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

[Anonymous]

The husband probably thinks it will be a huge commitment that will take away from family time. And then he would have to pay someone money to take care of the house so no financial benefit either.

[Anonymous]

Maybe she doesn’t want his money.

[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?

Sounds like he's already supported her plenty. She needs to fund it herself. Maybe even get a job!

[Anonymous]

So we're both trust funders and have a decent HHI and those tasks do not cost a fortune to outsource. He's also very smart not to use his income. The right way to do it is to find an angel investor to absorb the risk.

[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.

Have you ever received an invite to the beach house? If not, don’t bother with them anymore.

[Anonymous]

Anonymous wrote:

Anonymous wrote:MYOB

Wealthy husband who sends wife begging to friends for money has entered the chat.

NP. I disagree. OP isn’t in a position to lend money, and that is fine. But she is also not in a position to judge or worry about anyone else’s money, or their marriage. It truly is not her business. She can feel badly for her friend, but doesn’t need to spend time or thought or emotions on this situation, because it has nothing to do with her.

[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.

If you ask a bank for a loan and their decision is “No, we cannot support you with a loan,” they do, indeed, mind their own business after that. They don’t hop on the Internet to gossip about the loan applicant, her husband, her marriage, or their trips and renovations.

[Anonymous]

I think this may be personal for the poster who keeps saying MYOB. Don't worry. It's an anonymous board. If this thread upsets you so much there are plenty of others.

I'm wondering if besides just the potential of losing money, is there a tax benefit or liability benefit to getting outside investors especially if you form an LLC?

[Anonymous]

How much is she asking for?

[Anonymous]

Anonymous wrote: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.

These are good points.

[Anonymous]

Anonymous wrote:

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.

If you ask a bank for a loan and their decision is “No, we cannot support you with a loan,” they do, indeed, mind their own business after that. They don’t hop on the Internet to gossip about the loan applicant, her husband, her marriage, or their trips and renovations.

This right here.

She put you in a weird position by asking, but then again sometimes friends do invest/go into business together/network, especially in wealthy circles. But all you needed to then do was ask for more information related to her business plan (if you were at all interested), and then say yes or no.

Honestly, why do you feel the need to gossip about her with other friends, and write about her here? A yes or no is all that is needed, then you can move on with your day.

[Anonymous]

Anonymous wrote:The husband probably thinks it will be a huge commitment that will take away from family time. And then he would have to pay someone money to take care of the house so no financial benefit either.

+1

[Anonymous]

Anonymous wrote:

Anonymous wrote:Perhaps she doesn’t want him to fund this endeavor.

+1 My BFF was in a very serious relationship in the 80s with a guy who was starting a business and wanted to put $2K into it. He wouldn’t let her because he didn’t want it to affect their relationship if it failed. That business now has a market cap of more than $20 billion.

What business was it. That is amazing!

[Anonymous]

Anonymous wrote:

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.

If you ask a bank for a loan and their decision is “No, we cannot support you with a loan,” they do, indeed, mind their own business after that. They don’t hop on the Internet to gossip about the loan applicant, her husband, her marriage, or their trips and renovations.

+1. The gossip is unseemly, OP.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

If you ask a bank for a loan and their decision is “No, we cannot support you with a loan,” they do, indeed, mind their own business after that. They don’t hop on the Internet to gossip about the loan applicant, her husband, her marriage, or their trips and renovations.

This right here.

She put you in a weird position by asking, but then again sometimes friends do invest/go into business together/network, especially in wealthy circles. But all you needed to then do was ask for more information related to her business plan (if you were at all interested), and then say yes or no.

Honestly, why do you feel the need to gossip about her with other friends, and write about her here? A yes or no is all that is needed, then you can move on with your day.

This.

Plus with all the things in the world to worry about, a wealthy woman married to a wealthy man who wants to start what is likely a ridiculous hobby business which no one in their right mind will fund, is something that should be WAY down the list of concerns.