Search found 11 matches

by beantown08
Wed May 17, 2017 11:49 pm
Forum: Personal Finance (Not Investing)
Topic: Should I sell my business?
Replies: 41
Views: 3839

Re: Should I sell my business?

GandMasterBlaster, you touched on one of my biggest concerns. I am confident in the earning potential of the business. If I stay the course for the next few years, we will hit the $1M mark around my 44th birthday. I'm worried that if I don't sell at this point, I may not have the opportunity to do s...
by beantown08
Wed May 17, 2017 11:43 pm
Forum: Personal Finance (Not Investing)
Topic: Should I sell my business?
Replies: 41
Views: 3839

Re: Should I sell my business?

The $230K in business assets (cash) will come with me. This would not be included as part of the sale. I am 100% owner of a small business that will net me approximately $480K annually. We have $268K in taxable/tax deferred accounts. $90K in cash savings. $230K liquid business assets (cash). We are ...
by beantown08
Wed May 17, 2017 11:31 pm
Forum: Personal Finance (Not Investing)
Topic: Should I sell my business?
Replies: 41
Views: 3839

Re: Should I sell my business?

I have disability for just under $20K per month. The $9800 per month would be before taxes. The majority of the sale would be considered goodwill. The plus side of this, is that during the first 5 years, income from the new business will lowest. This MAY provide an option for a ROTH conversion and t...
by beantown08
Wed May 17, 2017 10:37 pm
Forum: Personal Finance (Not Investing)
Topic: Should I sell my business?
Replies: 41
Views: 3839

Re: Should I sell my business?

It is a medical based business that relies significantly on the owners work. The business is just over 3 years old. We have not been saving this aggressively for long (about 6 months). Prior to that our efforts were focused on paying off education loans. I have been "pre-qualified" by BOA....
by beantown08
Wed May 17, 2017 10:16 pm
Forum: Personal Finance (Not Investing)
Topic: Should I sell my business?
Replies: 41
Views: 3839

Should I sell my business?

All, I am 40 years old, married with 2 young children. I am 100% owner of a small business that will net me approximately $480K annually. We have $268K in taxable/tax deferred accounts. $90K in cash savings. $230K liquid business assets (cash). We are renting our home. We owe $22K on a minivan. Ther...
by beantown08
Thu Oct 13, 2016 8:49 pm
Forum: Investing - Help with Personal Investments
Topic: Moving from Edward Jones to Vanguard (I know, right?)
Replies: 22
Views: 2787

Re: Moving from Edward Jones to Vanguard (I know, right?)

Lazyprogramer, You and I are in a similar situation. I was roped into EJ years back. I unknowingly paid a front loaded 5.75% sales commission on the majority of my holdings. When I moved to a new city, I met with the local adviser and and they would want to adjust my portfolio (read more sales commi...
by beantown08
Thu Oct 13, 2016 3:45 pm
Forum: Investing - Help with Personal Investments
Topic: Self Employment - Retirement Planning
Replies: 2
Views: 340

Self Employment - Retirement Planning

I am 100% owner of an S-Corp. I have 4 part time employees and 1 independent contractor who work with me. Personal gross income will be in the $400K range. My wife does work for the company and is not compensated. I have been thinking about what would be the best way to max out her social security b...
by beantown08
Tue Aug 23, 2016 9:37 pm
Forum: Investing - Help with Personal Investments
Topic: High Income and Confused
Replies: 21
Views: 3633

Re: High Income and Confused

Lafder, I have 3 part time employees and 1 independent contractor who work for me. Currently we do not offer any retirement accounts through the business. I am an S-Corp...would I be eligible to do a solo401K? Also, for pretax retirement accounts, I thought that due to our income level that we could...
by beantown08
Tue Aug 23, 2016 9:29 pm
Forum: Investing - Help with Personal Investments
Topic: High Income and Confused
Replies: 21
Views: 3633

Re: High Income and Confused

Thanks, Strayshot. We did exactly that last year for my oldest child. Paid out just over $6K for the use of her image and likeness for part of our marketing campaign. Was advised by my CPA that my youngest (under 1 year) is too young to do the same. Make sure to maximize Roth accounts for you, spous...
by beantown08
Tue Aug 23, 2016 9:27 pm
Forum: Investing - Help with Personal Investments
Topic: High Income and Confused
Replies: 21
Views: 3633

Re: High Income and Confused

The Wizard wrote:
BL wrote:
The interest rate is 3.49%

...Why not pay off cars and get a clean, no-debt start?

We need to know the interest rate on that loan(s) before recommending early payoff.
If something like 0.9% then just leave it and pile up compensating funds elsewhere...
by beantown08
Mon Aug 22, 2016 10:12 pm
Forum: Investing - Help with Personal Investments
Topic: High Income and Confused
Replies: 21
Views: 3633

High Income and Confused

Hello, I am new to the investing world, am confused and looking for guidance. I started a business 2.5 years ago that is doing well. About my situation: - I am 40 years old and my spouse is 35 - Currently family income of $400K + - We are renting our home and have 2 young children - $32K in automobi...