I'd quit my job and drink a beer.
this post was submitted on 01 Nov 2023
1 points (100.0% liked)
Entrepreneur
0 readers
1 users here now
Rules
- No Personal Attacks - criticism of ideas is allowed, attacking people is not.
- Self Posts Only - links can only provide supplementary material. Your post must contain enough content to have a discussion.
- No βHow To Get Rich Quickβ posts - This community is not about making a quick buck. Posts asking the community how to make $X, without making specific reference to a reasonable idea, are not tolerated.
- Avoid unprofessional communication - Please treat fellow entrepreneurs like respected coworkers, label conversations if NSFW and avoid deliberate provocations.
Please feel free to provide evidence-based best practices, share a micro-victory, discuss strategy and concepts with a frame work, ask for feedback, and create professional conversation. Treat every post as if you're at work and representing the best version of yourself.
founded 1 year ago
MODERATORS
I will buy a yatch and snag bitches
Coaince & Hookers
citing that news reporter viral video I take it
Things that store wealth. Property and land.
ok I'll give it a go.
Assuming the money is in my business account and not private.
company: 25 mil revenue
ebitda 1.5 mil
reserves: ~ 1-1.5 mil
1 mill. Use it as a buffer for long term. add additional people (1 or 2) in specific areas.
2 mill. same as 1, but also reduce a but of debt to reduce interest payments.
5 mill. reduce debt, increase development team, hire business development people and additional ops people
10 mill. debt free, same as five mill. Buy out competitors / strugglers for additional revenue
20 mill same as 10. expand, go global. 2nd and 3rd office.
duplicate what we do in other regions.
β
pay my self and my team a one time bonus.
All I would really need is $1M liquid, and ensure my lifestyle doesn't change much. Pay off my debts as well as my families. However, keep the mortage as the rate is low enough and the oppurtunity cost of throwing a lump sum of cash away at that would be foolish.
First, buy some land in rural MO for personal use as well as an investment.
Diversify the heck out of the rest, throw most of it at a moderate to high risk index fund (VOO), but also have some bonds, CDs, etc. in the mix.
I am only 25, so I am fine with the risks associated and the volatility of the market.
Have maybe $50k or so in cash, and just keep doing what I am already doing everyday as fortunately, my work is play.
Additionally, I don't know anything about real estate so I wouldn't allocate money there until I felt ready to do so.
How much tax is taken out from the lottery win?
I was interested in the answer to this question:
https://www.amoneythinghappened.com/post/is-the-lottery-tax-free
apparently it's not taxable, but the interest is.
So 1-2 million I would invest to generate income. I would quit my job and focus full time on the invention I'm trying to get to market. Hopefully that invention will generate more income. Hopefully I could manage that business in 4-8 hours a week and it would generate enough income to hire real developers for one of a handful of app/business ideas.
Anything over 2-10 million probably gonna solo-dev or hire one dev to get started with one of my app/business ideas.
10+ million I'm going right to the dream app.
The real goal is to have an app/business generating enough income that I can use its marketing budget to fund my lmp3 race team. So I basically have to be able to burn $500k-750k a year.
-
Kids' college, off-grid cabin in the woods, rest in HYSA
-
Kids' college, off-grid cabin, 2nd cabin for AirBNB, rest in HYSA
-
Kids' college, cabin, 3 AirBNB properties, rest in HYSA
-
Same as 3, plus a self-storage business
-
Same as 4.
My ethics, faith, and sex have no bearing on my decisions.