So burned out

Discussion in 'Growing and Managing a Business' started by damandd, Apr 2, 2010.

  1. damandd

    damandd
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    Hello all,
    My name is Daniel. I'm 21 and I am buying my first home. I am in the U.S Army and am currently attending flight school. I feel as though there is a very wealthy person inside of me and I need to expose him. I know money isn't everything but I'm tired of a mortgage payment already. I want to invest in my Dad who is a mastermind when it comes to catfish farming. Did I mention I'm from Mississippi?? He's about 50 now and I know nothing about he business. I'm not sure if investing in him would be a great idea due to his age and my lack of knowledge. He's made it n the field before but lost sight of God and fell by the wayside.
    Will someone PLEASE give me some advice???!!!!
     
    #1 damandd, Apr 2, 2010
    Last edited: Apr 2, 2010
  2. Fergal

    Fergal
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    Welcome to Business Advice Forum damandd, thanks for joining and for asking your questions. If you are already feeling some pressure from your mortgage payments, you need to ask yourself if it is a good time for you to invest in another business. Investing in a business where you don't have a personal interest or knowledge also entails a lot of risk.

    Have you considered setting up a part time business yourself? Do you have any skills or interests that you could start earning from?

    Please keep in touch with us and we will do our best to offer suggestions and point you in the right direction.
     
  3. damandd

    damandd
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    Thanks for the advice!!!

    It's not that I'm feeling pressure. I just don't like it. All the bills are paid with quite a bit of money to save. I just can't help but wonder what it feels like to be wealthy. My Dad is a great guy and only needs a second chance. I'm full time Army so I don't have the time to "run" a business. That's why I was considering allowing my Dad to do so.
     
  4. Fergal

    Fergal
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    That sounds good Daniel, if you are confident that your Dad can run the business and you are willing to help him then go for it. You might find some of the suggestions in this thread helpful - Advice needed - Investing in start up.

    It might also help to encourage your Dad to complete a brief business plan for the new business, there are some great business plan templates listed in our Useful Business Resources / Links.

    Good luck with it, please keep us updated as to how it is working out for you and let us know if you have any further business questions.
     
  5. samklein

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    Choosing whether or not to invest is a very fine line to tread. If you truly have faith in your dad (a lot of VCs say the team is more important than the idea) then go for it. If you think the business plan is shaky, and if you can't afford a high loss in terms of your mortgage payments, don't do it. Remember there are a lot more emotional implications involved when investing in family members than strangers. It will be much harder to say "no" when you need to than you might think.
     

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