WiltonKnight
Dryer sheet wannabe
Hello everyone, what a marvelous forum here.
I'm going to spare everyone the history and details, but feel free to ask anything. Here is my general question and quandary:
I'm 36. And while I've been rather successful in the small-business world, I've got NO college education...point being, tough to find a job.
I'm about to sell my business and here will be my financial picture:
$3,000,000 cash in bank. House paid off. Cars paid off.
Family: Wife, 4 year old, 1 baby on the way.
Lifestyle: While we NEVER lived over our means, I am kind of used to a 'nice' lifestyle, i.e. never worrying about money, nice travel, eating out, etc...and don't want to "give up" a lot of that.
(For argument's sake, I don't want to include inflation in any equation here)
I could go into another business venture, but to be honest...I'm sick of it. I'm sick of customers, employees, the government, the whole nine yards. I'd LOVE to just retire but due to lifestyle,..not sure if I can do it.
Bottom line: I need a "gross income" in retirement of $230,000 to retire.
This means, on $3 million....I'd need 7.7% annual returns.
I've got some mentors, who are very successful...telling me that it can be done.
I've got other advisors, telling me....no way.
Does 7.7% annual return seem realistic?
Thanks for ANY opinions and be blunt as possible.
I'm going to spare everyone the history and details, but feel free to ask anything. Here is my general question and quandary:
I'm 36. And while I've been rather successful in the small-business world, I've got NO college education...point being, tough to find a job.
I'm about to sell my business and here will be my financial picture:
$3,000,000 cash in bank. House paid off. Cars paid off.
Family: Wife, 4 year old, 1 baby on the way.
Lifestyle: While we NEVER lived over our means, I am kind of used to a 'nice' lifestyle, i.e. never worrying about money, nice travel, eating out, etc...and don't want to "give up" a lot of that.
(For argument's sake, I don't want to include inflation in any equation here)
I could go into another business venture, but to be honest...I'm sick of it. I'm sick of customers, employees, the government, the whole nine yards. I'd LOVE to just retire but due to lifestyle,..not sure if I can do it.
Bottom line: I need a "gross income" in retirement of $230,000 to retire.
This means, on $3 million....I'd need 7.7% annual returns.
I've got some mentors, who are very successful...telling me that it can be done.
I've got other advisors, telling me....no way.
Does 7.7% annual return seem realistic?
Thanks for ANY opinions and be blunt as possible.