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Question of the week – If you just won a million dollars, would you quit your job?

Sunday, December 12, 2010

My answer to this would be no - and I’ll tell you why –

When I was working a friend did win a million dollars in the lottery. It was to be made in yearly payments over a 20 year period. After taxes my friend received only – are you ready for this? - $50,000 a year. Did she quit her job? Nope – nor did her husband. Is $50,000 a year the million you dreamed of? Hardly.

Now I know you may think this is crazy but if you’ve ever followed lottery winners that have quit their jobs the majority of them are unhappy and/or broke. Why? They go crazy spending the money getting everything their little hearts desired (well that euphoria only lasts so long) – then there is all sorts of people bugging you for a handout (boy does that get old fast) – if you’re married you fight about how to spend your money – if you divorced you worry about the other person getting your money. Wow – doesn’t all this sound like fun?

I think that continuing to work it gives us a sense of purpose. If you’ve nothing to look forward to then what’s the point? I think there is something about a daily routine that drives us into the next day – something to look forward to whether good or bad – a sense of challenge. (That’s why so many millionaires go to their jobs every single day – it’s the challenge of that day).

I know I know not all of you are happy in your job and think that winning the lottery is the best thing since sliced bread. But is it really?
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Member Comments About This Blog Post
    I would quit my job - but I would join the board of directors! I wouldn't want to see my poor museum go down the drain without me!!!

    I would eventually go back to work...ideally I would open my own second hand bookstore! But you'd better make it 2 million just in case it goes under. emoticon
    2897 days ago
    Probably not on a million because of the math you just laid out. That said, if it was big enough that it did replace my income, yes, I'd quit working and pursue my hobbies more vigorously (ourdoors stuff and scouting).
    2898 days ago
    Good one! I never did the math on it but I do like my job and would probably stay.
    2898 days ago
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