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This market got me super down 😞
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Part of me wants to say the bar just to watch.
You
Index funds. Set it and forget it.
Ok bogle
I have a good number of family friends who own bars and restaurants. It's a career, not a side hustle, and it can be a tricky one at that with a lot of active management required
Especially imagine how hard a college bar would be - probably a ton of risk given much of your clientele will be underage and/or at a stage in life where they don't regulate drinking or make good decisions, margins will be low since college bars are cheap, and staff turnover is probably higher than most bars
Correct not a side hustle. It’s a hustle hustle.
If you want passive income a family owned bar restaurant is not the way to go. Maybe look into a franchise? Or investing in someone else’s business as a silent partner?
Mentor
What do you know about owning a bar? If nothing, stick to RE/equities
Oh we are interested in passive/easy investments only. I’ve had a few rental properties over the years and those are very easy, but I don’t think now is the time to buy.
I assume there have to be other turn key type businesses with minimal time requirements.
Mentor
None of this describes a bar
We also have a solid mix of equities through our various retirement accounts ($450k) and contribute to the max.
F
1031 exchange
Mentor
1. They already sold so it’s too late
2. Since it was primary, a large amount (forgot specifics) of gain is non taxable
3. Womp, hopefully you’re not a real estate attorney
Think about your goals for the money. Do you need access to it? Is your retirement set? What kind of income are you looking to get from an investment? If you work with a financial planner I’d suggest talking to them regarding options. If you invest in stocks/bonds make sure you’re selecting tax-efficient investments since all div/interest/cap gains will be taxed in the year incurred.
Thanks 🐠 the general takeaway is not to buy a business since that’s not going to be passive income.
Easy answer, get the bar and hire Jon Taffer