Would You Keep Your Job if You Won the Lottery?

Here's a comment left on my post titled Do What You Love and Starve:

I really enjoy my job. I think I'd still like to do it even if I won the lottery. It's just an ordinary sort of a job though, nothing earth-shattering. I probably don't love it as much as I do, sleep, say but of all the things that I actually do, it's one of the best.

This got me to thinking about a question I wanted to ask you all: would you keep your job if you won the lottery? (and just in case some of you say "well, that depends on how much I won," let's make it a very large amount -- say, $50 million.) So, would you keep your job if you won $50 million?

I like my job a lot and love the people I work with, but if I won $50 million, I'd be outta here in a second. How about you?

Comments

[andrew]

Not a chance. I mean with that money, retirement would start the minute i was reading that last number of my winning ticket. Personally, i have a job that makes no difference so i could easily pick up and leave. More time with the family (good and bad), more time actually doing things that i enjoy, and traveling. I mean at 33, what is better than than

[Rabbit]

I think that I would quit working this job and go out and find something that I would enjoy a whole lot more.

[rdub98]

I have been in my job for 10 years. I like the people I work with (sometimes), but have grown to dislike my job a lot. If I won $50 million, I would be out of here before the ink was dry on the check. I would find something that I enjoy far more, like working for myself, at a pace that I can control.

[Curtis]

I'd be gone as well. It's not that I would stop working, I just wouldn't be doing this. For me, I'd probably head back to school for a PhD or start training to become a licensed PGA Teaching Professional.

[Blaine Moore]

Two years ago I would have said that I'd not quit my job. Today, I would, but I am in the process of starting my own company and plan to leave anyway once I have enough cash flow.

[That One Caveman]

After checking with the lottery officials as to whether my ticket really was the winner, the first thing I would do is call my boss and tell him I respectfully resign my position effective immediately. I won't quit working, mind you. I will use the new financial freedom to focus on growing my business and, if I feel the call, leave it all behind and start doing missionary work.

[BudgetBoy]

I am right there with you, if I won at least $2,000,000 I would quit the next day. I would spend the next part of my life growing that money.

[Fiscal Musings]

I would definitely quit the job that I'm at right now. Nothing really against the job, but I wouldn't need it, and there are a lot of other things that I'd like to do instead.

[Outdoorgrrl]

Last year at this time, I absolutely would have quit my job. Oh...wait...I did quit my job, but I'm working REALLY HARD at starting a second career in law instead. If I won the lottery, I certainly would continue studying, but it would open up a whole new world of possibilities with regards to what I could do with the JD once I was done. Public interest law? You betcha.

[Richard]

For a 50 million lottery win(~20-25k after taxes)I wouldn't think about NOT quitting. I'm just not sure if I would send an email resignation and never return to work or submit a two week notice.

[Rob Lewis]

I'd wait for the money to go into the bank (and double check it was there) and then quit - although I enjoy my job, I would probably enjoy being my own boss more.

[rocketc]

I would retire from my day job and spend my days as a "full-time" volunteer soccer coach.

[Rhea]

You're asking the wrong person. I quit my job back in 1985 when I won $1,400 in the Massachusetts state lottery! So, clearly, the answer is YES YES YES YES I would quit my job.

[claymeadow]

yes, I would keep my job. the daily structure is useful to me. I would negotiate more vacation though and pursue some advanced education.

[Festivus]

I would quit my job but start my own firm. That is, after taking a much needed vacation for several months :) But in the end you would get bored of being on permanent vacation.

[buhlers]

Would I quit my job? Probably.

But having said that I would find some type of work to fill the hours. Also, I have four children at home who need to learn how to work and the best way for them to learn that is to have it modeled to them. Now, if I won 50 million chances are they would not need to work but I would want them to as it would help them gain a better appreciation of the world around them and of the gifts they received. We do not need any more silver spooned heirs and heiresses for our tabloids. Also, I believe God has called us to a life of labor and not of being a sluggard so I would definitely find something productive to fill the time with, whether that be volunteering time to my church or starting a new career.

[MonkeyMonk]

Never bought a lottery ticket and don't plan to ever buy one but my wife and I would quit in a second. We wouldn't stop working but would instead focus entirely on working for ourselves and doing things we love without the risk of not making enough money to make ends meet. In fact, this is pretty much our current goal once we can get our kids through college and our net worth hits 2 million. Still over a decade to go . . .

[Kevin]

If I won $50 million, I would definitely quit my job, sell my house and travel for a good year or so. We'd come back and buy a bigger house and I would probably start my own business, but something that I enjoy for two reasons:

a) to stay (somewhat) busy

b) to teach my son the value of hard work

[suze]

I love my job, but yes, I'd quit. Let someone who needs the job have it.

There are so many things I would love to do!

[M.B.]

I would absolutely quit my job if I won $50 million. I would relax for a year or maybe more, and after that consider some kind of fulfilling part-time work or volunteering.

[tarits]

YES! in a heartbeat
and veen though i have not won the lottery,i am about to quit too... in a couple of months, give or take. need to study full time.

[thisisbeth]

Without question. I'd love to go back to school. I'd love to find a job that suited me more, even if it paid less. And with $50 million invested, the pay wouldn't be an issue.

[bryan]

without a doubt i would not be working much if i had $50 million. other than my own investments, i would probably still do some occasional financial work for a few clients and invest in new businesses where I rarely if ever had to be there.

[Brainy Smurf]

Yep -- I'd keep my job. But I'm pretty sure that my attitude at work would take a turn for the negative -- where I'd be less tolerant of taking crap from people at work because I'd know that I didn't need job...

[Matt]

Hmmm... I really like my job and the people I work with, but the question would be how uncomfortable it would be when they found out. I know family pressure to fork some money over is bad, but I'd say the same would be true for certain people at work too.

[retnavydp]

I would quit my job as soon as I collected the prize. I would then be able to pursue the work that I would like to do, rather than that which I need to do.

[Amanda]

Yep - I'd be GONE. Not that I dislike my job, but I'd rather devote my time to doing things I truly enjoy and things that would be volunteer based.

[Jazmin]

I've often said to my co-worker (with whom I have a 10% deal.. if he wins big, I get 10% ;), that if I won a million dollars, I'd be gone. Realistically speaking, 1.5 million would be better (500K to pay off the debts and settle into a new house and do a bit of impulse shopping and 1 million for putting away to live off of), but 1 million? Whooosh! Gone! Poof! Don't let the door hit you in the butt on the way out!

[Lord]

No job to quit, but I would gladly accept my new position as private portfolio manager.

[Sarah]

I think I'd switch within the profession, from the high-paying, high-stress, corporate job I currently hold to work for a nonprofit. I'd need at least a year to destress in between, though.

[Jim]

Yes. Diddo to all the comments above for reasons why.
This is a landslide.

Perhaps the better question is what amount (after tax) is your tipping point. I'm 42 and have four girls ages 2-10. Without getting into to the detail, $2.5MM (rounded to the nearest half million).

[Tom]

A few years back I read about a winning lotto ticket in Ohio claimed by a trust on behalf of an anonymous couple. The lawyer for the trust said the winners were a young newlywed couple who enjoyed their lives and didn't want the destructive publicity that often arises from winning the lottery. So they set up the trust so they could keep their privacy and therefore their jobs and friends and family.

That's what I would do. Then I would wait and just enjoy my current life for 9-12 months (sans debt) before making ANOTHER life changing decision like quitting a job, or moving, etc.

[Don]

Every now and then you come across stories about people who have won the lottery and then within 2 or 3 years find themselves in deep financial trouble. I don't know if these anecdotes add up to a general truth but I wonder if the following reasoning makes sense: The people who invest the most money in lottery games are the most likely to win.
The people who invest the most money in lottery games generally make poor financial decisions or they wouldn't be putting so much money in the lottery in the first place. When these people win, as the law of averages says they are more likely to, they are not prepared to deal with their new-found wealth and generally squander it in one way or another. People who are generally responsible with their money don't play the lottery as much as financially irresponsible people do, and so they don't usually win. This seems logical to me. Are there any stats to back me up?

[FMF]

Don --

Not that I know of, but the logic seems to make sense.

[MonkeyMonk]

I haven't seen any statistics to back up Don's theory either but this would justify why many call lotteries a voluntary tax on the poor and uneducated. I think it's alright to pick up a ticket on the infrequent occasion but people who play religiously are really just throwing their money away on the dream of striking it rich.

[Mrs. Micah]

I'd probably keep one of my jobs...something part time. And blog. :)

[Brandon Barkley]

I'd retire immediately. Heck, I would probably retire immediately even if I only won $10 million as I could get by off the interest. I am not saying I would only pursue leisure activities, but I would be willing to take some chances on starting my own business for example.

[Matt]

What does "keep your job" mean, in this context? :)

At the moment, I'm self-employed. Thanks to some recent good fortune, there's a substantial chance I'll be able to stay that way, which has ALWAYS been my goal.

If I won $50M? Well, I'd _definitely_ never take a W2 job again, because I'd know for sure that I wouldn't have to. I'd put away a decent sum in highly secure income-generating investments to make sure that even if my business totally cratered I'd never have to go work for somebody else. But the rest of the money wouldn't go to expanding my lifestyle, it'd go to expanding my BUSINESS...specifically to hiring people to do the stuff I don't like doing and am not very good at (like sales), so that I could focus more of my attention on the stuff I like and am good at (like the work).

The "job" I have today would change to an almost indescribable degree if I had that kind of cash at my disposal. But I'd do the new job with gusto...and even more enjoyment than I take in it today, thanks to handing off the unpleasant stuff to people who are better at it.

[seeking financial camelot]

I am a nurse. Note that I said I am a nurse, not that I work as a nurse. I state it that way because it is what I am at my very core and I just happen to get paid for it.

I have discussed this a thousand times with my other half during the usual Mega Mil's inspired "what ifs"

I would have to work at least part time but having that kind of money would allow me to do more community based nursing to the underserved.

[Big Cheese]

I'd use the money to buy out my business and keep working, as the owner. I'd fire the ineffective people on the mgmt team and grow the business dramatically.

BC

[pjc]

Depends on the job.
I would at least give notice & quit fairly.

If it was my last really good job, I would continue working.

id curse my boss out buy alot of beer and weed and live like a rock star

[Gia]

I would stay long enough to train my replacement and then quit.