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Using the Family to Fund a Biz

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TheJason
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You could possibly get your family to fund a biz.   This kind of strategy was used by Korean immigrants to the US.  The idea being is that everyone donates to the biz - and then the borrower pays back with interest to each donator.  Note, this idea is used - mainly because immigrants often don't have the financial clout to get traditional bank loans.

Anyway, do you think this strategy would work among your family?   I don't think it would in most cases - regarding just average people in the US, UK etc..ha ha.

O.K., well I have seen this sort of thing among churches, though - and modern-day crowdfunding - seems a lot like it.  What you all think?

This topic was modified 5 years ago 2 times by TheJason
 
Posted : 30/05/2019 3:21 am
JoyFreak
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I can see this working within my family but high chances of it working in any other family in the UK, most can't afford to go to the cinema.

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Posted : 30/05/2019 9:58 am
Demon_skeith
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I've asked my parents in the past to use their credit card to buy me somethings when I lacked one, granted I paid them right away.

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Posted : 04/06/2019 7:25 am
VirusZero
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I've used my parent's credit cards also (before I had my own). But it as never for website stuff. It was always for physical goods or services. Like the time I bought tickets to Videogames Live... I had the money for the tickets before even asking, I just needed a credit card to actually buy them. But that's not what is meant in this case... 

I've never borrowed money or asked for donations from my family to fund web stuff. I wouldn't bother as, for the most part, they don't have money to loan out. The only person who does have money has, sadly, been burned too many times by stupid relatives not paying them back like they should. (Like the relatives take longer than they said they would or just haven't fully paid them back at all.) So while I could probably ask them, I don't want to because web stuff is not a necessity. 

 
Posted : 04/06/2019 7:40 pm
TimeRider
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Getting my Family to Fund me has never worked for me.

I tend to earn it my way.

Nepal https://chatsansar.com

 
Posted : 05/06/2019 5:47 pm
 suny
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@TheJason You reminded me a tradition in one of our business communities. The members of this business community donate to a bankrupt business owner a certain amount of money and a few bricks  so that he can establish a new business and stand on his own feet. 

This post was modified 5 years ago by suny
 
Posted : 05/06/2019 7:18 pm
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