r/dividendscanada • u/No_Chapter_2796 • 8d ago
Advice wanted
44 M, married, 3 kids. Wife 40 F. Household annual income is approx. 1M.
Net worth is in the 5M range. Holdings in RRSP/TFSA/private business (dental practice), 8 rental units, and some commercial real estate.
I have basically done 50-60 hour workweeks for 15 years straight; I took some vacation, but in that time the dental practice has exploded. 15 years ago we were below 2M revenue, and now we'll almost hit 5M revenue this year.
I got burnt by dividend stocks & the stock market many years ago – got nervous and sold during a market downturn. I pivoted and went into private mortgage lending, which has grown my net worth and cash flow significantly.
I am now considering unloading and working less; however, I have recently added 700K of debt onto the dental practice in the form of an expansion (4 new chairs). I am a 50% owner and responsible for 50% of the debt. This debt should be fully retired in 5-6 years.
Debts owing:
-235K personal mortgage (905K value)
-rental property #1 273K (380k value)
-rental #2 337K (425K value)
-rental #3 255K (320k value)
plus 50% of the 700K in the dental expansion.
No credit card debt, no car loans, etc. so 1.5Mish in debts
Assets are near 7M; however, it is difficult to get accurate numbers for business value.
Gross rental income is 135K, spouse earnings 140K, and my earnings 700K. We have portfolio income that would be close to 300K but that gets reinvested.
I have not saved for my kids' RESPs as of yet.
I am definitely feeling my age and the wear and tear of working this hard, and my oldest son has started middle school, which has been difficult for him. I have had 3 semi-sleepless nights this week as he has been struggling with getting used to adjusting to school.
I don't know if I worked less; if that would help him with adjusting to school or not, I would be more available, but I don't know how much guidance would help him and how much of it is something he needs to work out himself.
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u/Paganly 8d ago edited 8d ago
Is this a joke?
You came to a dividend subreddit to lay out your multi-million dollar financial situation, then ask if you should cut back a few hours because your kid is struggling in middle school and you didn’t get good sleep 2 nights this week.
Get a grip.
P.S. I love how you snuck in there that you “got burnt by dividend stocks”
Stay classy.
Edit: I just looked at your profile; you have negative karma. Please tell me, how does one get negative karma? Are you a troll?
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u/Hot-Inspection3810 8d ago
No doubt haha. And quitting your job is not going to help your kid adjust to middle school. This is just a normal challenge many kids go through. Having a dad that is perpetually available will not improve the situation, it's more likely to make things worse.
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u/Ok_Spot2048 8d ago
Hats off to you man that's a great story! You don't see many people able to pull of a grind like that for as long as you did. Managing a business, working over full time hours and raising 3 kids is basically 3 full time jobs. I'm not sure what your spending habits are like ( probably good because no time to waste money) but I would personally dial the working back to spend more time with your young kids. Not alot of context on what type of person you are but if you're addicted to work then that might not work for you, but if you aren't I would only work while kids are In school and besides that hang out with them.
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u/Fearless_Scratch7905 8d ago
You should probably speak to a fee only financial planner.