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re: If you win the lottery, are you quitting your job and how many people are you telling?
Posted on 9/13/23 at 3:36 pm to 3nOut
Posted on 9/13/23 at 3:36 pm to 3nOut
quote:
did i win $10mm or $100mm? my answer is different based on that.
$500mm and i never have to work another day and can be pretty flagrant about it. and give away $400mm and still be fine.
$10mm and i'll have a great life but i'm going to still work my day to day, albeit a bit more swaggy.
$10M would be very tempting to quit working. Would probably be around $6M after taxes. Invested conservatively with 5% annual return is $300k a year. I can live comfortably on that without having to worry about working anymore.
ETA: How many people I tell depends on how much I win. If say $10M, I'm telling nobody outside of immediate family. My style of living wouldn't change much from what it is now except for being able to fish and hunt on weekdays. If anybody else asks, I'll just say I started working at as outside consultant and make my own schedule.
But if its $40M+, it'll be a little harder to keep a secret from everyone. I'd probably tell about 5 people outside my family, then change my phone number and delete social media to avoid all the long lost cousins and people I haven't spoken to in years from coming out the woodwork.
This post was edited on 9/13/23 at 3:46 pm
6
Posted on 9/13/23 at 3:44 pm to Tiger Prawn
quote:
$10M would be very tempting to quit working. Would probably be around $6M after taxes. Invested conservatively with 5% annual return is $300k a year. I can live comfortably on that without having to worry about working anymore.
i enjoy my work. it's rewarding, i'm genuinely helping the greater good, and i have a good boss who is like a second father to me and kept me employed during some pretty lean years when i wasn't able to contribute due to some market trends.
today, that's not the case. if i left the company, they'd take a huge hit and lose about 30% of their GP, minimum. i'd probably buy my boss out so he can retire and work part time on his terms and then have his son (who is like a brother to me) run the business with me. probably upgrade a few things i don't love about the company, but it would have to be in the 100mms for me to just walk away scot free and be done without regard for my company.
Posted on 9/13/23 at 3:51 pm to Tiger Prawn
i look at it like “if I was making a good salary how long would it take me to make this much money?”
of the answer is like 20-30 years why work?
live you’re you’re making a really good salary.
of the answer is like 20-30 years why work?
live you’re you’re making a really good salary.
Posted on 9/13/23 at 3:51 pm to Tiger Prawn
quote:
all the long lost cousins and people I haven't spoken to in years from coming out the woodwork.
I have a cousin that would be drawn like a moth to a flame.
I’d seriously consider giving him a “loan” that would only become due and payable if I ever saw him again.
This post was edited on 9/13/23 at 3:52 pm
Posted on 9/13/23 at 3:59 pm to Tiger Prawn
quote:
$10M would be very tempting to quit working.
The vast majority of people won't even come close to making $10M in their entire careers.
Posted on 9/13/23 at 4:36 pm to Tiger Prawn
quote:Man, I'd quit my job right now if I can get paid my salary for the rest of my life, assuming adjusting up for normal cost of living increases.
$10M would be very tempting to quit working. Would probably be around $6M after taxes. Invested conservatively with 5% annual return is $300k a year. I can live comfortably on that without having to worry about working anymore.
Sure, if I work, i'll get more raises and promotions and eventually make more money than I do now, but simply not having to work ever again for me easily trumps that.
Hell I'd probably take some kind of pay cut as well to never work again lol.
Posted on 9/13/23 at 5:58 pm to Tiger Prawn
quote:
$10M would be very tempting to quit working.
Depending on age, one could quit their job if they win $2M. Pay off mortgage and other debts, invest the rest, and the new part-time income would fully support one’s new no mortgage lifestyle. $2M invested at age 30 will be more than enough for retirement later.
This post was edited on 9/13/23 at 6:00 pm
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