How would you handle a $2.4M windfall?
Quote: ncfatcatThere's a Cajun restaurant for sale in my neck of the woods for $360K that would qualify for SBA financing throwing off $100K plus cash and the owner is semi absentee spending most of his time on the Outer Banks fishing. I guess I'd buy the restaurant and spend the rest on maintaining the boat LOL
I'm a downer, but there are very few restaurants around that make it without a hands on owner being there almost 7 days a week. The few that can have developed and trained a staff they can trust. And that is not easy in this industy. There is a reason why over 50% of restaurants fail.
Look at the history of "Restaurant Impossible" on FN. Almost half have closed even with the help of an expert.
Quote: 100xOddsLets say you got a $2.4M windfall.
- inheritance
- lottery
- or, say, selling a website :)
I'm sure for anyone we know it is college funds.
I'm 33, no savings, estimated net worth of about -$3k. And I'd conduct an experiment to show the naysayers that one could live comfortably on that "measly" $2.4mm for the rest of my life without working. Assuming one could invest in a way to just account for inflation (easy, right?), stretching it for 50 years should be cake.
My terrible math says that's ~$50k a year. Last year I had a house, a serviceable truck, a boat, built a race car, spent 5 days fishing in Wyoming, spent 10 days sailing the Caribbean, and I ain't never made $50k a year in my life. And I sure didn't go further in debt to do that; in fact, I lowered my debt several thousand. Granted, $50k p/yr isn't even rent money in, say, NYC, but if you can't make it here on $50k, you're on some next-level lifestyle kick that I can't even comprehend.
Quote: BozI'm a downer, but there are very few restaurants around that make it without a hands on owner being there almost 7 days a week. The few that can have developed and trained a staff they can trust. And that is not easy in this industy. There is a reason why over 50% of restaurants fail.
Look at the history of "Restaurant Impossible" on FN. Almost half have closed even with the help of an expert.
Yeah I know. I sold restaurants from 1986 until last year when I retired with a couple of years break. This is one of 3 I've seen that I would consider out of 40-50 transactions a year in that time period. This guy is smart he does like my dad did in his restaurant. He makes sure the help can't make more money anywhere else in town.
Quote:Last year I ... built a race car, spent 5 days fishing in Wyoming, spent 10 days sailing the Caribbean, and I ain't never made $50k a year in my life. And I sure didn't go further in debt to do that; in fact, I lowered my debt several thousand.
Nice trick.
Want to tell us how you did it?
I'm especially curious about your building a race car; those suckers aren't cheap (well, dirt track beaters aren't too bad).
Quote: FaceLol @ all you people. Here we have a "fantasy" and y'all squares are still gonna pay your taxes? ;)
I'm 33, no savings, estimated net worth of about -$3k. And I'd conduct an experiment to show the naysayers that one could live comfortably on that "measly" $2.4mm for the rest of my life without working. Assuming one could invest in a way to just account for inflation (easy, right?), stretching it for 50 years should be cake.
My terrible math says that's ~$50k a year. Last year I had a house, a serviceable truck, a boat, built a race car, spent 5 days fishing in Wyoming, spent 10 days sailing the Caribbean, and I ain't never made $50k a year in my life. And I sure didn't go further in debt to do that; in fact, I lowered my debt several thousand. Granted, $50k p/yr isn't even rent money in, say, NYC, but if you can't make it here on $50k, you're on some next-level lifestyle kick that I can't even comprehend.
Yeah, but a lot of us make more than that, too, and I'm not going to retire downward when I like making more. I'd rather make more for the next 5-10 years, plus have the investment income off the windfall, then retire.
$10mil? I'm retired. I'm not going to live long enough to outlive that principal balance at my current lifestyle.
Quote:These and other retirement income streams produced an average income of $31,742 for people age 65 and older in 2012, according to a recent AARP Public Policy Institute analysis of Census Bureau data. Here's how older Americans are paying their bills in retirement:
So, whatever, I imagine you should not be aiming lower than that. All the cat food you can eat if you retire where the cost of living is the highest, otherwise you probably can get by on it.
Quote: MrVNice trick.
Want to tell us how you did it?
I'm especially curious about your building a race car; those suckers aren't cheap (well, dirt track beaters aren't too bad).
I think the biggest is something SOOPOO always alludes to; we live in a depressed area. Taxes and gas are brutal, but homes and stuff are pretty cheap.
A good friend lives in Wyoming. Few hundred for flight, few hundred for fishing permits, and that's it.
Caribbean we chartered and captained our own ship. Even with flights and ship and food and copious amounts of booze, it came in at a super mild $250 a day.
My race car is a beater ;)
The rest is just living within (see also: below) my means. I haven't had a cable/dish bill in 3 years, I don't buy new, and I try to do for myself. I just today completed what was very nearly a frame off restoration of my truck. Total cost, including all the niggles like sandpaper and mixing cups, was less than $500. Shop it and that job is $5k easy.
Little stuff like that =)
