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  1. #1
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    Default Financial advice please!

    Ok, I am at a crossroad and I need some advice.

    I will try to make this as simple as possible.

    I was bought shares about 10 year ago by my Grandfather who was like a father to me.

    My grandfather passed away 2 years ago.

    My family (dh, dd & ds) are struggling financially at the moment.

    I could sell my shares and pay 2 major bills that we constantly fall behind on or continue fighting to pay these bills off and keep the shares.

    I would love to get our family out of some major debt but I'm feeling guilty about selling the shares that were bought for me by my grandfather, I don't want to regret my decision.

    What would you do in my situation?

  2. #2
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    I'm sure your grandfather bought you the shares with the intent that they 'help' you financially in the future.

    I would suggest as long as the bills aren't getting behind because the money that should be paying them is being spent else wehre and therefore there is a bigger issue, if you are genuinely in a pickle use them.

    If it's a budgeting issue and you really don't need to sell the shares you just need to be smarter with the money you do have then no you shouldn't sell them, you should improve your money control.

    Hope that makes sense.

  3. #3
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    double post

  4. #4
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    Quote Originally Posted by Our Little Family View Post
    Ok, I am at a crossroad and I need some advice.

    I will try to make this as simple as possible.

    I was bought shares about 10 year ago by my Grandfather who was like a father to me.

    My grandfather passed away 2 years ago.

    My family (dh, dd & ds) are struggling financially at the moment.

    I could sell my shares and pay 2 major bills that we constantly fall behind on or continue fighting to pay these bills off and keep the shares.

    I would love to get our family out of some major debt but I'm feeling guilty about selling the shares that were bought for me by my grandfather, I don't want to regret my decision.

    What would you do in my situation?
    I would sell them only if I had already taken every possible step to improve my situation.

    - Can you consolidate the debts?
    - can you negotiate payments to manage them better?
    - are the debts high interest (i.e. credit cards) that will just keep increasing?
    - have you worked and re-worked your budget?
    - are the shares selling at a reasonable return?
    - are you saving the shares for something 'special'? (ie house deposit)
    - can you sell a portion of the shares and decrease debt by say 50% which would still improve your cash-flow without giving up all of the asset?

    If all of these questions = selling the shares is the right answer, then do it.

    Although the shares hold sentimental value to you, it doesn't seem right to put that ahead of your immediate family now.

    If your financial situation is short term and there are still options to improve your cashflow, then keep hold of them.

    all the best

  5. #5
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    Default Financial advice please!

    Thank you both for your responses.

    I will respond a bit later when I'm on the computer as the replies will be lengthy.

  6. #6
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    Default Financial advice please!

    You also have to take into consideration the tax implications of selling shares.


 

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