What do you do after selling your business at a young age?

I just sold my business for a very good amount of money and I'm worried about what to do with it or with myself. When I sold it I signed a no competition clause for 4 years so I can't start another one in the same field, I don't want to "retire" i'm only 28. I am also a bit worried about overspending the money, in the past I didn't have much luck in that department (and that was with small amounts, so I'm worried that such a big amount of money will make it easier to overspend) - and now that I don't have the revenue from the business spending it will NOT be good at all as I have no income. My dad told me to create revenue by investing in cashflow producing assets like businesses or real estate, my passion for life is film and I really wanted to get into that field but there's no way of knowing if I'll create the same level of income with it - I'm torn... any thoughts or recommendations?

Thanks

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  • 7 years ago
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    Well - Film you will just lose your money.

    But maybe your interest in film is because you are interested in creativity.

    So why not invest in real estate, but not just buying boring real estate that just ticks over. Why not try to renovate something so you can be creative. I guess you live in the US and Im from the UK - but I run holiday cottages in the UK and that means I have to do a lot of interior design - so I enjoy it.

    An American friend just bought a condo in Chicago though and that had been renovated to aim at the high end and its beautiful - he will be renting it out to families fully furnished.

    So solid investments are the way to go (with maybe a little asigned for play money to do something with film) but make the creative and interesting so you can feel passionate about what you own.

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  • Anonymous
    7 years ago

    I will not sell my business . I will try to start another business . Thanks

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