Paying a friend to manage my money? - Page 2
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Thread: Paying a friend to manage my money?

  1. #11
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    There may in fact be laws against him managing your money without any qualifications/certifications for doing so, or against him charging you for such a service. I don't know.

    An alternative would be an informal arrangement where he tells you what he's buying and selling, you make the trades in your own online account (which is pretty easy to do), and then you pay him at the end of the year if you've made money.

    That way, you bear ultimate responsibility for you trading because you have chosen to follow his advice, and made the trades yourself.

    That would be a way to preserve the friendship and avoid legal implications.


  2. #12
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    Quote Originally Posted by Davis View Post
    An alternative would be an informal arrangement where he tells you what he's buying and selling, you make the trades in your own online account (which is pretty easy to do), and then you pay him at the end of the year if you've made money.

    That way, you bear ultimate responsibility for you trading because you have chosen to follow his advice, and made the trades yourself.

    That would be a way to preserve the friendship and avoid legal implications.
    This.

    Although there's still serious risk if you remain ignorant of the underlying strategy and cannot evaluate the advice for yourself.

  3. #13
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    I wonder how much the OP will lose before he realizes that 99.99% of people who brag about making money are actually not doing well.

  4. #14
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    The original post wasn't all that clear, but when I hear something like 'has been experimenting with the stock market for a couple of years' and has had short term stratospheric returns on a $5k investment, I'd run, not walk, away as fast as I can.

    I'd suggest staying away until the friend has 5+ years of solid returns under his belt (including a major correction or bear market) and is managing investments in the 6 figures... to get more confidence on how big those brass balls are.

  5. #15
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    This is such a bad, bad, bad, idea.

  6. #16
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    "He projected a 700% annual increase on his $5000 investment last year based on his performance for the first 3 months, but "only" ended up making 350%."

    Walk. Away. Now.

    Keep your friendship
    Hidden Content - Saving and investing my way to a million dollar portfolio.

  7. #17
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    Quote Originally Posted by Davis View Post
    There may in fact be laws against him managing your money without any qualifications/certifications for doing so, or against him charging you for such a service. I don't know.
    That was my first thought as well. Run away, fast!

  8. #18
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    I don't understand all the negative comments.I mean what could possibly go wrong ?

  9. #19
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    Your friend can not trade your account without being licenced. A Group could pool money togeather everyone sign & form investment club. Which would be better less money for each gambler on the table

  10. #20
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    If you can afford to burn this money in the fire pit and not worry about it go for it.


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