If you were to get $3 million USD dollars right now, would you drop your business/start up idea? $3million is not a lot now since a home is already average about $1 million and more in desirable cities. Would you take the $3million, live off interest and investments and travel or what ever you want to do or would you still start your business and toil for a business that may or may not be successful? What are some factors contributing to your decision?
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It’s a lot of money to me, but 100% I would still start my business and put a lot of that money into it
Nope. Would close it all down. Not because I don’t love my business, but because put in the right places that 3 million dollars is a shit ton of money. Even just sitting in a 5% high interest savings account, that’d send you back 150,000 dollars a year in interest if you never touched the principle, in a diversified asset across stocks, real estate, etc it could potentially do better.
If you never touched the money and left it at 5% returns and reinvested the interest, you’d be at 4.8 mil within 10 years.
If I got that amount of money, I’d sell my business (or if it was worth nothing just close it down), use the minimum deposit possible to purchase my house with a mortgage or purchase property in a cheaper country abroad that I’d like to live in, allow the interest rates from the savings to outperform my mortgage costs, get a full time job for a few years to allow me to not touch the original cash as much as possible and when at a point that the interest outperforms any PAYE employment I qualify for? Retire, paint, write and let the days go by.
You can retire in almost any city in the world with that amount. Probably I would just focus my time on investing that amount and on my personal life. I would live very very well with $30k/yr, so I would be able to reinvest most of the income. Also I could start planning to have children and I would give the best of everything to them. Once I multiply the money enough, perhaps setting a perpetual trust for future generations might not be a bad idea.
I would immediately quit my full time job and dedicate full time to my business. I have no intention to live a luxurious life so I wouldn’t change how I live. It’d be a dream come true.
I’d spend a lot of my time networking and knowing key people in the skydiving industry and get some mentorship from experienced entrepreneurs and developing the product. If at the end of the end the idea doesn’t take off, I’d have a lot of experience and knowledge that could lead to something else. I wouldn’t wait for the 3 million to run out before making that call.
If everything else fails I can still get the same job I have now.