’t mix business with pleasure. Never hire someone you can’t fire. We all have heard these things before.