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Careers are fulfilling. Jobs suck. That's why they quit jobs. They don't quit careers.
Huh? There are plenty of people in "careers" who are not fulfilled in them. I can rattle off several people in good paying careers off the top of my head who don't like their careers any more (due to constant pressure, workplace politics, etc.).
I've actually thought about this a great deal. Even if I won in the tens of millions, I don't think I'd quit right away. I would most likely explore my options and find a good financial advisor. If it was in the 100s of million range, that would probably be different, if for no other reason than everyone knowing you are that rich becomes a liability.
Just as important, I think, is the question of how to accept the money. I believe that my state does not allow anonymity. In that case, I guess I would have to see if I could get a trust set up quick enough to use to claim the winnings.
Quote:
Originally Posted by David A Stone
I have read that despite winners of ..........HUGE.......jackpots declaring they are not quitting their jobs ( when interviewed)..............nearly all do quit within 2 weeks.
Most likely they got tired of mooches asking for money.
Quote:
Originally Posted by LowonLuck
Same here. But I am use to having a salary of $30k annually. I would not buy a new house or a car.
Yep, and I think that is where people go wrong. If you kept on living a $30k lifestyle, it would be possible to retire on $1M. I don't think most people have your level of self-discipline though.
I would give notice before coming forward. Go off the grid for 6 months and not spend nor give out any money until i speak to a CPA and financial adviser.
I would keep 60% (lion's share) give 35% away to immediate and extend family (minus IRS gift tax amount) and 5% to everyone else (close friends, casual friends, co-workers, etc again minus IRS Gift tax amount). I would go off the grid again and come back with a sad story on how i lost everything and now do Uber as a job.
Silly question. It depends entirely on how much money they've won. If you win $1M you may not want to quit your day job just yet. If you won $50M don't worry about it.
Silly question. It depends entirely on how much money they've won. If you win $1M you may not want to quit your day job just yet. If you won $50M don't worry about it.
Very true.
$1m and I am investing the lotto money. Then I would work to build up retirement savings. $50m and i am out of here and will go home and live comfortably.
If you kept on living a $30k lifestyle, it would be possible to retire on $1M. I don't think most people have your level of self-discipline though.
One could even splurge and live on $40K/year on a $1M retirement, as that equals the standard SWR (safe withdrawal rate) of 4% per year, assuming you keep at least 50% of the monies invested in equities.
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