A Reddit user is facing a problem that many people would absolutely love to have. The poster is in his mid-30s, married with a stay-at-home wife, and is the father of young children. He started a small business five years ago that has been making $500K per year and has made a lot of money in investments so he now owns a $4.2 million house free-and-clear, and has $1.5 million in personal investments, $3.5 million in company investments, and $300K in cash.
He said that by the time he reaches the age of 40, he expects that he will have a net worth somewhere in the $20 million range from selling his business and from other investments. But the problem is, he doesn’t know where to go from here. In fact, the more he thinks about the future, the more confused he is about what’s next. Work is part of his identity, but he is so busy with it that he’s having a hard time figuring out how to transition to safer investments or to make a plan for what to do after he sells his company.
So, what should the OP do?
How to define what comes next after you’re no longer working for money
The Reddit user is caught up in work right now, but one of the key things he will need to do if he wants to build a future he’ll be happy with is to take the time to slow down and really think about what will bring him joy.
He says that he enjoys working and work is part of his identity, so while he could cash out of his business with a lot of money, he should pause and think about whether that will really be the best move over the long term. Just because you can sell and become rich doesn’t mean you have to — and if the OP will be at a loss without his company and doesn’t have something else that would replace the purpose he gets from running the business, there’s nothing that says he has to cash out for the $20 million and give up doing what he enjoys.
If he definitely does want to sell, though, then taking the time to decide on a strategic plan for the future is necessary before leaving work so he doesn’t find himself depressed, lost, and full of regret. Spending time with his kids is one option, or working in jobs he would find meaningful, but that don’t necessarily pay a lot of money. But, he should think about whether those or other plans like travel would really work well for him given his personality and goals.
Some Redditors recommended talking to a counselor or therapist and that’s not a bad idea before stopping work for good. After all, it’s going to be a major lifestyle change and if the OP can’t figure out how to fill his time in a way that brings him happiness, he may end up worse off despite his wealth.
Getting professional help can eliminate a lot of stress
The OP also indicated that he’s struggling to figure out what to do about managing his investments, dealing with some of the higher-risk assets he owns, and shifting to a safer asset allocation. He should strongly consider hiring a financial advisor to help with this.
The poster anticipates having $20 million, but he is not there yet. If a lot of his money is tied up in high-risk investments, it is entirely possible that things will not go as planned. A financial advisor can help him chart a realistic path forward toward building and protecting his wealth and can create an investment plan for him that the poster has said he needs but is too busy to make.
With the right professional help, and potentially some advice from a counselor about how to decide what the next phase of his life will look like, the poster can hopefully take the wealth that he has amassed and build a bright future for himself and those that he loves.
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