I recall facing this turning point in my life several years ago. I was contemplating a retail establishment. At the time I was approaching my 50's wanting desperaltely to be self fullfilled from an endeavor created by myself for myself and family. As I talked it over with my wife, family and friends some key points stood out.
1 A business start up usually takes 3-5 yrs to be profitable.
2 During those yrs. someone has to mind the store, if it's not you, you have to pay someone to do it.
3 You'll have countless expenses without income.
4 Unless your very well healed you could create a financial strain at home putting your marriage to the test.
5 Then there is the physcological strain from dealing with all of it.
Myself and my wife decided with retirement so close to invest in real estate. We have several rental houses in an area thats ready to explode with growth opportunities. You do not have to babysit this business. There is no financial stress as it is profitable now. We'e avoided the phycological complexities by making a better decision (for us). Now in our early fifties we are entertaining the thought of early retirement. So we esentially postponed our endeavors of what we thought would be instant gratification to creating an income that would support our golden years allowing us to fullfill those endeavors in different ways. Wishing you the best!
1 A business start up usually takes 3-5 yrs to be profitable.
2 During those yrs. someone has to mind the store, if it's not you, you have to pay someone to do it.
3 You'll have countless expenses without income.
4 Unless your very well healed you could create a financial strain at home putting your marriage to the test.
5 Then there is the physcological strain from dealing with all of it.
Myself and my wife decided with retirement so close to invest in real estate. We have several rental houses in an area thats ready to explode with growth opportunities. You do not have to babysit this business. There is no financial stress as it is profitable now. We'e avoided the phycological complexities by making a better decision (for us). Now in our early fifties we are entertaining the thought of early retirement. So we esentially postponed our endeavors of what we thought would be instant gratification to creating an income that would support our golden years allowing us to fullfill those endeavors in different ways. Wishing you the best!