Investing with my mates for fun

[magillacuttie]

i have been investing in shares for some time and I enjoy the process. I have been saying to mates at work that we can all put in a bit of money and buy some shares together. It would just be for fun and we would not be taking it too seriously. But, other then just giving the money to one person and investing in their name, I was thinking of setting up a trust. I am not sure of the process. I know people will have opinions of whether it is worth it or not, but, I really just want the ”nuts and bolts” info.
can I set up a trust without using a lawyer? Is there a simple way to set up a trust, a unit trust, without paying someone to do it and if so what is the process?
thanks in advance

 

[tech/a]

All on Red
Your simply gambling.

if it’s just for fun why have a trust.

 

[Sharkman]

i wouldn't. if things go wrong (which is probably the more likely outcome if you're not "taking it too seriously") you will not only lose money, but quite possibly lose friendships as well.

if you really want to push ahead with it anyway, you can set up a DIY trust for a few hundred bucks or so depending on the type of trust using online services such as this:

Cleardocs Trusts products

www.cleardocs.com

but don't blame me if you do this and it doesn't all go to plan, trying to DIY this type of thing instead of getting it done thru an accountant is just begging for trouble IMHO.

 

[jbocker]

Could be interesting but I would NOT do it with shares. The amount to invest would be too much to cover a spread of shares. Too many opinions as to what to do. too illiquid and boring.
For fun I, with a bunch of workmates used to put in a set aside amount each pay. 1 person rostered per week was in charge of investing (gambling) on what ever they wanted. Horses dogs scratchies lotto whatever. The winnings were put in the pot. It was divied up at xmas over lunch where a chart of returns by each investor was acknowledged. It was fun. Many a laugh was had as some nag brings in a great return and plenty of ribbing throughout the year.
Did that for years where in time a league of champions and dudsters became folklore.