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Me [47 M] with my wife [45 F] 16 years married, her family asking us to go in on a joint investment. (by Sparky)
(29 / M-F / Massachusetts)
Me [47 M] with my wife [45 F] 16 years married, her family asking us to go in on a joint investment. She wants to and I don't.
My Wife's brother is asking us to go in with other family members to buy her parents spare cottage on their property to give the parents some liquidity.
The bank loan will be in her and her siblings names (not the respective partners). As I am the main breadwinner I would have to service the joint loan for her.
I do not want to be told how to invest my money esp. when I have little spare after my own costs. We already have our own hefty mortgage and have 3 young children (15, 13, 11). I currently pay 85% of all our costs and she the remainder.
I am the only one out of ten siblings and respective partners who is baulking at this. They feel that there is money to be made by renting out the house on 'Air bnb'. My wife is furious with me that I never join in on her families joint ventures. There was once a race horse that they all purchased (except for me) - another story!
My Wife in her anger said to me that she needs to be involved in this as it is part of her inheritance. I pointed out that it didn't seem fair that I pay the loan and her name is on the investment. Come to think of it, our house is in her name and I pay the loan (security reasons), I pay for her car and it is in her name etc.
My wife really has no money sense and wants for nothing as I give her want she wants. But this seems to be a big ask. Family gatherings will be awkward if I am the only one not involved. My wife's brother, the instigator and eldest sibling (47 M), is seen as a bit of a 'hero' by her family so what he says goes! Kinda guy that orders the wine on behalf of others at a restaurant and you don't get a say!
Greatly appreciate some advice. I feel my choice is to say 'ok, Let's do this' or 'I am outer here, let's see how you handle things without me' - How do I handle this?
tl;dr: Wife's brother wants us to go in on an investment with her family. Investment will be in her name but as the bread winner I service the loan. She is in, I am not. Big problem.
Source.
My Wife's brother is asking us to go in with other family members to buy her parents spare cottage on their property to give the parents some liquidity.
The bank loan will be in her and her siblings names (not the respective partners). As I am the main breadwinner I would have to service the joint loan for her.
I do not want to be told how to invest my money esp. when I have little spare after my own costs. We already have our own hefty mortgage and have 3 young children (15, 13, 11). I currently pay 85% of all our costs and she the remainder.
I am the only one out of ten siblings and respective partners who is baulking at this. They feel that there is money to be made by renting out the house on 'Air bnb'. My wife is furious with me that I never join in on her families joint ventures. There was once a race horse that they all purchased (except for me) - another story!
My Wife in her anger said to me that she needs to be involved in this as it is part of her inheritance. I pointed out that it didn't seem fair that I pay the loan and her name is on the investment. Come to think of it, our house is in her name and I pay the loan (security reasons), I pay for her car and it is in her name etc.
My wife really has no money sense and wants for nothing as I give her want she wants. But this seems to be a big ask. Family gatherings will be awkward if I am the only one not involved. My wife's brother, the instigator and eldest sibling (47 M), is seen as a bit of a 'hero' by her family so what he says goes! Kinda guy that orders the wine on behalf of others at a restaurant and you don't get a say!
Greatly appreciate some advice. I feel my choice is to say 'ok, Let's do this' or 'I am outer here, let's see how you handle things without me' - How do I handle this?
tl;dr: Wife's brother wants us to go in on an investment with her family. Investment will be in her name but as the bread winner I service the loan. She is in, I am not. Big problem.
Source.
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