If you made your $ in high income/traditional professions

[Anonymous]

Say biglaw or banking or engineering. Have you ever considered leaving the profession when you get to x net worth (whatever x is for you) to start a business? And by business I mean a regular business - buying a franchise in fast food, gas station etc, not starting your own law firm or consulting practice. I’m considering it now as I was just offered first dibs on a franchise. I wouldn’t be there serving fries as it’s pretty big with several dozen employees, managers etc. The financials make sense. I am at a point in my profession where it’s gotten hard to move around, get new jobs etc — I just don’t have the right connections, ageism is starting etc. But IDK there’s a part of me stuck on the fact that I’m closing the door on my professional career that I went to school for and slogged at for years. Anyone consider this?

[Anonymous]

Yes, all the time.

[Anonymous]

Considered it but I don't find the idea of running my own business attractive. It's a ton of work. If the day to day of it draws you, go for it.

[Anonymous]

Why would I quit my $500k job to flip burgers?

[Anonymous]

Anonymous wrote:Why would I quit my $500k job to flip burgers?

NP. Because you wouldn’t do the flipping, silly.

[Anonymous]

How much can you afford to invest in the business and if it doesn't work out what affect will it have on your retirement etc. If the financials make sense and you can afford the risk then do it. But if it fails and your busted don't do it.

[Anonymous]

I don’t know if you include doctors in the high income group, but I know quite a few doctors that have gone that route. (Both older doctors that have worked for years and newer doctors). However, they are investing in the hotel business.

[Anonymous]

^^and they are not necessarily quitting their jobs, just retiring early.

[Anonymous]

Engineers don’t make that’s much unless they are the founders at a startup or FAANG from before the stock ran up.

Nothing like BigLaw and finance where there are hoardes making $$$

[Anonymous]

Anonymous wrote:Engineers don’t make that’s much unless they are the founders at a startup or FAANG from before the stock ran up.

Nothing like BigLaw and finance where there are hoardes making $$$

Yes LOLOLOL at engineers being lumped in with law and finance as high income profession....

Actually, I take that LOL back. I'm crying, since I'm an engineer who picked that over law, and will never see that kind of money in my career. Or have the consideration of "enough" net worth to just walk away.

[Anonymous]

Anonymous wrote:Say biglaw or banking or engineering. Have you ever considered leaving the profession when you get to x net worth (whatever x is for you) to start a business? And by business I mean a regular business - buying a franchise in fast food, gas station etc, not starting your own law firm or consulting practice. I’m considering it now as I was just offered first dibs on a franchise. I wouldn’t be there serving fries as it’s pretty big with several dozen employees, managers etc. The financials make sense. I am at a point in my profession where it’s gotten hard to move around, get new jobs etc — I just don’t have the right connections, ageism is starting etc. But IDK there’s a part of me stuck on the fact that I’m closing the door on my professional career that I went to school for and slogged at for years. Anyone consider this?

I don't see why you can't do the franchise while maintaining your current profession. Sounds like the franchise is mostly hands-off for you?

[Anonymous]

When we get to $X, we’ll go part-time for the health care. I have no desire to run a business.

[Anonymous]

As an owner-investor - yes and I’m on the lookout for the right opportunity. As an owner-operator - definitely not. I have no desire to be making the sandwiches or making sure the floor is swept or dealing with teen employees who don’t show up. Plus operators like that hardly ever take a vacation or a day off bc of the business is closed, no money is being made.

But I actually want to deal with real estate developers, contractors for renos, try to find better supplier deals etc. So I’d be ok being on the investment/strategy side provided it’s a large enough business that I have managers dealing with the day to day including employees.