Is opening up a joint account with a friend a good idea?

Question

We plan on opening an online brokerage account and investing together.

Answer 1

18 answers; 16 no's and only two maybe's.  The no's seem to have it.  

Word or advise: Only invest what you don't mind losing.  If you put in 1,000 assume that you have lost 1,000.

Answer 2

never!!!!

Answer 3

No.  Not a good idea.

Answer 4

No.  There's no reason you have to open a joint account to share investing ideas.  The legal issues outweigh the  benefits.

Answer 5

No.

Answer 6

It is never ever a good idea.

Certainly not until you are married and even after people want their own accounts. Never co-sign either.  

When money is involved you never know what people may do even if you trust them now.

For the most part it is a real dumb idea because once you mix money you lose some of your legal rights and if the other person takes it you have less right to complain or sue them for it.

That is why you should simply never do it unless you don't care if you lose the money.

Answer 7

Terrible idea.  Don't do it.

Answer 8

no ...bad idea she/he can take all ur money and go away forever .....................& ever

Answer 9

No, it is a bad idea.  Way too much risk.  I would suggest you both start your own separate brokerage accounts.  That way you have control, nobody has hurt feelings, nobody gets sued or stolen from, and you can invest however you want to.  Then you can compare them, or whatever you want.

Answer 10

NO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!...

Answer 11

Nooooooooooooo    !

Sometimes  it's  even  a  bad  idea  for  spouses .

Better   just  to  give  them  the  cash  &  say  "go  party" .

A   true  friend  would  NEVER   sucker  you  into  that .

They   would  invest   with  their  own  $$$$ .

True  friends  NEVER   play  with  other   peoples  $$$$$ .

>

Answer 12

no, i wouldn't even open a joint account with my own mother...

Answer 13

No! My husband and I once had a joint bank account and that didn't work out. People argue and fights can happen so you have to do what you can do to protect your finances. Open your own account.

Answer 14

"A nobody" is right about the friendship part being lost because of money.

However, I have to give you an alternative.

If you open a business current account, insist on an "AND" account.  This way, both of you have to sign the cheque in order for the bank to honor it.  Just be careful where you keep the cheque book.  A very good forgery of your signature can also clean you up.

Think about it very carefully before opening a joint account.

Answer 15

Hello M. What type of investments are we talking about?

Perhaps it would be better to persue other interests with your friend and compare notes re the investments instead.

You could learn a lot more this way I think. :)

Answer 16

joint accounts require a lot of trust between the two people.....so to answer your question: not unless that friend happens to also be your spouse.

Answer 17

Do NOT do this.  You know the saying "friends and business do not mix"?  This is a perfect example.  Also you pose a risk of someone else taking out your money.  What happens if you have a fight with your friend?  They make take your money out of spite.

My advice is to open seperate accounts and discuss with each other you moves.  it is safer.

Answer 18

F....THAT...ARE U NUTS ............

Answer 19

It all depends on how well you know this person, and for how long.

If you do a joint account, whose going to keep the profit.loss records & distribution along with the dividend distributions for tax purposes.

Usually joint accounts among friends don't work, and in many cases in ends the friendship

Why not just have seperate accounts, meet periodically and do investing/trading together to determine how this works out before you really lock yourselves together.