The Wire Hits...Now What?
The Wire Hits...Now What?
You may experience a range of emotions after selling your business. Here's something to consider right after the wire hits.
You’ve done the hard work to sell your business. Something only a few experience with potentially a life-changing amount of money now your bank account.
The endless due diligence meetings, emotional roller coaster, calls with attorneys, team announcements, and everything in between are now over.
Now what?
Prepare for a wide range of emotions.
What should I invest in?
Everyone has real estate, should I?
What should I buy?
What does the money mean for me?
Do I get my parents a car?
Should I be an investor now?
Who should I tell?
How will people view me?
Guess what? The beautiful thing here is you don’t have to do anything.
That’s right, you don’t have to change your life, house, friends, or investments. You don’t need to tell anyone.
New wealth takes time psychologically to adjust to. Here’s an example. Dollar cost averaging a percentage of your salary each month and investing into VOO 0.00%↑ makes sense. You do it each month, are accustomed to it, and may not think much about it.
You received a windfall; percentage swings in VOO 0.00%↑ physiologically are harder to stomach now. Dollar-cost averaging isn’t as easy, and you sit on the sidelines.
I’m 2yrs in and still have a lot to work through. But, my point is. Understanding your new life, investments, and goals takes time, and that’s okay. Take time to reflect and think about what really makes you happy. What are your priorities now? What do you care about, and what gives you joy? This may have all shifted.
It may take a year; it may take two. It may take many more. Give yourself the time and eliminate the expectations.