I have a Power Ball in front of me that I have not looked at yet. I saw it this morning and thought, I hope it's $500, okay $5,000, then okay I will be happy with any amount.
It is now 10:54 AM and I have to get started on some work that I need to do for a new position (work related). I have procrastinated for 3 hours now! I thought, "Oh, before I get started, I should take a look at my numbers". So, the question came to me, "What would it take for me (or you) to quit"?
I am such a safe, low risk person, it would really take a lot for me to quit my job. Likely, my husband would nearly make me quit, while I would still be saying...I "have" to go to work.
No I didn't win. We always have that big dream...If I win, I'm not going to work tomorrow or on a really bad day, I'm hopping on a desk and flying birds to everyone.
However, no I very likely would not quit. To quit, it would take a minimum of: (home pay off) + (bill pay off) + (college tuition in year 2024 x 4) + [(income 1 after tax) + (income 2 after tax) for 45 years].
Yep, that pretty much throws me over $5 million, perhaps a little less after calculating the interest in the 45 years, but let's not forget a little foolish spending for the sake of reality.
I'm halfway done with my work I mentioned in my original post.
Thanks for dreaming with me and yes, I would definitely keep the news hushed. I would be that old aunt always claiming she was broke, but slipping the kids a couple of hundred.
I love this question. Hubby and I were watching HGTV and they had this guy going with lotto winners to look at "new" homes. One couple from Cali won 180 million. They decided to buy a home for 5.8 million. Wow!
Okay, back on subject. If I won a couple of million, I would still work. If I won 100 million I would not. =)
Not much...just enough to pay off my house and put money away for my boys' college funds and a nice savings acct. I do love my job, but I'd love to be able to take them to school and pick them up and attend every concert, program, sport and play-date more!
To continue living in California and retire in our mid-40s, I think we'd need a good $5 million or so after the 40% is taken away for taxes.
I like my work, but would be happy volunteering my expertise to non-profits instead.
More than I can ever win on power ball. Sure one of us would quit but not both, okay neither, we enjoy our jobs. Maybe cut back hours, just a bit.
It would have to be multiple digit since I have 3 kids going to college in 3 yrs, and another 2 in primary. And I have 2 boys that get very expensive meds so definitely would need to be able to pay for that. $1 mill could go very quickly with just my oldest currently at $30,000 a month. I would work for at least a yr or to so that the undesirables in the family have no clue. Talking criminal. But I would quit eventually. I pretty much sit all day and that is what I hate. I would also love to be able to do something for myself for once, me time would be awesome. And I would need to take time off to travel with the kids so they can see the world around us in real life and not just in books. But to win and just stay home.....no way. drives me nuts
It has to be for over $5 million (after taxes and cash out option).
The check has to clear.
Once it's in the bank - I'm good, done and retired.
I love my job and what I do....I'd still work.
My husband? I'm sure he'd love to quit now (although he loves what he does, he doesn't like the location) any way - he wants to open a bar or bed & breakfast...I could do that....who knows!!??
It would have to be a LOT - like HUNDREDS of millions...and even then? I love what I do....and I love my company....heck - I might buy my boss out!! LOL!!!
Honestly, I would probably continue to work, just because I would get bored otherwise.
But I wouldn't stay at my current job. I would go to cooking school and open my own catering business.
I would still work! I would start a non-profit. I'd do some research, but I would want to start it ASAP. If my 9 year old had her way we would open something similar to her favorite show-pibulls and parolees. I'm not a big animal person, though.
Ive already worked a lot of debts down, but I'd like to have at least a million after taxes. Pay off student loans and invest wisely....
If I won millions of dollars, I would still work. I would be bored out of my skull staying at home, and I love my job (teaching).
I love my job even if I was paid pretty good from the Lotto, I wouldn't quit.
I think 3 million dollars after all the taxes and what not would allow me to feel safe to no longer work. This will allow me to have enough so the house is paid for, enough in 'retirement' which would start after receiving the money and children's education. I would live similar standard and add a few upgrades. It would depend on how much interest this nest egg would be making too.
I would find a way to keep busy, just not feel force to earn a paycheck.
what a fun question!!
I think I'd take a sabbatical. Travel more. But I don't think I'd quit working.
I know it would be great to have all 4 boys college secured.
For me to quit? It would take at least 8 digits AFTER TAXES.
If I won hundreds of millions of dollars, I would become a professional philanthropist and autobiographer. :)
Well I definitely would not quit the next day or anything. But once I worked out the financials, and I was sure we were "set", yeah... there are a lot of other things I could be doing. Even though I like my job, it is a lot of responsibility and why keep that on if I don't need to? I would probably pay off my house, remodel it a bit more into my "dream home", and hopefully have enough left to live off and pay for my kid's colleges. Some amazing vacations would be nice, so if I didn't have enough left for that, I might find some easy work to bring in a few more bucks. It sure would be a nice change to not work in the demanding environment that is characteristic of most "career jobs". I'm thinking Hallmark store or something... low lighting, mellow music, gifts and greeting cards and stuffed animals.
So... did you win? ;)
College fund complete
Buy a house at the shore
An amount that would allow investing to pay us triple to quadruple our yearly salaries worth of income per year.
I don't work now so I already won the lottery. However, for my husband not to work, at least 5 million after tax. People don't think how much money they really need to live "comfortably" during retirement. And most people don't have ANYTHING or very little saved and planned for it. Sad fact of the times.
If we won $1000 or $5000 or $10,000 it would go into savings because we are working on a car fund to eventually replace our misbehaving 2000 model. We're doing our best to keep the current car going, but a better condition vehicle is a predictable need for us.
$1 Million isn't 'quit job' money. After Federal, State and local taxes I'd suppose about 45% of that would be gone. So say $550,000 to keep.
After paying off our mortgage and getting the above mentioned car, I'd use the rest in various savings and investments in order to generate an income. Even with today's low interest rates if I did nothing but put $450,000 into a basic savings account (it would be covered by FDIC) I could reasonably expect more than $20,000 per year.That's a nice chunk, but not enough to stop working.
What most lotto winners do - quit job, vacation, buy a bigger house, gifts for family & friends - means the money is gone pretty quickly. A lot of times winners end up worse off than they were before. If you want to keep having money, you have to plan ahead to spend investment income while not touching the original winnings. A short period of delayed gratification will go a long way.
I think I'd have to win a keep-amount of $50M+ to feel comfortable spending a little more outright. We still wouldn't use the winnings for general living expenses, so jobs would need to be kept until alternate income was in play. My husband likes his job, but he does have self-employment dreams. The money generated would enable him to go for it with low risk.
1.5 million after tax.
since i'm fortunate enough to (finally) only work a very minimal amount, and in a job that i only do because i love it, i'm coming at this from a different place than i would have for most of my life.
and i still think i'd quit<G>. i really love my little job (enrichment teaching at a community college) but i'm a very hedonistic person, and sometimes resent even the beloved task of researching and writing up my classes.
i ALWAYS love the classroom part.
but boy howdy, i'd sure love for my dh to be able to quit. he's great at his job and in some ways loves it, but it's very, very stressful and he has a killer commute.
a million springs to mind, although when we sit down and crunch numbers, it would probably in a practical sense take more than that. i find crunching numbers to find out what we'll need to live to a reasonable old age in reasonable comfort one of the most depressing exercises ever.
but yeah, if we hit it big, we'd both quit and start traveling like crazy!
:) khairete
S.
If I had a thousand we'd go out of town for spring break and go do something totally fun and frivolous.
If we had $5000 we'd go on that trip plus I would buy up a bunch of food items for food storage. A new TV in the family room would be nice too but I would want to do something where it wouldn't be able to break from a Wii controller.
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A million would set us up for life. We'd be completely debt free since we own our home and have newer vehicles. We'd also be able to travel and take some time with the grand kids to see a lot of places. We could take them on cruises and travel to other foreign places too. They would have blessed lives for sure.
One think I'd probably spend a chunk of money on would be a new house. I'd like to bring my father in law into the same house as us plus I want to have a full basement with a poured in section for storm protection. I'd like to have my bedroom in that area so I can sleep at night and not worry about storms.
There are a few homes in town that might work for what I want too and they're all about $125K-$200K. But I would love to build new with tons of insulation to keep bills down and be more comfortable in the cold and hot seasons.
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If I won more I'd give a couple of friends and a couple of relatives money enough to pay off their homes with enough left over to join us on some travels.
I might buy a place to have a business of sorts but I'm not sure what it would be. Maybe build a large open building where people could have receptions or weddings or basketball games or craft shows. Who knows. It could be fun to have something different every few weeks or months with only having to pay do some cleaning and office work.
