Just had the business I own valuated at around 1.2 million. Trying to decide if I should sell. Just curious what folks here think and what they could do with 1 million in a lump sum.
It's my only income right now, and I've mostly been reinvesting profit to grow the business these past 3 years. My wife works. We both have 401k. She about 800k, me about 500k.
2 kids, 9 and 5 years old. 440k left on the home mortgage.
I'm not under any illusions I would be done with work. I fully plan to start up a new business immediately and already have something going with a partner. But that will take a bit of time to grow and nothing is guaranteed.
My question is what can I do with a million? Pay off the house, invest in an index fund and use some to fund the new business is the best I can come up with.
Other option I suppose is hold on to the business, pull more profit out and still try to grow it. Risk there is things can slow down and the valuation goes way down if that happens.
It's my only income right now, and I've mostly been reinvesting profit to grow the business these past 3 years. My wife works. We both have 401k. She about 800k, me about 500k.
2 kids, 9 and 5 years old. 440k left on the home mortgage.
I'm not under any illusions I would be done with work. I fully plan to start up a new business immediately and already have something going with a partner. But that will take a bit of time to grow and nothing is guaranteed.
My question is what can I do with a million? Pay off the house, invest in an index fund and use some to fund the new business is the best I can come up with.
Other option I suppose is hold on to the business, pull more profit out and still try to grow it. Risk there is things can slow down and the valuation goes way down if that happens.