If You Won A Million Dollars, Would You Quit Your Job?

Question

I was discussing this the other day and realized a million dollars does not have the "buying power" it use to.
Sure everyone could use an extra million. It's a lot of money.
But I don't think someone could retire with it.
Assume that someone just won the lottery. Feels great until the I.R.S. takes a big ol' chuck for themselves and possibly the state as well. I assume 250K to be a conservative estimate.
Then that person would want to buy a nice house or pay off the one they have. For a nice house in my area, you pay about 250K-500K.
So go low end and half your money is gone.
Then you want to pay off your bills, maybe give some to your children or pay off some of their bills. Not to mention just have some fun and maybe splurge on an expensive car. It could most likely be done for $250,000.
So you have 250K to invest. Not a bad nest egg. It make a great retirement.
But would you want to retire at say 40 with just that much money?
What would you do? Invest into a business, ect.

This is probably the best question I've asked, IMHO.
Because I have gotten so many great answers so far.
So many people have some great ideas and dreams on how to use it.

Answer 1

no- i would continue to work but, find a better job with more money and something i enjoy. because if i had the million now being so young, it would be spent within few days lol!

Answer 2

Wow, if I won a million Dollars........ First of all I wouldn't quit my job if I liked working in that particular job. I would pay off my debts then invest the rest of the money and over a period of time I would live on the Interest made.

I would also set up a trust fund for a child's education either in my home town or overseas.

I know one thing for sure I would never tell anyone that I had won the money. Keeping that knowledge to myself would mean I could invest or spend the money the way I wanted and I would avoid all the 'bleeding hearts" that winning money sort of attracts.

A million dollars doesn't go far but after investing it for a year and still living the same lifestyle I would have a very secure and happy life making others happy by donating as I please to help others in need. All anonymously of course. Like a fairy godmother at her best... Oh the joy of all.......

Answer 3

I don't have a job right now but if I won a million dollars I would act the same if I got it. That money will not last you a life time unless you are 80 years old. I would not drop out of school or any of that. I wanna try to pursue my dream and live it other than just getting bored eventually with the money and just stay at home all day and regretting what I haven't done.

Answer 4

I've had dreams where I win the lottery and for some reason or another I still see myself going to work. I like the "big fish in a small pond" idealogy behind it. Being the one in the neighborhood with the best car and the best house and going to work and parking my much more expensive car along side my boss (who parks in the building and not the less expensive parking lot six blocks away) I agree, a million wouldn't allow me to retire. Especially being a single mother in this day and age. I would however, take some well deserved time off to raise my child. God knows I've already missed a lot of first (first word, first step....) It hurts...It really does. I should stop writing before I start crying.

Answer 5

I would invest it all to begin with. But then I am a business woman. I like to buy things and sell them at a profit. I love marketing and I would not want to live without my work and the shop my mum and I run.

It is hers thus far as I am too young to have have accumulated a lot of money to contribute, so I would most definately invest it in making us one of the best in our industry. Expanding our product lines, improving customer service, enstating free classes for everyone to learn our craft.

But I enjoy your train of though there. 1 MIO is not that much money anymore after taxes. I would myself probably buy a house and a Toyota Prius and I understand the wish to pay of everyone elses debt (kids etc.) too. I would like to give back to the people who raised me. On the other hand the best way I can do that is by ensuring a constant "wealth" or income for us all instead of one big splurge. Investing it into my own work puts some control back into my hands instead of investment bankers and the return is much bigger. With that much money you do not have to worry about going belly up before you have established a customer base.

Answer 6

I'm 45 and I would retire. I'd invest it and live off the interest. My home is already paid for and the interest I'd earn off of $750k at 6% would be more than my annual salary (I calculate the interest @ $46K annually). I live in a part of the country where the cost of living is relatively low. I also have an inheritance from my parents so I could afford to retire.

Yup, retirement...here I come.

Answer 7

I'm 35 The first thing that I would do is give 10% to my Church. then I would talk to a financhal advisors and find out what would be the best way to invest for my situation. Maybe I would quit my current job and follow my dream and open my own business.I am very good at what I want to do just have not had the money to get started.

Answer 8

You're right- one million dollars would be nice to have, but it's not enough to retire on unless you were close to retiring anyway. How sad! After paying taxes, we'd probably splurge on a luxury vacation. Then we'd invest the rest. It would be nice knowing that the money was there, growing slowly, and we would be able to have a more comfortable retirement. But we'd both probably have to work until we're in our sixties anyway, even with that money waiting for us. Bummer.

Answer 9

You are right, a million dollars isn't much these days. I would pay off my home, student loans, etc. Then, invest the rest somehow, to save for my future kids, retirement, etc. After that, i imagine there wouldn't be much left, but I would give some to my parents to pay them back for all they have spent on me, then maybe just take a year off of work to travel.

Answer 10

No, I wouldn't quit my job, and I wouldn't want to "retire" early.

You're right, a mil just isn't what it use to be...inflation. I would pay off debts; put some towards retirement; put some towards college funds; and invest in my business.