if you have money (millions) is there any need to work?

Answer 1

not unless you get bored to easy!

Answer 2

Maybe i'm one person qualified here to answer this because it's my situation, although not quite millions and millions.

I choose not to work for various reasons which i will explain and how i'll never get bored.

To a certain extent, maybe there is a job with my name on that i pass on it to allow someone else to have it as mentioned above but that's not the real reason.

If i was to find work (although i don't need the money) i would want a job that suited me, it would have to be stress and hassle free, and maybe something say 3 days a week with no late nights and weekends. (Remember, if this was you then why put yourself out?)
Secondly, i travel, a lot so i would need something where i can just walk out at a days notice and bugger off to Dubai where i was last week.
Third (and this is the big one) is Tax, because i pay 40% on my income (yes i do) if i got a little part time job in Tesco by the time i took into consideration travelling costs, clothing and all that tax i'd be working for next to nothing.

So what do i do with my time?

Over the last year i've spent over 4 months out of the country, i've been to Portugal, India, Turkey (2 months), Greece and Dubai last week, etc.

I'm also working on a house with view to selling it and buying a really big old house to renovate and live there, that'll keep me busy for a year or so.

After that who knows.

Some might suggest i set up my own business but many new businesses fail and i'm not willing to take a risk by gambling money which would bring security to my family and children (to come) for many years. The money originally came from a family business which was bult up from nothing and sold at exactly the right time.

Is this life perfect? Just about.
Do i never get bored travelling the world and doing what i want when i want? Never
Do i still worry about money? Oh yes.

So about this time all Americans reading this will be probably thinking 'good on you' for being so successfull and the Brits will be thinking 'ba*tard' because isn't that' what we British do?

So now if i tell you for the last 3 years i've been fighting Cancer, does that make you think a little differently?

Added

I've just read above what gvih2g2 has written, and you know what mate? Your absolutely spot on there with your calculations.

Answer 3

It depends how many millions, what lifestyle you want, and how much you want to pass on to your children.

Most investments yield about 2-6%, after inflation. Say an average of 4%. Then pay 40% tax on most of that, leaves 2.4% for you. So if you have, say, £2 million in the bank, then the most you can take out without diminishing the real value of your savings is £4,000 per month. That seems like a lot to you and me, but do you know many millionaires who would be happy to survive on it? Buy a new Bentley and for the first couple of years it will lose more than that in depreciation alone. Send just one child to a top boarding school and that's £2,000 a month.

On top of that, managing your investments is also work. Ask Sting what happens if you let someone else look after your money! I don't have millions by any means, but I probably spend 6-10 hours a month tracking the progress of my investments and making sure they're working most efficiently. I dread to think what overhead there would be on a multi-million pound portfolio.

Answer 4

I think that after a while, without work you'd lose your sense of purpose in life.

Work doesn't have to be about just earning money; doing voluntary or vocational work, in order to help others and make the world a better place can be just as, if not more rewarding.

You may not need to work, but may want to.

Answer 5

Aren't you the guy who is dating a rather wealthy woman? Are all your questions gonna be about her money? Lol!

Nah I wouldn't work for a while, I'd live off the interest, then travel and do volunteer work in places all over the world, then I would come back home and start up my own business to give me the opportunity to work when I wanted and to be able to pay people to work when I didn't!

Answer 6

I would probably continue to do something but it would make more sense to work for myself than for someone else. It's all about passion. What do you want to do with your life versus what do you want to do with your money? Some millionaires are undetected in society. They look like the rest of us in modest homes with modest cars, etc. That's how people with money keep their money. It's the people sporting million dollar homes, luxury and sports cars and designer wardrobes that probably owe more than their equity. Those are not millionaires... they are people living a millionaire's lifestyle. Being a millionaire is about a balance sheet where your assets exceed your liabilities.

Answer 7

No.

You get about £190 per day interest (gross -40% tax if you reside in the UK) on 1.2 million.

You spend more when not at work than you do when you are at work so bare that in mind.

If you winn 88 million this weekend in the Euro Lotter, that will pay over £10,000 per day in interest. That should just about do it.

Answer 8

There is a need not so much to "work" as there is a need to "engage" productively and make a contribution to the world, especially in later years in a stage of life called "grand generativity".

Answer 9

yes there is a need to work. Man is not just the sum of his bank account. (nor is a woman). Man needs to work to fufill what he was put here on earth to do. Everyone is needed in some way to make the world work. Everyone need to do their share. Boredom will rapidily set in if you have no purpose in life. Not a good state to be in.

Answer 10

It all depends how much money means a LOT to you!!!

Once you have millions, you then need to work harder to maintain the status and protect wealth.

Ask Gill Bates, he has answer for you.

Answer 11

No, but you would still need to fill up your time. Maybe you would choose to work in order to expand your fortune - you may be thinking of your offspring and what they will inherit or it may just be through ambition on your behalf. Wealthy people like Paul McCartney continue to work as they derive satisfaction from what they do