Hey guys, I have recently sold my business for multiple 6-figures (between 100k and 500k) and now I’m feeling lost and almost a bit depressed.
I always thought that exiting a business would bring me joy but it was almost the opposite.
I find myself in a strange situation where I have enough money not to have to work for a bit, but not enough to retire, and at the same time since I don’t have any new money coming in, I found myself becoming extremely frugal.
I tried starting new projects but I often find myself getting discouraged because the project doesn’t start working right away. Additionally, since I’m venturing into something new that I’ve never done before, doubts start creeping into my mind.
Alongside these doubts, there is also the fear of investing a significant amount of money into this project, and after seeing it fail finding myself in the same financial situation I was in before the exit.
Can any of you relate to this situation? Do you have any suggestions?
I went through similar feelings 2 yrs ago after making the decision to shut down/dissolve my company.
The feeling was like the end of an amazing relationship or losing someone who I loved.
The first 6 months were the worst. I had done a lot of walking and thinking(most was at the beach). Then it hit me. I was in an amazing position to do whatever I wanted, wherever, however.
About a year later, I was out with my wife and we were asked what we did for work. I caught my wife off-guard when I answered “I’m retired!”
I’ve dabbled with a few things, made a few bucks here and there and took up a couple of hobbies. I actually love this life style!
Without knowing your age, it’s tough to give too much advice (I hung it up 2 months before I turned 59.)
Invest the majority of the money. Use a small amount to get away…explore, travel and relax. You’ve earned it. Use a small amount to start something that won’t kill you if it bombs.
Enjoy!