510k Liquid. No Debt. Live Abroad, Want To Start A Business... Now What?
40 years old. 450k liquid. 60k locked up in the markets. Paid off student loans and 2 cars last year. Living in Mexico. Rent is $500 a month. No debt. No kids.
Travel paramedic/nurse since covid traveling back and fourth working contracts, but I want to create an income stream for myself here and not work in that field again. Maybe one 90 day contract a year (10k a month w/ 30% non-taxable income).
Buying a booze cruise boat and starting a business here for 50k. Hard to project yearly income, but hopeful for 30-100k a year after expenses.
My goal is to run the business during peak season from Nov - April and travel during the summer months (Too hot here during summer. No tourism).
Was considering to other side options:
1. Put the 400k into a CD in a no income-tax state. Pay federal tax and bank the rest. Between the boat and CD income I can live comfortable.
2. Alternate business consideration was a small storage facility. Can get a quarter acre near the airport for 100k for only 10k down, no monthly interest fees with a monthly payment of about $1300 a month for 72 months roughly. Crazy, I know. Can fit 98 4x8 storage units roughly or 48 4x8 storage units and 22 car spots. Then put the remaining amount in a CD.
Insurance, liability, advertising and businesses expenses would be very low. There is a strong tourism and expat presense here.
What are your thoughts. How would you navigate this?
Thank you.