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Kari | If You Won A Million Dollars, Would You Quit Your Job? |
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.
Additional Details
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. |
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trenbolone
 |
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! |
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Ina M
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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. |
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Goddess of Grammar
|
Quit my current jobs, probably.
Retire, no. |
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dh1977
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I would quit my job, invest half the money, apply for dual citizenship, and move to Scotland to open a pub. |
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Sabina
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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. |
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hotnsweet2223
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Even if it was more than that I would not give up working. I don't work for money, I work for the experience, the accomplishments and the sense of fulfillment it gives me. |
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island girl!!
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no bcoz i would invest the million $$$ in my bank account 4 the future, and still go to work bcoz who knows how fast the million $$$'s will b finished off |
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hachimachi
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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. |
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i love my garden
 |
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....... |
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Gippy
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No i wouldnt because you always need a back up plan. If I had a horrible job maybe I would and use the money to go to school and get a better job. |
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wondering_lefty
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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. |
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Angelbaby7
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depends on how old you are when you win.......if you are under the age of 50 no don't quit. |
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Tonka
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I would quite my current job and invest the money into diffrent thing real estate my own buisness ...... |
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Judyskiis
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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. |
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Kamil M
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Invest it |
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Dr. E. Amon
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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. |
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I Should Be Cleaning My House
|
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. |
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jared
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One million is so little after tax, I would use it to buy a nice apartment, take a long vacation, and go back to work. I would invest 70% of what's left and put the rest into savings. |
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james
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i'm working on my first million, and i'm 56. when i was a kid, when you said millionaire, you pictured a chauffeur, a limo, and a mansion.
Today, I'm constantly reminded that a million won't do much in my retirement.The math works like this (prepare to be depressed):
you want to live on the growth your money earns, to protect yourself from unforeseen medical or financial emergencies. a safe amount is 5%, which gives you 50K annually. Add Social Security (if it continues to exist), and you're at maybe $65K.
taxes bring that to about $55. Insurance at that age will probably be in the $1K/mo range, if the current trends continue. You're down to $43K
By 2019, i expect gas to be $8+/gallon, and god knows what food and utility prices will be like. figure $800/mo, and you're down to $33K. Taxes on the house, clothing costs, etc, etc....
rather than HAVING a chauffeur, i may end up WORKING as one.
Keep saving, people!
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