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You won the lottery! Do you keep your job?

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vbuggy said:
I think that's the scariest thing really. That it might not be. Compared then to what every one who would consider themselves 'regular guys' would pull in, and then... D:
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well, there's also the question of income expenditure.

if I quit my job but continued to live the same lifestyle as I do right now (middle class house, 10 year-old car, 1 big vacation/year, etc) I'm sure 10 million would do my fine.

but without work to occupy time, I'd probably end up occupying time via spending money (whether we're talking about spending money on travel, shopping, enrolling in university, or whatever) at which point 10 million probably wouldn't be enough.
 
Assuming it doesn't become public knowledge, I'd probably work for 2, 3 years to make sure I can manage the money, and use that time to setup a cover story to allow the transition from working my corp job to something else so I can keep up the old rep.
 
loki8481 said:
well, there's also the question of income expenditure.

if I quit my job but continued to live the same lifestyle as I do right now (middle class house, 10 year-old car, 1 big vacation/year, etc) I'm sure 10 million would do my fine.

but without work to occupy time, I'd probably end up occupying time via spending money (whether we're talking about spending money on travel, shopping, enrolling in university, or whatever) at which point 10 million probably wouldn't be enough.
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The thing is, you wouldn't just let your millions sit in a checking account. After the large expenses (house, maybe a new car, etc), you would put a good chunk of it away. Let's say you spent $1 million on a house, then invested $5 million for retirement (low risk, long term stuff, just to keep afloat). Just budget $100k a year for the next 40 years. Without a mortgage or car payment, you'll be just fine.

I think a big problem is a lot of people quit their job, buy some kind of $3 million house and then spend the rest on incredibly stupid crap. They then can't cover the property taxes on their house and have nothing after a few years.
 
Wouldn't quit, but I'd change my position a little. Probably just fund my own project for a few years, then retire.
 
Hell no I wouldn't keep my job. I like my job, but it's a job. If I won the lottery then I would do what I want to do from that point forward.
 
Markbnj said:
Hell no I wouldn't keep my job. I like my job, but it's a job. If I won the lottery then I would do what I want to do from that point forward.
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Exactly! I like my job, but if I didn't need money, I'd find it incredibly hard to wake up in the morning and go to work 5 days a week. I'd have a fairly large conflict of interest; I just wouldn't be interested in coming in most days. =)
 
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Self employed and I like it. Might hire some good help and open more branches. I would take more time off, travel, etc but there's a limit to that. I do not do well without a schedule/routine. I already abuse my body enough. I can imagine it multiplying if I had $10M.
 
I'd work just long enough for them to find a replacement and train them in.

Then I'd mow lawns for a living because I think I'd get bored of not doing anything.
 
IndyColtsFan said:
At $10 million or above in net winnings, I'd quit within minutes of receiving the check. If it were $5 million or less, I'd work a few more years and let the winnings grow. $5 million to $10 million is a bit of a gray area for me.
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Pretty much this exactly. Id give notice that Im leaving as soon as the check clears.


10 million gives you enough cushion to cover 60 years of inflation, 5 million, not so much.
 
I'd continue to work, but not forever. I'd setup a trust with half the money and setup a withdraw limit per year except for medical emergency, this is so myself and the family and future generation would live comfortably.

Other half would be to make smart purchases and make careful investments. Small percentage of that would be use to help some friends/family with debt.
 
Gone. In a heartbeat. I'll pay my coworkers to fulfill my obligations for the required notice period.
 
I'm retired, but hell no, I would not have kept my job when I was working. $10 Million would have been more than enough for me to live very comfortably.
 
I would work as I like my current job for a time. Pay off my current house and bills. Certainly wouldn't tell anyone that I personally know that I won. Eff that. Once I had everything setup to where I'm comfortable I'd "pretend" I got bored with my current job and wanted to "start" my own business working from home. I'll probably make a half ass measure at it just to keep pretenses. Then do whatever the hell I wanted after that. This way I don't have a crap ton of people that "know me" begging for a hand out.
 
smackababy said:
I think a big problem is a lot of people quit their job, buy some kind of $3 million house and then spend the rest on incredibly stupid crap. They then can't cover the property taxes on their house and have nothing after a few years.
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Stories about previous lottery winners who lose it all are like that... They didn't seem to realize that if they tried to control their spending, even $5 M could yield at least $250k/year (diversified, conservative 5%-ish/year yield) for a life time in investments with lower tax distributions/ income. This would also allow kids to really pursue their dreams (i.e. anything productive even with a low income like "professional student", not sitting on their ass all day). Nope, let's blow it all on random crap and then go back to working within a few years.

Yes, it annoys me that I work a shit job because I have to, but these people who didn't man aged to piss their freedom away.
 
Winning $10M, I'd probably work a while longer and take an early retirement once that money has grown with some investing.
 
I hate working for other people so yes I'd quit my current job. I would probably try my hand at some sort of business without much financial risk. Maybe allot myself 500k to start a business of some sort and if it works great if not I still have 9.5 million to live on.
 
vbuggy said:
I think that's the scariest thing really. That it might not be. Compared then to what every one who would consider themselves 'regular guys' would pull in, and then... D:
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General rule has been you can take out about 5% and not harm the principal. Basically infinite money. More recently its looking like 4% is safer. That's still $400k a year on $10mil. That's assuming you never do anything to make money other than invest. I think I could safely retire on that. Anything over $5mil after tax would be fuck you money for sure IMHO.
 
No freaking way, but I would still give notice, then I would go do something I enjoy.

KT
 
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