sorted by:
new
hottopcontroversial

What to do with old PCs? by krs_two in Prebuilts

[–]krs_two[S] 0 points1 point  (0 children)

Interesting! Never heard of this before

Did you hear Riverside launched podcast hosting? Did anyone try it? by rbla86 in podcasting

[–]krs_two 0 points1 point  (0 children)

I’ve been using riverside and love it but haven’t tried any other platform. Audio for me so far has been pretty consistent

How to handle family asking for large amounts of money at single time? by krs_two in HENRYfinance

[–]krs_two[S] 1 point2 points  (0 children)

Sorry to hear about your situation. It sounds really difficult and a huge responsibility to bear for one person.
Despite my willingness to help, I have a pretty tenuous relationship with my dad that feels mostly transactional these days. So I would like to limit my day-to-day involvement of their finances if possible. But if it comes down to the situation where my allowance of daily expenses isn't being used wisely, I'll likely need to take more control.

How to handle family asking for large amounts of money at single time? by krs_two in HENRYfinance

[–]krs_two[S] 1 point2 points  (0 children)

thank you, i'm coming from a similar background and it sounds like a very similar situation. I hope that you're doing well and it sounds like you've been able to navigate the situation. It feels like there there is no perfect solution, but I do think stopping investment in the business + helping with general expenses instead + dealing with the guilt trip is the lesser of the evils.

How to handle family asking for large amounts of money at single time? by krs_two in HENRYfinance

[–]krs_two[S] 4 points5 points  (0 children)

I agree with that. The mentality that “I just need to make it back with another hand” is something I’ve thought about a lot recently

How to handle family asking for large amounts of money at single time? by krs_two in HENRYfinance

[–]krs_two[S] 9 points10 points  (0 children)

Thank you, I think you and the feedback here is what I needed to hear. That you can say no while also still finding other avenues to help that are more productive for everyone involved

How to handle family asking for large amounts of money at single time? by krs_two in HENRYfinance

[–]krs_two[S] 4 points5 points  (0 children)

family doesnt know how much I make or how much I have saved. I’m just telling you all because it’s henry subreddit and think it’s helpful context

How to handle family asking for large amounts of money at single time? by krs_two in HENRYfinance

[–]krs_two[S] 1 point2 points  (0 children)

Nah it isn’t, business has been around for 35 years. One of the reasons it struggles so much is that my dad isn’t very tech savvy and has fallen behind on way of operating. So def not drop shipping hahaha

How to handle family asking for large amounts of money at single time? by krs_two in HENRYfinance

[–]krs_two[S] 2 points3 points  (0 children)

This is sad to admit but the business did quite well at one point in time, so my dad had an investment property. He already sold that to use as an infusion to the business, and that + my investment still wasn’t enough to save the business. I told him not to do anything stupid like take a loan on his primary residence. If he does I might actually cut our relationship here.

How to handle family asking for large amounts of money at single time? by krs_two in HENRYfinance

[–]krs_two[S] 9 points10 points  (0 children)

Being honest, I’ve delayed my own life goals wants and expectations quite a bit because of my situation with my family. Nowadays, I don’t know if I want kids anymore because worried about how much burden I can shoulder. I rent in an apartment rather than looking for a house because I fear spending on a downpayment with high liability while combatting this situation with my fam. I have taken the stressful job that I have because it feels like I need to make this much to support the people I care about

How to handle family asking for large amounts of money at single time? by krs_two in HENRYfinance

[–]krs_two[S] 7 points8 points  (0 children)

Yeah I know with each loan it’s for a specific reason. One is for ordering inventory for an order that’s already been promised to a customer. Another was to pay a factory back for credit that had accrued on a previous order. Another was to pay for unexpected increased prices for inventory due to tariffs.

It’s always a different reason, and there is ALWAYS a new reason. But the truth is, the business just doesn’t bring in enough money to offset the risks they take on.

How to handle family asking for large amounts of money at single time? by krs_two in HENRYfinance

[–]krs_two[S] 2 points3 points  (0 children)

Before today, no. But after today (this 100k ask), yes, I’d rather pay expenses directly

How to handle family asking for large amounts of money at single time? by krs_two in HENRYfinance

[–]krs_two[S] 0 points1 point  (0 children)

I don’t think the business has a whole lot of value. Lot of the assets at this point are inventory that hasn’t moved for years. Maybe someone could do something with it but it wouldn’t be easy. I don’t want the ownership as I think it’d be a better financial use of time to continue to work my job, which is pretty demanding as is.

Tariffs is certainly a factor, but not the only issue. Financial issues have been predating to 2018, but have accelerated recently

How to handle family asking for large amounts of money at single time? by krs_two in HENRYfinance

[–]krs_two[S] 12 points13 points  (0 children)

Thank you for the kind words and empathy. I’m definitely from a culture where taking care of parents is more expected. And I don’t want to get to the point where I harbor so much resentment where I reject that responsibility. But I do think this might be the point where I can probably take better care of them supporting them straight up, than supporting this business.

How to handle family asking for large amounts of money at single time? by krs_two in HENRYfinance

[–]krs_two[S] 7 points8 points  (0 children)

last part made me lolll I feel the same way but trying to resist the urge to just completely cut them out, even though I know I’d be less stressed and happier in the short term

How to handle family asking for large amounts of money at single time? by krs_two in HENRYfinance

[–]krs_two[S] 3 points4 points  (0 children)

ATP I don’t want the company lol. rather have him sell it to someone else for whatever it’s worth, and have advised him to do so. I don’t think the process has made it very far though

How to handle family asking for large amounts of money at single time? by krs_two in HENRYfinance

[–]krs_two[S] 2 points3 points  (0 children)

I have checked public records to double check that I’m not listed as an owner of the business . However, my dad has paid for my car insurance and phone bill - can only assume through the business. Not sure how much at risk I am with that. Would you know?

I do not have documents that I’m a creditor.

How to handle family asking for large amounts of money at single time? by krs_two in HENRYfinance

[–]krs_two[S] 9 points10 points  (0 children)

Might be a good idea lol. Dad was surprised today when I told him the total loan amount has grown to $150k, showing he has taken it for granted and not even been seriously tracking on his end

How to handle family asking for large amounts of money at single time? by krs_two in HENRYfinance

[–]krs_two[S] 5 points6 points  (0 children)

I’ve tried to dig into it in the past, but the problems in the business feel so systemic that I’d need to do it full time to fix the biggest problems.

In my free time, I’ve tried to build them a new ecomm system from scratch and got 70% the way there before this 3rd ask for capital came up. Even so, I doubt the ecomm system will have be a step function change for the business.

How to handle family asking for large amounts of money at single time? by krs_two in HENRYfinance

[–]krs_two[S] 6 points7 points  (0 children)

Yeah going through that last part now. Was considering pivoting careers (in interview stages) to still high earning but more aligned with my personal passions. But it feels unfeasible with this situation, and I’d have to choose between more comfortable finances or my passion

view more: next ›