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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 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.
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 on 5/15/20 at 8:03 am to Mariner
What kind of online business is your wife running?
Posted on 5/15/20 at 8:05 am to Mariner
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 on 5/15/20 at 8:08 am to Golfer
Might as well throw in a coin laundry, snowball stand and a car wash in the list of ideas.
Posted on 5/15/20 at 8:08 am to Mariner
Grats on the Onlyfans account
Posted on 5/15/20 at 8:09 am to slinger1317
quote:
What kind of online business is your wife running?
Cam Girl
Posted on 5/15/20 at 8:09 am to Mariner
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 on 5/15/20 at 8:11 am to Mariner
Well before you go do something crazy, how sustainable is it?
quote:is the boom COVID-related? Is it here to stay?
within the past few months,
Posted on 5/15/20 at 8:13 am to Mariner
I need a link to said online business, "for research proposes"
Posted on 5/15/20 at 8:14 am to Mariner
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 on 5/15/20 at 8:15 am to HangingWithMrCooper
quote: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.
Might as well throw in a coin laundry, snowball stand and a car wash in the list of ideas.
Posted on 5/15/20 at 8:19 am to Mariner
She’s setting you up for failure, Jody gonna swoop in and you will be left with nothing
Posted on 5/15/20 at 8:22 am to cgrand
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 on 5/15/20 at 8:23 am to Golfer
Those businesses are for money laundering and giving kids work to do to keep them busy.
Posted on 5/15/20 at 8:24 am to Mariner
Is your wife's name Heather?
Posted on 5/15/20 at 8:34 am to Mariner
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 on 5/15/20 at 8:44 am to Mariner
Just follow your wife’s footsteps and make your own OnlyFans account
Posted on 5/15/20 at 8:51 am to truthbetold
quote:
Grats on the Onlyfans account
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