How should two grown-ups share a coffee can full of quarters in our treehouse?
June 24, 2011 2:34 PM Subscribe
How should my brother and I manage a new joint slush fund?
posted by anonymous to Work & Money (2 answers total)
My brother and I have invested in a venture that is going well (knock wood etc.). We have all the legal stuff in place to govern how we are paid out, with the exception of a new hiccup we'd like to create for ourselves: we'd both like to set aside x% of our earnings into a joint "slush fund" (for lack of a better term). Depending on how big it grows, this money could be used for any number of activities: a fun vacation together, or perhaps a small investment in a local start-up, or to hire a freelancer to try to build that computer game we've always talked about, or as a small portfolio of a few stocks we each pick for friendly competition against each other, or (and maybe most compellingly) just to pay for all of our families' meals out together so we never have to deal with the "is it my turn or yours" nonsense.
We tend to think very alike on things, and are both equally excited about this idea... but a little lost on how we might be able to put it in place. Should we create a tiny LLC (since this fund may go toward the freelancer, for example, or other actual investments)? Or should we just create a joint checking account? Or is there an even more elegant approach that we're not thinking of?
YANML, YANMA, etc.
Thank you, hivemind!