What would you do?
OK, so I finally sold one of my condo's. I didn't make as much as I initially thought I would but I made out pretty good. So once I get the check and pay off what's left of the mortgage I'll be sitting on a pretty good chunk of cash. I guess I'm just toying with a few possibilities here, but what would you do in my situation?
I've got a few different options but here are the two main ones...
1. Go all out with the, "you only live once", mentality and go out and buy that Ferrari F430 that I've been dreaming about. Or some other exotic. I mean It's one thing to have an exotic when your 65, but it's an entirely different story to have one while your still relatively young and can enjoy it.
2. Put the money away and parley it into some other investment so that I can retire at 50 like I've been planning on doing.
Like I said, I'm just toying with some ideas at the moment. I've been putting away as much as I can for the past decade now and have a pretty descent chunk saved and I'm wondering what I should do. With the cash I'll be getting from this sale I should be in reach of pretty much any exotic out there, if I chose to go crazy. Should I do the smart thing and continue with what I've started or just go buck wild and enjoy my youth? Like I said, my goal is to retire at 50. I've got it all planned out. If I can save anywhere between 3 to 5 million in cash, I can invest that entire amount, 70% fixed income and 30% equities, and earn an average annual income of $180K to $250K est., depending on the market conditions and the economy. That's without reaching into capital too. With that I'm planning on retiring and moving down to Coasta Rica, where I plan to build a house and possibly a small hotel there on the beach and live out the rest of my life in peace. With cost of living so cheap in CR I can live like a king for the remainder of my life there without any worries or stress.
So what would you do? Would you do take the smart road or the fun road? Or am I just dreaming and this is a stupid thing to think about????
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