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Old 07-28-2021, 09:27 AM   #61
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Originally Posted by Koolau View Post
Words to live by.

Gumby, is that a picture of you from, say, 10 or 15 years ago? You know. Back before you FIRE'd.

That is from my student ID when I was at Yale Law School back in 1989, which I just rediscovered during a massive desk cleanup two days ago. I was 30 years old then.
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Old 07-28-2021, 10:20 AM   #62
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I wouldn't turn down more money, but I don't want it bad enough to do anything I don't think is fun or something I wouldn't do for free anyway these days. We had a couple of home businesses that were still doing pretty well when we decided to retire, but they were based on my old hobbies and every day was starting to feel like the Ground Hog Day movie - the same thing over and over. Plus trying to abide by all the different government laws for online businesses was getting to feel like a real burden.

I view optimizing our expenses and my urban homesteading hobbies like a part-time job now as I enjoy both of those.
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Old 07-28-2021, 01:22 PM   #63
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My only advice is: stay in your field.

I've seen plenty of successful entrepreneurs in a particular industry think because they succeeded there they'd also be a successful in other endeavors...real estate seems a particular siren song.

I know one who personally guaranteed the loans on a "can't fail" high-rise condo project...right before the Great Recession hit.

Then they had to deal with the bank who came looking to collect.
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Old 07-28-2021, 01:44 PM   #64
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Originally Posted by MichealKnight View Post
I'm almost 46. Wife, 2 young kids....


Basically, I have $3.4mm in liquid cash-stocks plus, own personal residence outright that easily is worth $1.0mm. I've been kicking back for 5 months now, plotting my overall strategy to stay retired ie asset allocation, possible real estate buys, etc.

Darnit, part of me wants my mini-empire back.

I certainly made a good faith offer, but deep down I was scared of the risk. Had things gone well - - I'd have only made $210k per year which is only 9% returns. ALOT of things would have to go right for that to happen and frankly, it's less than I used to make at my apex. One one hand it's not "worth it" to risk 2.3 mill, get back into a cut-throat business, and hope it goes well not to mention the 70 hour weeks are back which I'm used to, and would happily do because the people. that are ready to join - - are a pleasure. BUT, I knowingly put in an offer that was good - -but I sorta knew someone would beat me out by just a little....and sure enough it happened today.

BUT if things didn't work out in the new business - I think I'd lose a good $400k of my total investment - - I can't lose $400k with no hopes of recouping it.
Get the ego out of it; this is a financial and well-being decision, and your answers are all right here.

I'm in a similar situation: 44, wife, kids 5 and 2. I have a military pension alongside our roughly $2MM in assets. We just invested about $330K in a small business, but the difference is: no property to maintain, service-based in high demand with a built-in client base already existing, and promise of probably 20% yearly ROI being very achievable (not including our salaries as owners).

Our decision was a no-brainer.

To me, yours is also a no-brainer... but in the other direction. What's tugging at you is ego or pride... and neither of those is a good basis for making financial and overall well-being decisions. In the words of Elsa, Let It Go!
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Old 07-28-2021, 06:05 PM   #65
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Indeed

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Originally Posted by Andre1969 View Post
Thanks for the reminder...I'm on the other channel now watching Jack Benny. Gotta remember to switch over to MeTV at 8 for my Beaver fix. If I don't get Beaver twice a day, I feel the day is wasted.

Yeah, the Beaver can be finicky, and it's hard to just set it and forget it but in the end, if you find it on the right channel at the right time, it can be of great benefit.

Long on Beaver.
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