Jerseytunahunter
Dryer sheet aficionado
Hi Everyone I did a search on this and did not see an older thread. This is my story-
I'm planning to FIRE in three years at age 59. Right now 17% of my assets are real estate equity, 15% cash, 401k, IRA, and 68% the value of my company. I've been in business 37 years, we currently have 82 employees. I have a good team in place and do not work in the day-to day operations anymore. I'm working on making my business as "pretty" as I can to increase my EBITDA and multiple. It's standard in my industry for the owner to stay on for a year of transition, so I would engage a broker in 2021, and retire in 2022. At that point my wife and I will have more than enough monthly income and healthcare is not a problem as she is a retired teacher. I met with my CFP and he is recommending the following investment strategy after we close the deal:
30% bond (safe and gauranteed income)
20% insurance product like Metlife (same)
50% stocks
Any proceeds from the stocks side would go on the safe side, thus diminishing the risk a little each year. We also would leave the real estate alone as we have good income there. What does the ER braintrust think?
I'm planning to FIRE in three years at age 59. Right now 17% of my assets are real estate equity, 15% cash, 401k, IRA, and 68% the value of my company. I've been in business 37 years, we currently have 82 employees. I have a good team in place and do not work in the day-to day operations anymore. I'm working on making my business as "pretty" as I can to increase my EBITDA and multiple. It's standard in my industry for the owner to stay on for a year of transition, so I would engage a broker in 2021, and retire in 2022. At that point my wife and I will have more than enough monthly income and healthcare is not a problem as she is a retired teacher. I met with my CFP and he is recommending the following investment strategy after we close the deal:
30% bond (safe and gauranteed income)
20% insurance product like Metlife (same)
50% stocks
Any proceeds from the stocks side would go on the safe side, thus diminishing the risk a little each year. We also would leave the real estate alone as we have good income there. What does the ER braintrust think?