A friend of mine recently sold his company and is exploring his future options. He has a net worth of $5MM and is trying to figure out whats next.
He is married with two children and he owns his house and cars outright. The only bills he has is normal living expenses and property taxes.
2006-12-31 05:21:20 · 12 answers · asked by Walter 1 in Business & Finance ➔ Personal Finance
Of course he can retire but it sounds to me that he may retire for a short time, relax and then go back into another venture. Sounds like he's the kind of guy that will never "retire", I think he likes the challange
2006-12-31 05:33:53 · answer #1 · answered by when and how 4 · 0⤊ 0⤋
The clarifying information is totally unnecessary to answer the question. There is no law against retiring at age 37, or any other age, for that matter. We live in the land of the free and the home of the brave. The key is, the "mind-set." I think it was Henry Ford who said, with a millionaire mind-set, he could lose it all tomorrow and would have no problem earning it all back quickly. But with 5 million dollars, if the mind-set is not right to go along with it, he could be broke tomorrow. Lottery winners are classic examples of this: ending up worse than they were before. Anyone who built a business to 5 million dollar selling price, must have known what they were doing and is in a very secure position. The key is what he does from here. His education will make all the difference.
2006-12-31 06:45:48 · answer #2 · answered by JackN 3 · 1⤊ 0⤋
Is that $5 million? and he owns his house outright? He should have no problem retiring if he doesn't live a super-extravagant lifestyle. He should put money in a trust for his kids college education. He's got it made.
2006-12-31 05:25:23 · answer #3 · answered by Anonymous · 1⤊ 0⤋
He can retire from his current job, but he has to get a job to pay for his normal living expenses and property taxes.
2006-12-31 15:19:20 · answer #4 · answered by E A C 6 · 0⤊ 0⤋
I'm afraid I already missed that deadline by a few years, but if I had been able to financially I would retire in a heartbeat at any age. Work sucks.
2006-12-31 05:31:31 · answer #5 · answered by eggman 7 · 0⤊ 0⤋
Well I could retire and make it with 100,000 so 5 mill is a great start
2006-12-31 06:20:17 · answer #6 · answered by sally sue 6 · 0⤊ 0⤋
As long as his expenses remain low, there's no reason why 5mm shouldn't last.
2006-12-31 10:13:15 · answer #7 · answered by joeyrep 1 · 0⤊ 0⤋
As long as he's financially responsible he should be fine. He should give himself a yearly income limit and try to stick with it, and 5 mill. should defenitly be enough to care for himself and his families future.
2006-12-31 05:31:11 · answer #8 · answered by Becky 3 · 0⤊ 0⤋
~~~Im sure you can retire at any age,,,,as long as you have the means to support your self with out haveing to have a job.
2006-12-31 05:30:10 · answer #9 · answered by ~~Penny~~ 5 · 1⤊ 0⤋
Well then I guess he can do whatever he wants to if he's got the money.
2006-12-31 05:45:49 · answer #10 · answered by Anonymous · 0⤊ 0⤋