AladainAF
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This is a truly serious post, am looking for some advice here. I'm going to get specific, so I'm going to spoil it if you don't want to be bothered with the specifics. But what I'm trying to figure out is -- what the fuck do you do when you have too much money?
Yes, I can invest it and I do, but I'm running into complex problems and legitimately don't know what to do. I'm now running into issues with feeling forced to keep over 250K in the bank on my business which is stupid, dumb, and something I shouldn't do but I dont know where else or what else to move this to. Anyway, onto specifics.
Any advice is appreciated.
Yes, I can invest it and I do, but I'm running into complex problems and legitimately don't know what to do. I'm now running into issues with feeling forced to keep over 250K in the bank on my business which is stupid, dumb, and something I shouldn't do but I dont know where else or what else to move this to. Anyway, onto specifics.
Currently, I have a lot invested with a financial advisor overseeing it (Very low fee of 0.29% and I don't want to have to deal with all of it), and have already maxed out I Bonds for the year (10k for me, 10k for wife, and we allocated 5k from our tax refund toward ibonds, so 25k this year). I have no savings account, but have a gigantic line of credit (750K, LOL) available for any emergency with a 0 balance so its unnecessary to get a savings account since I can access the line immediately if I even needed to.
I own two companies which we'll call my SL company and my real estate company. We have six rental properties at this point, so we're covered there - 2 of them are paid off so they are pure cash flow but I have no need to mortgage them because I dont need more cash but at the same time I have equity not being put to use but what can I even do with all this? Plus its not my equity, it's my real estate companies. Both kids college 529s have 150K in them (maybe I can fund this more, but they aren't even 10 yet...), I have around a quarter million in gold (St gaudens, beautiful coins btw), and several firearms. I have one employee at my company, and have a SEP 401K already maxed, and I also offer it to my employee (required to) but he doesnt want it.
Taxes are all done, and my business has about 236K in the bank, *after* I withdrew all my retained earnings through 2021 and simply threw into my brokerage account. Next month my business will break 250K in the bank, but I have no idea what to do with this money. It's not mine till 2022 taxes are done, and there's frankly nothing I need to buy or invest into the business. Wife's job handles health insurance, so this isn't an expense I need to bother with. She maxes every contribution to everything she can (ESPP, 401K, HSA, etc). She makes like 150k a year and her paycheck is like 1800 every 2 weeks lol.
What the fuck do I do? What CAN I do? I don't have long-term care prepared, maybe that? I don't need more houses, and we live in a nice place already and don't really wanna move on anywhere and investment homes as of recently are not a good buy in my eyes. I have tried to get my wife to be on board with a live-in nanny or at least a full time nanny to take care of all the bullshit house work, but my wife actually LIKES doing this shit so I can't. I've thought about buying a franchise of something, but I am completely spoiled on passive income since my SL business and real estate business are both passive income. I literally play video games 8 hours a day because there's nothing else I know to do. We have older cars, but they work, why would I buy new ones? (I have a 2012 and she has a 2015). Do I just talk to my financial advisor and say "derp, help me out here?".
Edit: I've thought about going to college just for the sake of learning new shit, but with the state of college today, I'd rather pay for an online lesson based solely on facts and not instructor based.
I own two companies which we'll call my SL company and my real estate company. We have six rental properties at this point, so we're covered there - 2 of them are paid off so they are pure cash flow but I have no need to mortgage them because I dont need more cash but at the same time I have equity not being put to use but what can I even do with all this? Plus its not my equity, it's my real estate companies. Both kids college 529s have 150K in them (maybe I can fund this more, but they aren't even 10 yet...), I have around a quarter million in gold (St gaudens, beautiful coins btw), and several firearms. I have one employee at my company, and have a SEP 401K already maxed, and I also offer it to my employee (required to) but he doesnt want it.
Taxes are all done, and my business has about 236K in the bank, *after* I withdrew all my retained earnings through 2021 and simply threw into my brokerage account. Next month my business will break 250K in the bank, but I have no idea what to do with this money. It's not mine till 2022 taxes are done, and there's frankly nothing I need to buy or invest into the business. Wife's job handles health insurance, so this isn't an expense I need to bother with. She maxes every contribution to everything she can (ESPP, 401K, HSA, etc). She makes like 150k a year and her paycheck is like 1800 every 2 weeks lol.
What the fuck do I do? What CAN I do? I don't have long-term care prepared, maybe that? I don't need more houses, and we live in a nice place already and don't really wanna move on anywhere and investment homes as of recently are not a good buy in my eyes. I have tried to get my wife to be on board with a live-in nanny or at least a full time nanny to take care of all the bullshit house work, but my wife actually LIKES doing this shit so I can't. I've thought about buying a franchise of something, but I am completely spoiled on passive income since my SL business and real estate business are both passive income. I literally play video games 8 hours a day because there's nothing else I know to do. We have older cars, but they work, why would I buy new ones? (I have a 2012 and she has a 2015). Do I just talk to my financial advisor and say "derp, help me out here?".
Edit: I've thought about going to college just for the sake of learning new shit, but with the state of college today, I'd rather pay for an online lesson based solely on facts and not instructor based.
Any advice is appreciated.
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