Do Some Quality Dreaming
Tim is about to receive $1.3 million from the sale of a business. He has a $340,000 mortgage, a $55,000 rental property and three kids. What does he do with the money?
QUESTION: Tim in Dallas thinks he’s going to receive $1.3 million from the sale of a business. He has a $340,000 mortgage, a $55,000 rental property and three kids. He’s 32 years old. What does he do with the money? Dave tells him to park the money until he knows what he’s going to do with his life.
ANSWER: You really need to do some quality dreaming. Figure out what you’re going to do, because it might take $1 million to do that, and that’s about how much you’re going to have left after you clean this mess up.
Don’t work for them for five years. That defeats the purpose of going to do what you love. One year. Park the money in a money market account. Don’t do anything fancy with it. We’re not investing it unless you want to be an investor. I’m thinking your best investment is going to be in Tim. I think you’ll get a better rate of return on that. Until you know what you’re going to do, park it—not because it earns anything there but because we don’t put it in a mutual fund since mutual funds go up and down—unless you’re willing to leave it alone for five years. Don’t put it in real estate. It’s the same thing unless you’re willing to leave it alone for five years. We’re not yet at a point to leave it alone for five years.
Do not strap yourself to the saddle for five years when you don’t like the horse. You’re going to be a miserable human being. It’s not worth it. I’d take less money and get out in a year if you have to.
I think you ought to go through the EntreLeadership Master Series. In the meantime, sit with your wife—if you’re married—and spend time in prayer trying to figure out what it is you’re going to do with your life. Start to come up with new ideas and figure out what God’s got for you to do, because apparently, He’s setting you up to do it in a very big way.