Thought of the Week: Win a Million Dollars and Quit your job?
Every Sunday, I provide a new thought question of the week. Something to get us thinking about ourselves, our lives and how we think and act.
I provide my thoughts to the topic and then I ask for you to share your thoughts in the comments below. It is always great to learn from others and see a new way of looking at the world.
So this week’s Thought
If you just won a million dollars, would you quit your job?
This might seem like a pretty easy question to answer. The most obvious response would be “Hell Yeah!!”
Photo: aresauburn™
I definitely say Hell Yeah, but I am constantly surprised by the number of times I hear people comment that they would be bored if they did not have their job. The majority of people have spent so long doing their job that they feel meaningless without it and would wander around aimlessly searching for something to do.
Not me. I know exactly what I would do. I have a passion.
I think when you have a passion, something you love doing every spare moment that you get, then this question is easy to answer.
Hell Yeah, because now I can do what I want without ever worrying about money.
I wouldn’t think twice about quitting teaching if I won a million dollars. I would quit that day.
But, I would not quit on my blogging. That is my passion and the job I really want.
So if I won a million, I could easily continue my blogging and travel the world at the same time.
What about you? Would you quit your job if you won a million dollars? Why or Why not?
Comments
Chelsea
Absolutely. I wouldn’t get bored. I wouldn’t necessarily do nothing for the rest of my life and just lounge around living a life of luxury (though there’d be a short period of that no doubt) but I would do more travel, I would volunteer at home and abroad … work doesn’t define me. I love the field I’m in (marketing) but it’s only something I do to fund the rest of my life.
Caz
There are too many fun things to do in life to get bored. Volunteering is also a great thing you can do that will bring your meaning and satisfaction.
Dennis
Believe it or not, it would depend on if this hypothetical win of $1M dollars was before or after taxes. If it was before taxes, I couldn’t afford to retire. If it was after taxes, with a little planning (and investment) I would be able to retire at my age on ‘only’ $1M. (Many financial advisors recommend at least $1M for retirement. More if you are considerably younger.)
Caz
Before or after, I’d still find a way to invest it so I could quit my job and have the money work for me.
Dennis
Caz,
Sorry it took awhile to get back to the site, but unless you know of an investment that returns 10% (consistently)… You would be earning less than $50,000 per year. ($1M / 2 after taxes = $500,000 x 10% = $50,000)
$500, 000 with CD’s currently paying:
1-year CD 1.33% APY = $6650
3-year CD 2.00% APY = $10,000
5-year CD 2.75% APY = $13,750
Further if your expenses are more than any of the above amounts per year, you will draw down your principle and earn even less!
‘Food for Thought’
Christine
I might quit my current job, but I don’t think I would quit working. I would use that money to fund my passion: either a career in writing or the chance to take a risk and open a cafe or restaurant!
Caz
I think that is the key, and a lot of people know they would still need to busy so they equate work with that rathar than thinking of ways to apply it to their passions and the things that make them happy. For some people though, the only place they find meaning and security is work. Ugh! Sad.
Lina@MothersLoveLetters
Writing and travel, I’ll definitely do forever. I know exactly what I’d do if I had a $1 million windfall. Great question!
Caz
Absolutely. That is my dream life!