Fountain Valley News - Your Hometown Community Newspaper

Financial suicide is not necessary

 

Last updated 8/4/2021 at 9:27am

There is some risk to all of life.

A friend and his wife had a house paid for and a substantial savings account. At the age of 65 he was retired and bored and bemoaned he had never been a business owner. He was aware of a family who had recently closed a business so he offered to buy it from them and even employed a family member to run it. He knew nothing about the business but was confident all would be well. The cost of the investment, his lack of understanding the business and the monthly outgo spelled disaster. Within two years he had lost his house and his entire retirement savings tr...



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