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Chapter 1: How do LLCs affect family property ownership and selling rights?
So this is a crazy question, but I'm going to try and keep it brief. My childhood home where my dad still lives is an LLC with three other family member homes. There's five shares on each home, him, his parents, and his two siblings. And my dad's in poor health right now and it will get passed down to me and my sisters after.
And we just don't know how to even go about dealing with this due to the situation and other things. We just won't have peaceful use of this home. So we would like to sell it, but we have to sell it to one of the other owners and we just don't know what to do.
Yeah. Well, you have no control. They've structured this to where they have the control.
Yeah.
And so it sounds like you're probably at their mercy. Is there anything in the documentation that dictates the price at which one of the other people buy you out at?
So I believe it's fair market value. But since my sisters and I will only own one-fifth of the house, Does that mean if we can sell it to them that we would only get one-fifth of that?
So your dad owns one-fifth?
Yeah, so like right now six people actually own his house because... But he also owns one-fifth of all of theirs, right? Correct, yes.
Yeah, so your one-fifth is one-fifth of the total package of four houses, right?
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Chapter 2: Who should manage household investments and financial decisions?
So every month we sit down and he shows me the spreadsheet. It shows me where. Okay.
So he's very open to this idea. You're just trying to figure it out. Okay. So what I found out was I was investing in real estate like crazy. I was really good at it. and um i've owned we sharon and i have owned real estate she never saw so like you're saying she said whatever you want to do honey i trust you yeah well it turns out i was an idiot
So it would have been better had she actually been helping me by looking at that and saying, you know, it just doesn't feel right. I got a bad feeling about that. And that's how she would have phrased it. And that would have given me pause. Well, it wouldn't have given me pause in those days because I didn't listen to anybody.
but now I understand that who can find a virtuous wife her worth is far above rubies the heart of her husband safely trust her and he will have no lack of gain so it turns out that when you're married you need to use all of your brain which is both of you okay and it's it's just you make better decisions it's just better wisdom And I'm not saying he's probably a lot smarter than I was.
That would be a low bar. But he's probably doing good stuff. I mean, he's probably, you know, and he's open to letting you see it. There's no hiding and there's no arrogance or anything like that in the way you've described this, which is a really good sign. But I think if something happened to him, I would want you to know what you had.
and vice versa, and that when you work together, you make better decisions. Now, George, you and Whitney have been married how long? Seven years now. Okay. So that's different than an old dog like me being married almost 43, all right? But you guys have used that same principle because we teach that principle, and George is the nerd by far. I mean, he's deep down in the investments.
Also the eye candy, but nerd as well.
Oh, brother. Yeah. Yeah, and humble. If you're watching on YouTube, you'll know that was a joke. Anyway, Whitney would be, she's sweet, and she would be someone that would normally say, I trust you, George, whatever you want to do.
Exactly. And she also occasionally goes, hey, how are the investment accounts doing? Where are we at with our savings plan? And I go, here you go. She has the access. She knows the logins.
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Chapter 3: Is starting a side hustle better than getting a part-time job to increase income?
Okay. So yeah. And it's probably not 10. It's probably more like five when you get into it, but okay.
Yeah. Yeah. I kind of tend to like over budget and things like that.
All right. So I love the idea of a small business. I don't know that now is the time to do it, depending on what type it is and what kind of investment you're talking about. Cause a small business might mean I got to invest 10 grand and I might not make money for two years. Well, that sucks when you're in debt.
So I'm thinking more so of, and I mean, I don't know, but I'm thinking more so I'm trying to start like a photo booth business and I've done some research. It's minimal startup. We kind of have a lot of the equipment already. Um, I think I could start making money very soon. Obviously, I'm not naturally like I'm not like a go getter as far as like being my own boss or anything like that.
So I don't know exactly what I'm doing in that aspect of it.
I think right now what you would concentrate on is with a new baby in the house and cleaning up these bills. I think you want the quick money. So that's going to be a traditional something that just hands you money right now. Later on, we might try a business idea. But right now, I mean, you're eight months. Y'all aren't even sleeping great.
Well, we actually have a really easy baby, so we do sleep really good. Yeah, I understand. Yeah.
I sleep a lot better there are no babies in my house okay so I'm just saying oh yeah it's a hard time it's a it's a you know you're carrying a load right now of other things and it's probably the time just to make it some extra money and your first goal is not saving your first goal is clear these debts right I want you to get a thousand do you have any money saved now
Yeah, we have. So we bought this house. We had a house previously, so we have some money. We didn't use all of our money into this house. So we have like eight grand right now in our savings account. Okay.
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Chapter 4: What are good short-term investment options for seniors?
yeah you'll make a little bit on it but you could lose that much in one week if you had it invested say in an S&P or something along those lines or even a growth in income something calmer than an S&P but still could go I mean could go down and we've had that experience in the last um well the last week with the tariff stuff going on the stock market's gone bananas and so um you know you could have lost four thousand dollars of your 40 in the last week in value and um
So the key is if you need it anytime soon, don't invest it.
You don't have that margin. I don't want you losing $4,000 in a week because the president is playing tariff games. You can't do that. And so I can afford to take that hit, so I'll be in there. But, you know, that's not that big a huge nest egg, and so we don't want to lose 10% of your $40,000. So, no, I think high-yield savings and just hold your nose and you're not making much money on it.
Just keep up with inflation.
But such is life, and that's how it works, you know. So, ouch. Candace is in Cleveland, Ohio, as well. Hi, Candace. How are you?
I'm good. How are you guys?
Better than we deserve. What's up?
So my parents are giving me $60,000. They ask that one thing I do is to put it towards a new car, and I don't know what to do with the rest of the money, and it makes me very nervous.
Okay. A better car, I hope, not a brand-new car.
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Chapter 5: Should life insurance coverage be adjusted when income increases?
Chapter 6: How to effectively pay off debt and build an emergency fund?
No, I mean, I'm just kind of honestly, that's like a guesstimate. That's not just delivery. That's like I had a high-risk pregnancy, so I had to go to a lot of different doctors, so I'm getting doctor's bills from that and stuff like that. It's not just... from delivery. It's just medical bills in general. Yeah.
Okay. So yeah. And it's probably not 10. It's probably more like five when you get into it, but okay.
Yeah. Yeah. I kind of tend to like over budget and things like that.
All right. So I love the idea of a small business. I don't know that now is the time to do it, depending on what type it is and what kind of investment you're talking about. Cause a small business might mean I got to invest 10 grand and I might not make money for two years. Well, that sucks when you're in debt.
So I'm thinking more so of, and I mean, I don't know, but I'm thinking more so I'm trying to start like a photo booth business and I've done some research. It's minimal startup. We kind of have a lot of the equipment already. Um, I think I could start making money very soon. Obviously, I'm not naturally like I'm not like a go getter as far as like being my own boss or anything like that.
So I don't know exactly what I'm doing in that aspect of it.
I think right now what you would concentrate on is with a new baby in the house and cleaning up these bills. I think you want the quick money. So that's going to be a traditional something that just hands you money right now. Later on, we might try a business idea. But right now, I mean, you're eight months. Y'all aren't even sleeping great.
Well, we actually have a really easy baby, so we do sleep really good. Yeah, I understand. Yeah.
I sleep a lot better there are no babies in my house okay so I'm just saying oh yeah it's a hard time it's a it's a you know you're carrying a load right now of other things and it's probably the time just to make it some extra money and your first goal is not saving your first goal is clear these debts right I want you to get a thousand do you have any money saved now
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Chapter 7: What are the benefits of using credit unions over big banks?
It's time to get probably keep the policy you have and add a new one onto there to supplement it.
Yeah, that's what I would look at. What you can do is price that and say, all right, you don't have kids yet. So if he passed away today and you got 750, you probably are fine.
Your expenses haven't doubled.
Yeah, you're probably fine. Now, if you wanted to replace the income and the lifestyle associated with his income for you and a couple of kids, then you're not fine. And so, you know, you're going to kick it up to about $2 million. But, you know, price another million if you wanted to, and look at how expensive it is. It's not very expensive.
If you're, you know, it sounds like I'm going to guess and say... Healthy 35-year-old? I'm going to guess and say they're in their 20s. Oh, no, he's 35.
He's 35. Yeah. And...
You know, if you're not overweight and you don't smoke and you're 35 years old, it just doesn't cost that much. But those are the two. Those are the obesity and smoking are the two biggest factors. They'll blow your life insurance through the roof.
But likely less than 100 bucks a month based on what I've seen from these.
And you've got 100,000 you're trying to pay off. So you might say, I'm going to price it. And then based on what the price is, if it's really cheap, I'll go ahead and do it. If it feels an ouchie while I'm trying to get out of debt, I might wait a year to do it. It's not the end of the world. You're going to be fine either way.
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