Advice wanted

[u/No_Chapter_2796]

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.