Hello Mustachians,
I find myself in a wonderful, in not slightly paralyzing situation. I have too many options and not sure how I want to proceed. I will certainly follow my heart, but for the first time in my life, I have some cash and assets to work with and I don’t want to blow it.
First off, a bit about me. I’m 36 years old and single. I live in Marquette, Michigan and plan to stay here a few more years. I have a bachelors degree in Economics and History. I’ve owned a coffee house, a photo company, a few rental properties, and started a e-commerce business. I’ve lived here, California, Italy, Viet Nam and the Kingdom of Tonga. And lastly, I have served a term as a city commissioner and am a current candidate to be a county commissioner.
16 months ago, I had $200 to my name. No assets, no investments, no savings. Nothing. Now, this isn’t because I live an anti-mustachian life style. It’s because I’ve never made more than $20k/year and hit a time of unemployment. I now find myself in quite a different situation. Due to a well paying job and an unexpected inheritance, I find myself with $65k in the bank, a four unit rental property and again, unemployed. I have always been a dreamer who craves experiences over security. Now, I’m seeking a bit more of a balance. This is why I reach out to you; to hear some of your thoughts.
So the numbers:
$65k in the bank.
Income currently is $0
Cost of living at current spending: $2500 month
Assets:
Rental property; Value $140k
Liabilities:
Loan on the house; $105k
Maintenance on the house; $12k
Plus, there’s a inheritance of $50k coming in 2015.
Let’s deal with the rental property first since it’s the easiest. I’ll be taking it over within the next week from my fathers estate. It’ll be owned 80/20 with a friend of his. When rented, it pulls $2600 in and costs about $2300 to own with all utilities/taxes/loan payments included. If I win the county commission seat, I can’t move into it because it’s one block outside of my district.
Now for the options that create the decision paralysis. To some extent it depends on how the election goes. If I win, the work will fill about 5 hours a week and it’s an annual stipend of about 15k. If I loose it’s status quo. Either way, I’m wrestling with three general options.
Find work for someone else. Having owned businesses and been a business coach it’s hard to work for someone else. I have a very broad range of skills, but no specialties. This isn’t the most exciting option but it would be the simplest.
Use the inheritance to invest in more property or a new business. There are a few pieces of commercial property that I’ve been looking at and 2 pieces of land that would be great for developing into homes or condos for sale. I also have a few business ideas floating around in my head, but nothing that has really solidified.
Go to school to get a masters in public policy. For years I’ve wanted to go back to school to get a masters degree in public policy and have not had the chance until now. It’s a three semester $17k online program from the local university. If I go this route the long term goal would be to teach part time and consult with local government part time. I like this option, especially if I win the election. I’m just hesitant to spend $17k on a degree with the current job market when that money could be invested elsewhere.
So these are my morning’s thoughts about where I’m at and where I could be going. I welcome your questions and insights.
