My friend wants me to invest his money with me long-term.
I’m 33, my friend is about 10 years older. He is interested/intrigued by my long term investing goals. But is unwilling to learn how to do it on his own.
I offered to show him how to invest in index funds (my primary strategy) and told him about their past performance. He says that he just wants me to mirror my account in his portfolio. I may be able to push him into opening an account, but he probably will just want me to do everything for him.
I believe he understands the risks involved in investing, and that he wouldn’t hold a market crash against me. But I’m unsure of the legal implications and whether It’s even possible. I wouldn’t want to put money in his tax if it counted against my contributions.
I have heard “don’t mix friends and business” all my life, but I don’t know what to do here.
Should I do this?
Honestly that’s all I needed to hear, I didn’t want to do it anyway! Thank you all!
Here are what netizens think:
- Definitely don’t do it, if you make money “he is a genius” if you lose “you are an idiot” either way doesn’t end well for you.
- I would never do anyone’s investing for them. If it goes good they will be happy, if it goes bad they will blame you.
- My older friend got me into investing. After I told him i had started and it had gone up he immediately told me to sell so I wouldn’t blame him in the event of a crash.
- He can open an account with an investment firm and pay a fee to have his money invested by someone who is paid to make financial decisions.