There's nothing wrong with owning a small business like a textile printing company. In fact, I would say a small business like yours is preferable to what lots of other people do for a living. But I hope you realize that among the benefits of owning a small business is not just that you have 100% control over how to run your business and are never accountable to a boss, but also that you have full control over how you invest and prepare for retirement. A small business is not a way to save money. It is not a way to prepare for retirement. What are you going to do if a smarter, lower cost way to print textiles puts you out of business? It might happen. Prepare accordingly. If you pay yourself, say $50,000 each year out of running your business, put away as much as you can into a nice mix of the stock market and CDs, because it sounds like you hate risk. Also, please, please, please do not forget that you can start a SEP or put $6,000 a year into a ROTH for your retirement. You have lots of good options.
Thanks for the advice, I do appreciate it. However I am close to retirement so my days of making money off my business are winding down. I will do all right living off the sale of the business. Thanks again.
Or a dictionary with the word metaphor in it. Reading ( and quoting) more than three sentences might also help. I don't smoke weed. Don't need it since I don't believe in Zombie Street.
Yes, but when you sell the business what do you do with the proceeds....keep it in a bank, checking account, under your mattress ? You said you don't believe in "investing."
You're the one who is so anti-investing with outlandish claims, I thought it would be instructive and useful for those following this thread to see what you do with a lump-sum of $$$ and you are forced to put your ideas into practice.
What you do is your business of course, I think he's just trying to understand a certain way of thinking, a mindset. I believe in multi-tasking with your money. Having one source of income has it's downsides. Some of my former high school buddies on facebook ended up having to split rent 2-3 ways with roommates, and COVID-19 this year really burned holes in their pockets. The stimulus payment I got in April doesn't even make 1/10th of some of my coin collection which I can turn to on any rainy day if I wish.
You know, I have tried that. (not with gold, but with my junk silver) and it just doesn't work. The scrooge mcduck jumping into gold coins is impossible; you'd break bones. But also rolling around in a bunch of coins doesn't work, either. They just don't allow for much rolling.
My problem is that I can't be sure when I am going to kick the bucket. So, I need assets to keep me cruising comfortably until they haul me to the morgue.