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Love & Marriage Love & Marriage

Husband wants to spend all of our savings..

Posted by on Mar. 6, 2013 at 11:12 AM
  • 37 Replies

 

Poll

Question: Would you be on board with DH's dream?

Options:

Yes, 100%

Yes, but I'd want say in decision making

No, too much invested

Doesn't really matter


Only group members can vote in this poll.

Total Votes: 38

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So.. my husband would like to spend all of our saving (25k) to open up a business. That isn't what the money was intended for.. it was to buy a house. Him and a friend (a very good friend) want to open up the business together, but our friend has 50k to invest. So hubby would have 1/3 share and friend has 2/3 shares. BUT.. He doesn't want me in the business. He wants me to continue with school for legal studies, so we have one income we can rely on incase it doesn't work out.

About the business: They want to open up a Long Island style bagel shop (we live in upstate New York). While bagels are decent.. there is nothing in the world like a Long Island bagel. And no where around have we found a good bagel. Believe me we have looked! So I don't know what to do. I feel upset, I told him this and he says I will be able to make some decisions. I feel in this economy, 25k is nothing to sneeze at, and I should be involved in all of the decisions, because that is our whole savings. And realistically, we have to start all over again, and it's going to be that much longer until we can buy a house. I don't know what to do. Advice??


*Do not bash, I am just looking for advice. Bashing will not be tolerated*

by on Mar. 6, 2013 at 11:12 AM
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Replies (1-10):
Amari06
by on Mar. 6, 2013 at 11:17 AM
For me I wouldn't do it unless I had something to fall back on!! For example if i was working could my income alone support the household if no money is coming in from this business. I would also want to be apart of the business and know what's going on.
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wifeynmommie80
by on Mar. 6, 2013 at 11:20 AM
1 mom liked this

So in my personal opinion because we are going to start an allergen based bake shop. So I know how ur feel on this.

If you don't currently own a home, I wouldn't. Only because u guys probably have no property credit. Which means its gonna be a little hard for you if this doesn't work out and u need a loan. Your still in school. Thats another reason, if you school loans. This venture is WAY to unpredictable. Does either of them have a MBA or at the least a BA in Business?? If they don't they need one . Or they wont know what to do. Is this something they have prepared for?? Whats ur fallback , you are going to have to have something to fallback on if int he worst circumstance it fails and you guys OWE money. I personally wouldn't let him

We are starting allergen free baking company. Now currently I do this out of home, I own a home, I have a BA in Business my husband now has his MBA in business managment. Even with loans and current funds. I still am leary for ourselves. I have been researching this for over 5 years when DS was born with allergies and mastered baking. I still think I need to go back to school partime and get a little more experiance in baking so I have every possible angled covered.

I wish you guys the best of luck, but I dont think its a smart decision to do this.

amandalea0526
by on Mar. 6, 2013 at 11:25 AM

He says I will know what's going on, that made me feel a little better. And They don't want to open for at least a year and a half... and I will be working by then. I have a job offer, where my income will be more than enough to support the household (48k/year +vacay, benefits, incentives) so that's not entirely the problem. Just concerned about spending that large amount of money. I do want to be more involved with the business than he wants me to be.


Quoting Amari06:

For me I wouldn't do it unless I had something to fall back on!! For example if i was working could my income alone support the household if no money is coming in from this business. I would also want to be apart of the business and know what's going on.



SoKamele
by on Mar. 6, 2013 at 11:29 AM

No.....not for a 1/3

amandalea0526
by on Mar. 6, 2013 at 11:34 AM


They both have BA's in Business.. and they are both very smart with money (I can attest to that! lol). They aren't planning on opening for like a year and a half. That is their projected date (Summer 2014). We were supposed to be buying a home within the next 2 years. I have a great job offer for when I graduate in December. With them opening up, whatever we have saved from now until then would be the fallback. I want to support him in his dream of opening the business, but I just can't help but feel like my feelings aren't being taken into consideration in all of this. My student loans will only be about a 1/2 year's salary (a little less) for me after graduation, and we are both very smart with our money, and have excellent credit for our ages (25 me and 28 him). Most people only have high 500's at our age we were told, but we both independently have low 700's. (mine was a 706 when I checked). The house we wanted to buy was only 82k, and only needed a roof, and cosmetic touch ups inside the houes (mainly paint, it's all weird colors, but we had an inspector go through it already) I'm just very unsure.

Quoting wifeynmommie80:

So in my personal opinion because we are going to start an allergen based bake shop. So I know how ur feel on this.

If you don't currently own a home, I wouldn't. Only because u guys probably have no property credit. Which means its gonna be a little hard for you if this doesn't work out and u need a loan. Your still in school. Thats another reason, if you school loans. This venture is WAY to unpredictable. Does either of them have a MBA or at the least a BA in Business?? If they don't they need one . Or they wont know what to do. Is this something they have prepared for?? Whats ur fallback , you are going to have to have something to fallback on if int he worst circumstance it fails and you guys OWE money. I personally wouldn't let him

We are starting allergen free baking company. Now currently I do this out of home, I own a home, I have a BA in Business my husband now has his MBA in business managment. Even with loans and current funds. I still am leary for ourselves. I have been researching this for over 5 years when DS was born with allergies and mastered baking. I still think I need to go back to school partime and get a little more experiance in baking so I have every possible angled covered.

I wish you guys the best of luck, but I dont think its a smart decision to do this.



amandalea0526
by on Mar. 6, 2013 at 11:36 AM

Well his thought for that was to take an overnight job, and get the other 25k saved up within a year, and be half and half.


Quoting SoKamele:

No.....not for a 1/3



ReadWriteLuv
by Casey on Mar. 6, 2013 at 11:38 AM
1 mom liked this
Absolutelyfuckingnot. Nope. No way, no how. Do you know how many small businesses fail within the first year? That is your nest egg. How many years did it take you to save that much, and in this economy how many years would it take to make that back if you lost it all. And for only 1/3 share. That is a risk I wouldn't take.
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wifeynmommie80
by on Mar. 6, 2013 at 11:39 AM

I know for a house loan you had to have at least 600 or higher that I remember. I do wish you guys the best of luck on that, it sounds like ur on a stable ground. I would just worry about the house part and the loans.

Quoting amandalea0526:


They both have BA's in Business.. and they are both very smart with money (I can attest to that! lol). They aren't planning on opening for like a year and a half. That is their projected date (Summer 2014). We were supposed to be buying a home within the next 2 years. I have a great job offer for when I graduate in December. With them opening up, whatever we have saved from now until then would be the fallback. I want to support him in his dream of opening the business, but I just can't help but feel like my feelings aren't being taken into consideration in all of this. My student loans will only be about a 1/2 year's salary (a little less) for me after graduation, and we are both very smart with our money, and have excellent credit for our ages (25 me and 28 him). Most people only have high 500's at our age we were told, but we both independently have low 700's. (mine was a 706 when I checked). The house we wanted to buy was only 82k, and only needed a roof, and cosmetic touch ups inside the houes (mainly paint, it's all weird colors, but we had an inspector go through it already) I'm just very unsure.

Quoting wifeynmommie80:

So in my personal opinion because we are going to start an allergen based bake shop. So I know how ur feel on this.

If you don't currently own a home, I wouldn't. Only because u guys probably have no property credit. Which means its gonna be a little hard for you if this doesn't work out and u need a loan. Your still in school. Thats another reason, if you school loans. This venture is WAY to unpredictable. Does either of them have a MBA or at the least a BA in Business?? If they don't they need one . Or they wont know what to do. Is this something they have prepared for?? Whats ur fallback , you are going to have to have something to fallback on if int he worst circumstance it fails and you guys OWE money. I personally wouldn't let him

We are starting allergen free baking company. Now currently I do this out of home, I own a home, I have a BA in Business my husband now has his MBA in business managment. Even with loans and current funds. I still am leary for ourselves. I have been researching this for over 5 years when DS was born with allergies and mastered baking. I still think I need to go back to school partime and get a little more experiance in baking so I have every possible angled covered.

I wish you guys the best of luck, but I dont think its a smart decision to do this.




SoKamele
by on Mar. 6, 2013 at 11:39 AM

Honestly....no. I just don't see it working. When you own a business ....it's your life. It kind of takes over. There will most likely not be time for a second job.

Quoting amandalea0526:

Well his thought for that was to take an overnight job, and get the other 25k saved up within a year, and be half and half.


Quoting SoKamele:

No.....not for a 1/3




MrsLondon
by Bronze Member on Mar. 6, 2013 at 11:42 AM

Can he invest less then that or maybe what and save up more for your household first? I wouldn't put every penny I had into anything. It's great he wants to start a business but I wouldn't want to be at risk financially in the mean time.

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