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He Asked if I’d Manage His Investment
I’m flattered but…
Years ago, after graduate school, a good friend asked if I’d manage some money for him.
I was investing in tech stocks at the time and I’d regaled him with stories of how I’d made 70% in one year.
At the time, I was in grad school and making a tiny stipend. Fortunately the university did cover medical care for its students so it was manageable. However, I would have been quite poor if I hadn’t had money invested.
The money allowed me to keep my vehicle and travel to see family a couple of times a year as well as a few other luxuries. I never needed to ask for money from my parents and I didn’t need to take out student loans thanks to the extra money I got from my investments.
Fast forward a few years, I was done with school and not yet working. My friend asked if I’d invest for him.
I’d read about how Warren Buffet had invested money for friends, so I figured it would be OK if I did it. But I wanted to make sure we had a contract because the last thing I wanted was for a good friendship to be ruined due to money. So he and I drew up a contract we both felt happy with and we signed two copies — one for each of us.
I made it clear that each of us would be responsible for paying our taxes and made…
