Howdy yall - first time looking to vaca in the caribbean. 25yr anniversary trip in February. Looking for as private as possible, yet walking to shopping/good food. We enjoy good beaches and driving to explore islands. Open to resorts, but prefer airbnb... budget of 10k +-, flying from PDX.
Thanks for your input friends.
Looking for input and guidance –
Uneducated in finance but trying to navigate smartly. Gladly receive your comments/recommendations based on my situation.
44M, married with household of 5.
Worked hard growing a service based company from high school till current. Still operating at a smaller scale. Here’s my financial picture:
S-Corp Company picture: $2.5 – $2.8 annual revenue with ~$300k annual profit. 20 employees. Salary taken: $175k.
Debt: 2 company vehicles ~$100k total.
Cash on hand: $600k + $400k in receivables.
I have little day-to-day work to be done as I have a good management team that handles everything except payroll and controlling the bank account.
Because of the nature of the business, it is not worth much more than the equipment and a few months of monthly revenue (book of business). My intentions are to keep it rolling for another 10 years or so.
LLC – Rental income property:
Monthly rental income is $7,500.
Mortgage is $3,400 @ 5.85% with balance of $585k. Property evaluation ~ $1.2m.
Goal is to make double payments, paying off in 10 years or so.
Personal finance:
Annual spend: Fam of 5: $120k
Home: Mortgage is $2,000 @ 2.65% with balance of $130k. Property evaluation ~ $750k. Plan to stay put and make minimum payments and pay off in around 7 years.
Cash: Fidelity Cash management account: $180k (unsure of where to place it long term)
Robinhood: Stuff like Apple, paypal, Disney, neflix, tesla, reddit, VOO, VTI. $104k
I admittedly should not be in the stock market – considering getting out of all but VOO and VTI.
Checking/savings credit union: $35,000 (bill pay account)
IRA: $400k
HSA: $12k
Life insurance: $400k (purchased long ago when it was cheap and I was broke)
All this to say I have ~$300k cash plus another $300k in company cash to invest in “something”. More rental income is an option, potentially a fix-up 2/3/4 plex. I can “blend” lots of company expenses into remodel work or “expense” materials and labor into this type of project with the end result of owning it personally.
I welcome input or ideas – I know I’m in a better position than most, but feel like I’m stalled out due to my inexperience/negligence/lack of education.