What would you do?
I feel like this post might be a bit cliche around these parts, but it's close to my time. I have question marks both fiscally and personally. Help a brother out with some advice! 🤜🏻🤛🏻
TODAY
53 year old single male.
One girlfriend (44 y/o). One chubby cat (12 y/o). No kids, and no plans for them.
3.3mm in individual brokerage account.
1.4mm in tax advantaged retirement account.
$800K in home equity, with $650K remaining on mortgage at 2.69% (currently valued at 1.8mm)
monthly expenses are $9500. I'd like to increase that in retirement, do some extended world travel, and have my eyes on spending approximately $600K on a new boat+truck, and an RV.
THE FUTURE
I am a small business owner with take home pay of around $25K/month after taxes.
While work is engaging, it's all consuming and I am simply over it. I've got everything out of this career that I'm going to get out of it. I've been doing it so long... I feel like I need to go smell the roses in the world while still strong and healthy.
With 4.7MM invested, I anticipate crossing the 5MM line in the next 6 months.
Estimated inheritance of 5MM in the next 2-5 years. Historically, I've decided to treat the inheritance as if it wasn't there. A lot can happen, but in reality that's... happening.
My business is likely worth around 1.5MM on the open market, but I don't know if I have the time, will, and perseverance required to sell it... going thru brokers, lawyers, and the fiscal colonoscopy to get that done when already working nearly every waking moment. Also not sure if my small team of employees has it in them to take it on either, so that's a big question mark. If anything, it's beginning to feel like a run-away freight train with a mind of it's own... in a good way... but, I can't seem to find a way to get off.
What would you do?