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*Updated* Life changing income about to happen and I need advice

Posted on 5/15/20 at 7:57 am
Posted by Mariner
Mandeville, LA
Member since Jul 2009
1928 posts
Posted on 5/15/20 at 7:57 am
(Update: This topic blew up with interest so I wanted to keep those informed. I resigned from my job last week! The business keeps growing. Since this post, we have started a website, have contracts with companies, and have consistently grown. Now we just need two years of life changing tax returns to get out of this cramped house! All done during the worst financial year of many Americans. We would have been that statistic had it not been for this. We are blessed. Eventually good things happen to good people.

Next year we will hire employees).



My fellow TD support group,

Our family is about to have a life changing event. Less than a year ago my wife started an online business to earn extra cash, and it exploded into money we could never dream of within the past few months, and shows no signs of slowing down as it keeps growing exponentially. We are at the point now where myself working only takes away precious time from the children and prevents her business from growing at a faster rate. I work out of town for long periods if time, so it is pointless to do that anymore. My plan is to I to work to the end of the year as her income will pay off debt and build a nice emergency fund. Then I am out.

From there, I want to start investing her money into more income but fun things for me to do that is not a corporate responsibility day to day grind. Like invest and manage rental properties, stocks, BS ideas like an ice machine on the street corner or atm machines. My wife hates managing logistical stuff/house maintenance services/car maintenance/ etc. I love doing that stuff. I do not want to be a house husband for the rest of my life as I think it will be a bad rile model for my son, but I will never be able to make the income she is making, and I make good money. This allows us to spend quality time as a family.

I need ideas. Anyone willing to share what they would do in my situation?

I am very tha thankful for my situation, the funny thing is that this stsrted because we needed extra income over the long term which forced our hand with her working.
This post was edited on 12/28/20 at 7:39 am
Posted by Ruxins Rascals
Middle of Da Bayou
Member since Nov 2018
537 posts
Posted on 5/15/20 at 7:59 am to
Posted by slinger1317
Northshore
Member since Sep 2005
5805 posts
Posted on 5/15/20 at 8:03 am to
What kind of online business is your wife running?
Posted by Golfer
Member since Nov 2005
75052 posts
Posted on 5/15/20 at 8:05 am to
quote:

From there, I want to start investing her money into more income but fun things for me to do that is not a corporate responsibility day to day grind. Like invest and manage rental properties, stocks, BS ideas like an ice machine on the street corner or atm machines.


I don't pretend to be a financial or business expert. But based on the information you're providing...I don't believe this to be as lucrative or as fulfilling as you might think.
Posted by HangingWithMrCooper
The Bay Area
Member since Aug 2017
161 posts
Posted on 5/15/20 at 8:08 am to
Might as well throw in a coin laundry, snowball stand and a car wash in the list of ideas.
Posted by truthbetold
Member since Aug 2008
7631 posts
Posted on 5/15/20 at 8:08 am to
Grats on the Onlyfans account
Posted by planecopy
Member since Mar 2020
37 posts
Posted on 5/15/20 at 8:09 am to
quote:

What kind of online business is your wife running?


Cam Girl
Posted by cgrand
HAMMOND
Member since Oct 2009
38644 posts
Posted on 5/15/20 at 8:09 am to
we don’t know anything about you so as to what you’d enjoy doing, that’s for you to say. If the moat is as wide as you say it is you should start your own business doing something you enjoy and are good at
Posted by boomtown143
Merica
Member since May 2019
6680 posts
Posted on 5/15/20 at 8:11 am to
quote:

Cam Girl


probably
Posted by castorinho
13623 posts
Member since Nov 2010
82010 posts
Posted on 5/15/20 at 8:11 am to
Well before you go do something crazy, how sustainable is it?
quote:

within the past few months,
is the boom COVID-related? Is it here to stay?
Posted by TxWadingFool
Middle Coast
Member since Sep 2014
4365 posts
Posted on 5/15/20 at 8:13 am to
I need a link to said online business, "for research proposes"
Posted by OleWarSkuleAlum
Huntsville, AL
Member since Dec 2013
10293 posts
Posted on 5/15/20 at 8:14 am to
quote:

I do not want to be a house husband for the rest of my life as I think it will be a bad rile model for my son


You’re already setting a terrible example by allowing your wife to be the primary breadwinner. It’s only a matter of time if it hasn’t already when you start to get cucked.
Posted by Golfer
Member since Nov 2005
75052 posts
Posted on 5/15/20 at 8:15 am to
quote:

Might as well throw in a coin laundry, snowball stand and a car wash in the list of ideas.

don't get me wrong, I know a few people that have gotten into these things and they seem to be doing alright...but I find it interesting that the OP has a successful business yet wants to take that capital and throw it into low-margin, heavy-maintenance/upkeep businesses that are for the most part commodities.
Posted by Yukon7
Louisiana
Member since May 2018
588 posts
Posted on 5/15/20 at 8:19 am to
She’s setting you up for failure, Jody gonna swoop in and you will be left with nothing
Posted by RedStickBR
Member since Sep 2009
14577 posts
Posted on 5/15/20 at 8:22 am to
quote:

we don’t know anything about you so as to what you’d enjoy doing, that’s for you to say. If the moat is as wide as you say it is you should start your own business doing something you enjoy and are good at


This was going to be my advice. I don't know about the OP, but I'd lose all sense of fulfillment if I didn't have something to develop of my own (be that a traditional career or a business).
Posted by kingbob
Sorrento, LA
Member since Nov 2010
67004 posts
Posted on 5/15/20 at 8:23 am to
Those businesses are for money laundering and giving kids work to do to keep them busy.
Posted by Auburn80
Backwater, TN
Member since Nov 2017
7488 posts
Posted on 5/15/20 at 8:24 am to
Is your wife's name Heather?
Posted by hungryone
river parishes
Member since Sep 2010
11987 posts
Posted on 5/15/20 at 8:34 am to
quote:

I do not want to be a house husband for the rest of my life as I think it will be a bad rile model for my son

But not for a daughter? What a crock.
Why not go back to school? If you already have a degree, go get an MBA or take some business related courses that will make you an asset to your wife rather than an antiquated liability. If you’re not college material, you can still pick up a trade that would allow you to keep working without travel.....since you seem to view household domestic labor as such a demeaning job example for your son.
Posted by jimbeam
University of LSU
Member since Oct 2011
75703 posts
Posted on 5/15/20 at 8:44 am to
Just follow your wife’s footsteps and make your own OnlyFans account
Posted by dj30
New Orleans
Member since Feb 2006
28714 posts
Posted on 5/15/20 at 8:51 am to
quote:

Grats on the Onlyfans account


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