A quiet, anonymous little victory....

[Koogie]

It was the year end of my small business yesterday, so alone in the office after hours I did my net worth calcuation on a scrap of paper after closing the books. 1.019 million
Finally.
It's not the money I love necessarily but the security it provides and the potential freedom. Before my father died at an early age (for him and me) he told me to do something with my life that I enjoyed. Sadly, I never found anything.
But, I am fairly good at making money and always wanted the freedom to find that "something" Soon, this money will make that possible.
It's been a long hard five years since I started. I've taken a total of 10 days off in five years (7 days of holiday, 2 for emergency surgery for a leg I snapped near in half and 1 for my MIL funeral) and the stupid industry I am in is very high stress (being a middleman basically).
But, I don't want to make it sound all bad. I'm quietly happy and quietly proud today. Thought I would post it here where I lurk nearly everday and dream my dreams !

Since this section is called Hi, I am... 35m, married, Toronto Canada. Started small business 5 years ago after being laid off by egotistical, silver spoon former bosses. Started from a computer bought on my credit card in my bedroom. Didn't have a pot to piss in at the time. Only 5K in savings, a new house with big mortgage, disabled wife and it was Xmas ! ha ha... still seems like a Dickens story !!

75% of net worth is business equity. 15% house equity. 10% cash/investments.

Looking to retire in 3-5 years to enjoy travelling with my much better half.
Will continue to lurk here to learn more about investing and gain inspiration from other peoples stories and blogs.

Good luck to you all.

 

[haha]

It was the year end of my small business yesterday, so alone in the office after hours I did my net worth calcuation on a scrap of paper after closing the books. 1.019 million
Finally.
It's not the money I love necessarily but the security it provides and the potential freedom. Before my father died at an early age (for him and me) he told me to do something with my life that I enjoyed. Sadly, I never found anything.
But, I am fairly good at making money and always wanted the freedom to find that "something" Soon, this money will make that possible.
It's been a long hard five years since I started. I've taken a total of 10 days off in five years (7 days of holiday, 2 for emergency surgery for a leg I snapped near in half and 1 for my MIL funeral) and the stupid industry I am in is very high stress (being a middleman basically).
But, I don't want to make it sound all bad. I'm quietly happy and quietly proud today. Thought I would post it here where I lurk nearly everday and dream my dreams !

Since this section is called Hi, I am... 35m, married, Toronto Canada. Started small business 5 years ago after being laid off by egotistical, silver spoon former bosses. Started from a computer bought on my credit card in my bedroom. Didn't have a pot to piss in at the time. Only 5K in savings, a new house with big mortgage, disabled wife and it was Xmas ! ha ha... still seems like a Dickens story !!

75% of net worth is business equity. 15% house equity. 10% cash/investments.

Looking to retire in 3-5 years to enjoy travelling with my much better half.
Will continue to lurk here to learn more about investing and gain inspiration from other peoples stories and blogs.

Good luck to you all.

Congrats, you did a great job.

Ha

 

[DangerMouse]

Congrats on reaching such a significant milestone in such a short space of time.

 

[Homer]

congrat, you story almost make me shed some tears.

may i ask what you do? i would like to do something that productive too

 

[Gumby]

Well done Koogie.

 

[FUEGO]

Sounds like the American dream. In Canada.

 

[retire@40]

Good job, but how much is the business worth without you?

 

[samclem]

Congratulations, Koogie. Some unsolicited advice--try to slow things down a bit now that things are running well and the wolf isn't at the door. Nothing drastic, but take a day off now and then to spend with your bride. It won't be fun if you reach ER but don't know each other anymore.

 

[bssc]

Congratulations. And those are Canadian dollars.

 

[chinaco]

Congrats Koogie.

What type of business do you own?

 

[Midpack]

Well done Koogie, you've done very well for yourself. Not that it matters, but I fly into Toronto quite a bit visiting business associates down the road from you in Guelph. Very good business friends...

 

[Koogie]

Thanks to all for your kind words. I actually own a small transporation company and no, the business would unfortunately die without me. I'm looking into a "successor" but we'll see how that goes. It will certainly be a plum for them.
I do try and take it easy at home and not drag the stress into my personal life. Not always successful though (damn crackberry). And yes, those are CAD$ figures. If oil continues the way it has been and the exchange reverses again, I'll be worth even more in US$ figures again...
Guelph, eh ? Nice little city. Some of my best customers are actually in Guelph. It's what a mix of industry, university and enterpreneurial companies should be like in a town when the city council understands that people work at COMPANIES mostly and that if you want to actually have your citizenry employed you shouldn't tax the employers to death like most of them do. Sorry, but you won't find many Canadian business people who don't like a good rant about taxes.... !

 

[Westernskies]

Congratulations, and good luck on the exit strategy.
All the best.

 

[Milton]

Congratulations on passing the $1 million milestone.

75% of net worth is business equity. 15% house equity. 10% cash/investments. Looking to retire in 3-5 years to enjoy travelling with my much better half.

Is the business equity in the form of real property or other hard assets?

If you are attributing significant value to rapidly depreciating assets like computer systems, or intangibles like 'goodwill', you should consider consulting an accountant (preferably a CBV) before basing any retirement decisions upon the presumed value of the business.

Before my father died at an early age (for him and me) he told me to do something with my life that I enjoyed. Sadly, I never found anything.

Good advice, although sometimes it is easier said than done.

If by the age of 35 you have not yet discovered any activity that you enjoyed, you should take steps immediately to start finding your calling. Don't wait until retirement for some sort of epiphany to occur.

 

[Koogie]

Actually, the business value is 70% cash, 25% receivables and 5% hard property. I'm lucky that way to have a business that is service based with a low amount of hard assets that would just age or rust.
I'm not counting on retirement to give me an epiphany but more the chance to sit on various rocks around the world and try mightily to squeeze one out. I read a very good blog the other day by someone who suggested the same thing as you. He said if your idea of a good time is sitting on the couch eating cheesies and cursing w*rk for stopping you climbing mountains... it's unlikely retirement is going to get your cheese-eating *ss up and at it them..

 

[Koogie]

An update...

Well, it's been quite a year and half since the original post. Still chugging away.. highlights:
- still not retired ... (
- net worth up to M$1.4CDN
- selling the family mansion/money pit in the suburbs and downsizing to a rented rathole/charming townhouse in the city
- tried twice unsuccessfully to sell the business. One party wanted the biz and not me but the money was to low, the other wanted me and not the biz and I just ain't up for sale (isn't that the whole point of FIRE ?)

So, counting the days away until the end of next year when i've decided to try selling it again... you know, under the bigger fool theory.

Good luck to all.

 

[bssc]

Thanks for the update and good luck in return.

 

[rkser]

Congratulations for a great result for the hard work when you were in a tight corner, an inspiring story.You should be on this side of the border, where the entreprenuer skills pay more.

Good Luck !

 

[CoolChange]

Thanks for the update. This is an inspiring story; I have re-read this thread a couple of times today as I ponder my own future.

 

[Koogie]

So, wow. Another year and a half under the bridge. Another update is due I suppose (I like doing these for my own reflection.. if nothing else)

Highlights:
- still not retired ... (2014 planned / age 40)
- net worth up to M$1.75CDN 300K personal, 1.45M in retained capital in the holding co.
- sold the mcmansion 1.5 years ago. Renting a bungalow in a great part of the city near the lake. Actually really, really enjoying not being a home owner. First year and a half we rented the bungalow below the going rate for the area (luck/negot. skill) and as of this past Jan. am paying a little over the going rate for the area (hard luck times for the landlord). Since we plan to be here another 2 - 2.5 years, it'll average out to the going market rate.
- one more offer came in for the biz. I demurred on the decision since it just wasn't attractive right now. Planning on probably selling out to the same party in two years time.

I have worked on improving the quality of life in the last year and a half, in anticipation of FIRE and also because, frankly, I don't have to deal with as much stress anymore if I don't want to because I have a pile of MAD money. ha
We downsized the business and moved it, so now I am within walking distance of work. Also taking my running and biking a little more seriously (moved from snail pace to tortoise pace), trying to lose the rest of the weight I gained during the stressful years and just generally eating better, drinking less... etc, etc. blah blah blah

Trying to work on putting the money to work now. To my everlasting shame, not a penny of it is invested. I've been to caught up in making it to think about what to do with it. I guess the financial house is the next one to get in order... ha

Good luck to all.

 

[ronocnikral]

thanks for the update. it is one of the things I enjoy reading the most. good luck to ya!

 

[tightasadrum]

You've been successful in your other endeavors, so if you get the "investing thing" figured out, let us know how you do it.

 

[Dreamer]

Congrats. You have done great financially and it is great that the quality of your life is improving and that you have less stress. Thanks for the updates.

 

[LRDave]

Trying to work on putting the money to work now. To my everlasting shame, not a penny of it is invested. I've been to caught up in making it to think about what to do with it.

I guess some would say your money is indeed invested. Your cash surely outperformed some other folks' investments results in a similar time period! (From say 2000-2002, I wish I had adopted your investment strategy)

 

[Milton]

I don't think you have anything to be ashamed about. You are doing a great job re increasing your net worth; and it is also good to hear that you have reduced your stress and are now focused more on your health. Give yourself a pat on the back.