I'm will come into 100-200k in the next two years

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Airbnb has killed that market. Food has tight margins, but since there is no time to cook anymore, it is a better option. My Spouse makes way more than you do and sets the hours. Food is pretty sweet to be in. I think if you research this more you will discover that starting your own business will most likely lead to bankruptcy unless you are willing to work very hard and have incredible talent in something that happens to be in demand.

So if this is the case what can I do eh this money to make it as valuable as possible, maybe allow myself to be able to go part time and downs more time with my family, minimizing office time

So you want to start a new biz but are already thinking of going part time to spend more time with your family?! Are you nuts?! Sorry, OP, but you already lack the attitude it takes to make a self-run business a success.

The goal is to quit my job and find something more fulfilling, I am a hard worker but working on something I hate for the next 30 years is just kind of a depressing prospect.

I do think/understand that this could be a better idea in 5/10 years when we're out of the young kids phase.

But I've never really been an expert on investing so am nervous about that.

I feel like I have an opportunity not everyone gets here and I just want to do something meaningful with it

[Anonymous]

Sorry to burst your bubble but 100-200k isn't that much money. It definitely isn't enough to quit your day job.

If you really love wedding planning, I recommend doing party planning on the side.

[Anonymous]

Anonymous wrote:Sorry to burst your bubble but 100-200k isn't that much money. It definitely isn't enough to quit your day job.

If you really love wedding planning, I recommend doing party planning on the side.

None of my posts implied I thought it was enough quit my job and live on. It does seem like enough to try something new without bankrupting us.

But no I am not super experienced with money management which is why I'm posting.

[Anonymous]

U may be able to put a down payment on a teardown home in a good neighborhood. I would do that to prep for a decent wife and family.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Sorry to burst your bubble but 100-200k isn't that much money. It definitely isn't enough to quit your day job.

If you really love wedding planning, I recommend doing party planning on the side.

None of my posts implied I thought it was enough quit my job and live on. It does seem like enough to try something new without bankrupting us.

But no I am not super experienced with money management which is why I'm posting.

Huh Op? Your post totally implies you want to quit your job bc you replied you wanted to start your own biz in wedding planning and/or open up a bnb. How can you do that and work FT? You'd have to quit your job do that.
Hence all of us telling you not to.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Sorry to burst your bubble but 100-200k isn't that much money. It definitely isn't enough to quit your day job.

If you really love wedding planning, I recommend doing party planning on the side.

None of my posts implied I thought it was enough quit my job and live on. It does seem like enough to try something new without bankrupting us.

But no I am not super experienced with money management which is why I'm posting.

Huh Op? Your post totally implies you want to quit your job bc you replied you wanted to start your own biz in wedding planning and/or open up a bnb. How can you do that and work FT? You'd have to quit your job do that.
Hence all of us telling you not to.

Yes I implied that I could quit my job to start a new venture. I thought you meant I thought it was enough to quit my job and live off of. Sorry if I misunderstood. I think a lot of people have quit to start businesses with less than 100k in the bank, I know its not a ton of money but it's not starting with nothing either

[Anonymous]

Do you actually want to run your own business or do you just want a career change? You could go into event planning without trying to start your own business. You can go into hospitality work without owning a bnb. The money gives you some cover to take a lower paying position.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Sorry to burst your bubble but 100-200k isn't that much money. It definitely isn't enough to quit your day job.

If you really love wedding planning, I recommend doing party planning on the side.

None of my posts implied I thought it was enough quit my job and live on. It does seem like enough to try something new without bankrupting us.

But no I am not super experienced with money management which is why I'm posting.

PP here. That is a nice down payment for a home. I personally would go that route and maybe save half for kids' college.

how old are your kids?

I am a SAHM now but I used to earn about 100-200k per year in bonus. I always saved most of my bonus and splurged on a vacation.

[Anonymous]

PP again. The reason I was able to SAHM was because I saved so much for several years. I'm now pregnant with 3rd child now but will eventually explore business ventures.

[Anonymous]

MBA and business owner here. Franchise is probably best in your case. Realize that for many of them, the numbers only work out if you put in a lot of hours, so be prepared for that. For example, if you were to buy a Subway franchise, then if you have only one, the numbers only work out if you put in your time to it managing it hands-on. It's only when you get to 5 that you can sit back and afford a full-time manager.

Another option is to buy an existing business. Here's some for sale in MD for example: https://secure.bizbuysell.com/maryland-businesses-for-sale/?q=/wEFC2xzcl9ybGJwbj0x (also look on Craigslist)

Since you have kids, you may want to look at Gymboree -- I know they are looking for someone to open one up in upper MoCo (Clarksburg area).

I'd say go more towards buying a business that already runs instead of starting one by licensing a franchise. You don't have enough $$ in most cases to start the franchise, and it's more of a risk. Also with an existing business, you can make a deal with the current owners to advise you for a year or two.

[Anonymous]

If you are intimidated by investing your own money, don't start your own business because that involves bookkeeping and taxes. Learn how to invest your money, then use the interest on your business. How about a consultant? Drive around, visit the clients, charge them for your services (whatever that may be). Or how about buy some wedding rental equipment, make your own website, people rent your stuff, then you deliver it and pick it up again? While your kids are young, just brainstorm your business. Then start the biz when they start school. By then, your nest egg will have grown if you invest it now.

[Anonymous]

I find it dispiriting that you work in communications and yet your writing, including the title of this thread, is so atrocious. Perhaps invest some of the filthy lucre you're about to inherit in a remedial English course.

[Anonymous]

I wouldn't put it into a home if you're married since you'd lose it in a divorce.

[Anonymous]

Anonymous wrote:I find it dispiriting that you work in communications and yet your writing, including the title of this thread, is so atrocious. Perhaps invest some of the filthy lucre you're about to inherit in a remedial English course.

[Anonymous]

Anonymous wrote:I find it dispiriting that you work in communications and yet your writing, including the title of this thread, is so atrocious. Perhaps invest some of the filthy lucre you're about to inherit in a remedial English course.

Her writing is quite awful. It isn't just a normal typo type of mistake either. English probably isn't her first language.