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I have been reading some of the investment techniques some of you use and I have a few question.
We currently have a bit of our self directed IRA invested into my BIL, he is a real estate investor and is giving us a pretty good return. However, he is delinquent in his timing in giving us our interest due yearly, and has stopped giving us Promissory Notes. I have red flags going up over this and would like to take the money invested into his company and reinvest in real estate and also stick some into some index funds.
Because this is family I am worried that a big ruckus will happen if we chose to do this and want to be as educated as possible. We live in AL and real estate prices are good. We both could attend investment classes before leaping into this but has anyone had an experience like this. Investments/family can be a very tricky thing.
First off..I'd see if you can get the money back and just park it in a MM/CD temporarily while investigating your plan. If you do too much hopping from this investment to the next commissions may eat up a lot of your profits and, if you have losses, will make them even deeper.
Might also be worth it to pay for a session with a Financial Advisor ..not the type that sell you the investments, but the type that, for a flat fee, will work out a plan with you and then you go off and execute on that plan.
Everyone has different levels of risk and are seeking different goals. What works for me may not be right for you.
I think that it's time that you broke away from family dictates and learned to fly with your own wings. The psychological restaints of investing with family can be used to manipulate irrational behavior that can be counterproductive to making wise and logical decisions. It could also be used to cover up any fraud or Ponzi schemes. It's called affinity fraud. Affinity fraud - Wikipedia, the free encyclopedia
I'm not saying that you may be a victim of this but that this is a reason that you need to educate yourself to be a prudent investor. Good luck with your educational journey.
I agree with HappyTexan. Removing your money from the BIL's investment scheme might not be as bad for family relations as having him lose your money entirely. In the former, he might be pissed, but should get over it eventually. In the latter case, you would be pissed and out a lot of money.
Don't be afraid of taking control of your own money for investing. There are plenty of places to find good advice, and others have successfully weaned themselves off investment advisors. The fee-only advisors, as HappyTexan suggests, will give you fairly independent advice since they are not trying to sell products for a commission.
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