Planning on making big moves, need advice pls. (self.personalfinance)
I've been a big fan of this subreddit and I've gotten lots of insight from reading posts here and I am in a dilemma rn and thought it would be wise to reach out to you all.
I do apologize if this is a bit off topic, this is my first post on here.
I'm 21 yo and live in Washington state. I have a lot of money invested into crypto right now and I'm expecting a return of roughly 200k by the end of the year. I want you to go through the entire post with the assumption of this, I do realize that crypto is volatile asf but I'm certain of my investments.
I've been going to college to get into corporate law but honestly, I think that college is just a trap. My brother in law recently offered to put 50/50 into a house in California. I've been thinking about this for quite some time and I honestly don't think there are any drawbacks in this. California has a lot of job opportunities and I could be making around 60k driving a truck and Uber a year. I know this is a huuuuuuuuuge downgrade from being a corporate lawyer but still, I'd have that much of a head start and no debt. Plus on top of that, I'd have property. We could sell the house and split 50/50 if the price rose or just rent it out and buy another house.
My brother in law is a really trust worthy person and I wouldn't be hesitant on trusting him on such a thing.
Thank you all.
OK. My advice. If you have gambled money on something risky (be it CC, a poker game or anything else) and have actually made enough out of it to make a genuine improvement to your life - stop gambling and improve your life. If it happens that later on you discover that you could have made more money, just be happy with your enhanced life.
If you have enough money to invest it in real-estate I would 1000% suggest you do this.
If you are thinking about investing with (or going into business with) a friend or family member I reccommend this:
a) Don't
b) If you do, then of course it will be with someone you trust - this is a given, but make VERY sure that your idea of what you want to do with the business/investment is the same as what your partner's is. Regardless of trustworthyness: People change, their lives and goals change over time. In 5 or 10 years time will you and your brother still want to be doing the same thing with the property? What happens if say for example, in 10 years you are living there and have a life in Cali and he has got married, moved to Alaska and wants to cash in his investment and start a business? ...or the positions are reversed etc.
You must have discussed and put in writing a clause for what is to happen in these situations. If you have money someone will
always have an idea of how you should spend it. Listen to everyone's ideas, then do the right thing for you.
IMHO the right thing for you is almost NEVER going halves in anything with anyone, perhaps your case is the exception, but TBH it doesn't sound like you have put that much thought into it.
Hope this helps.
