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Jan 17, 2017 19:59:49 GMT
Post by wrongwayfeldman on Jan 17, 2017 19:59:49 GMT
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Post by littlemama on Jan 17, 2017 20:04:48 GMT
Should have taken the $20K and run with it. Sometimes you have to put your family's well-being ahead of what you like. (and baseball facilities fail ALL THE TIME)
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caangel
Drama Llama
Posts: 6,025 
Location: So Cal
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Post by caangel on Jan 17, 2017 20:05:46 GMT
Honestly they don't sound like they are in a place to listen to any advice. Their "passion" is clouding any logic. I would stay out of it.
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Post by mikklynn on Jan 17, 2017 20:05:49 GMT
He should take the money. He obviously is not capable of managing a business, since he can't manage his own finances.
And, taking money from his daughter's college fund, given by another family member, is stealing. It is NOT his money.
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Post by jemmls4 on Jan 17, 2017 20:19:44 GMT
What mikkilynn said.
Take the $20K. Resolve your debt. And don't steal from your DD's college fund.
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Post by shamrock on Jan 17, 2017 20:21:43 GMT
Back away from offering any advice if you want to stay friends. If they've gotten themselves this far down the path they are on you can bet they've heard advice from other friends & family. They are choosing to follow their passion. That's admirable to a point. But they have children to also take care of. IMO that's when taking care of the practical needs to take priority over following your dreams.
IMO, though, he should take the 20,000 and not look back. He'll never see all the monthly money from his "friend" if he goes that route.
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pudgygroundhog
Pearl Clutcher
Posts: 4,652
Location: The Grand Canyon
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Post by pudgygroundhog on Jan 17, 2017 20:25:28 GMT
Wow, there are a ton of issues that could be touched on here.
For the gym specifically, this sounds like a sunk cost fallacy, except there is way to get money back in this situation - I would take the 20k offer and try to get my life in order before continuing to overextend myself financially, emotionally, and physically.
And taking money from daughter's college fund given by somebody else? I think that is highly unethical.
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Post by annabella on Jan 17, 2017 20:30:16 GMT
I don't think getting a degree at this point will magically make their lives better. You need a good resume and job experience to apply for X job. One of them needs to quit the at home business and get an office job and start paying their taxes. Not paying your taxes is a very slippery slope. Ben needs to take the deal, he really has no other incoming making options. This whole baseball thing quit frankly is a waste of time and a money sinker. He needs to drop this "hobby" and find a desk job that gives him a paycheck. They were dumb to not take the $20K. He needs to use that $3500 from her college fund to pay his taxes. Quite frankly that's such a small amount of money it won't make a difference to his kid in paying tuition. Her college will deduct that $3500 from any scholarship/grant money they give her (since her family is poor) so it won't help her.
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Post by myboysnme on Jan 17, 2017 20:30:28 GMT
Take 20K, pay back parents, throw $1000 into each kid's college fund if only to pay for applications or college visits.
Get a non home based job - both of them. If possible get out of the home and rent an apartment or townhouse.
Baseball is not a business for them at this point in their lives. It needs to be recreational. I'm sure he knows how many people have real baseball skills who never made a penny and never will. Including just about every kid who comes through their specialty gym.
You don't follow your passion when you have to put food on the table and a roof over the kids' heads. I'm sure every tenement worker or coal miner had the same passions but they knew they had to meet basic needs first and your friends are failing miserably at that.
When they decided to bring 5 kids into the world that became their first priority above all else. Baseball and gym are at the bottom of a very long list of priorities. |
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Post by iamkristinl16 on Jan 17, 2017 20:31:17 GMT
What mikkilynn said. Take the $20K. Resolve your debt. And don't steal from your DD's college fund. This |
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Jan 17, 2017 20:57:05 GMT
maryland likes this
Post by papersilly on Jan 17, 2017 20:57:05 GMT
take the money and run. if he wants to start another business on his own he should that once the partnership is property dissolved. he should be kissing the ground that someone wants to buy him out.
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Post by Sam on Jan 17, 2017 21:14:50 GMT
Yeah, I typed out a whole reply and then saw the update!  FFS - opportunity lost if ever there was one.....for both of them. |
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eastcoastpea
Prolific Pea
Posts: 9,252
Jun 27, 2014 13:05:28 GMT
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Post by eastcoastpea on Jan 17, 2017 21:16:45 GMT
If Ben took the $20,000 it would hopefully be enough to repay his parents and pay his back taxes. Having those two obligations taken care of are a step in the right direction.
With Ben and his partner not seeing eye to eye on the vision for the future of the business it seems like it could be a recipe for financial disaster.
Because he enjoys youth baseball, he can seek employment from the business he is currently with or one of the other similar businesses in the area either as a part time or full time job.
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Rhondito
Pearl Clutcher
MississipPea
Posts: 4,950
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Post by Rhondito on Jan 17, 2017 21:31:57 GMT
Ben and Kali are both dumbasses. He should have taken the 20k and considered it a lucky win. 2 years and not turning a profit? That's what people who have other successful businesses/incomes do when they can afford to take on a costly hobby or dream job without the worry of it supporting them and their livelihood.
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Post by maryland on Jan 17, 2017 21:32:11 GMT
That doesn't seem fair to the sons to assume they will run it after they graduate. They may like the idea now, but maybe not after college. But that's just my opinion, hard to say without knowing the family. But if the husband isn't into it anymore, he shouldn't have to stay just because the wife assumes her sons will eventually run the business. And if it was me, I would not take money out of our kids college fund unless there is a serious emergency/medical emergency.
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Post by epeanymous on Jan 17, 2017 21:33:39 GMT
You lost me at he started a business and didn't have written agreements. Ben isn't being responsible and things could really go south from here. He should take the $20,000 and be thankful that he isn't spending the next decade of his life embroiled in litigation with his business partner. "We said I'd have half the business but he put up most of the money"? Yeah, no.
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Jan 17, 2017 21:35:09 GMT
RosieKat likes this
Post by annabella on Jan 17, 2017 21:35:09 GMT
You lost me at he started a business and didn't have written agreements. Ben isn't being responsible and things could really go south from here. He should take the $20,000 and be thankful that he isn't spending the next decade of his life embroiled in litigation with his business partner. "We said I'd have half the business but he put up most of the money"? Yeah, no. Yep ask Judge Judy! lol |
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scrapngranny
Pearl Clutcher
Only slightly senile
Posts: 4,949
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Post by scrapngranny on Jan 17, 2017 21:57:46 GMT
Ben and Kali are screwed. For a marriage to work well at least one person has to be financially smart, neither one of these two are. They are destined to be on the brink of financial ruin forever if they don't start dealing with reality not wishes and dreams. Their daughter is going to be the big loser in this mess.
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Jan 17, 2017 22:33:27 GMT
Post by wrongwayfeldman on Jan 17, 2017 22:33:27 GMT
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Post by Spongemom Scrappants on Jan 17, 2017 22:43:59 GMT
Ben and Kali are both dumbasses. Blunt, but that is my assessment as well. For the OP -- thank your lucky stars that you are only friends with these people and not involved in their abysmal financial situation. I would steer far clear of getting involved, even with just advice. Encourage your friend to seek out professional financial counseling. |
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momto4kiddos
Drama Llama
Posts: 5,156
Jun 26, 2014 11:45:15 GMT
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Post by momto4kiddos on Jan 17, 2017 22:55:11 GMT
I don't think any amount of advice is going to help those two because they don't sound like they have an ounce of common sense between them. Sorry I know they are your friends.
He should have taken the money and paid back his parents (it's surprising to me anyone would lend them money!)
I'm guessing since there was a college fund started by someone else that they wanted to take from (and the fact that they are deeply in debt) that the boys don't have college funds?? So basically Kali wants to hang on to a business not making any money in the off chance her boys want involvement in the business. Where are the boys college money coming from? Sounds to me like Ben and Kali should learn to take care of themselves before dreaming of businesses they can't afford.
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Jan 17, 2017 23:11:57 GMT
Post by myboysnme on Jan 17, 2017 23:11:57 GMT
They sound like one of those families who goes on wife swap and swaps with a mom who is a financial wizard and she will determine how the money will be distributed at the end and she will put it all in college funds for the kids that parents can't touch.
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Post by papercrafteradvocate on Jan 17, 2017 23:36:03 GMT
Myob
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freebird
Drama Llama
'cause I'm free as a bird now
Posts: 6,927
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Jan 18, 2017 1:48:19 GMT
Post by freebird on Jan 18, 2017 1:48:19 GMT
Ben is a dumbass and you should buy him Dave Ramsey's total money makeover for a gift.
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Post by mrssmith on Jan 18, 2017 5:02:14 GMT
Ben's parents made a big mistake loaning them $13K (unless they are so financially comfortable that they can just be fine with losing that much). I would advise her to seek a financial counselor. However, it doesn't seem like they would listen to any advice if they do things like start businesses on a handshake, take money from their kid's college fund, don't pay their taxes etc....
If she says they want to do the partner's $5K + $500/mo deal, you can advise that they get it in writing.
Best of luck to your friends.
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anniebygaslight
Drama Llama
I'd love a cup of tea. #1966
Posts: 7,412
Location: Third Rock from the sun.
Jun 28, 2014 14:08:19 GMT
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Jan 18, 2017 6:09:14 GMT
elaine likes this
Post by anniebygaslight on Jan 18, 2017 6:09:14 GMT
You seem to have an awful lot of detail of the private affairs of a friend. If I had confided in you I would not be thrilled to find that you have put identifiable facts on the World Wide Web.
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