If I were Filthy Rich
By Nathanimations+64 Would you quit your job?
To me it depends on how much I won.
- 500k = 8k for 60 years (700 a month)
so I'd just stay working. - 2 million = 33k for 60 years (2.7k a month)
I could definitely quit a job with that. Lol - 10 million = 166k for 60 years (13k a month)
As much as "lotto lout Michael Carroll",Yet he spent it in about 8 years.
Recent responses
+28 @KahlessAndMolor The amount you could draw would be significantly more than that, btw. I used to be a financial planner at ML before they went under ('07-'08). If you have the money invested, the earnings from investment will make a huge difference over time. There was this general rule of thumb we used: If you need the money to last about 1 normal retirement (\~30 years), withdraw 4% of the initial amount each year. If you want it to last forever at roughly the same balance, withdraw 3% a year. However, your purchasing power will decline every year. Imagine if someone had $5000 saved in 1795, and ever since they had pulled $150 a year out, and they would now still have $5,000. If you want to keep up with inflation and maintain your purchasing power, it is 2% If you want your money to grow over time in inflation terms, withdraw 1% per year. This was a general rule, I know there was some research behind it. So, $8k/$500k = 1.6%, so most likely you'd get to the end of your 60 years you listed and wind up with well more than $500k in the account.
+28 @Chromattix Absolutely definitely in a fucking heartbeat. Will be typing up and handing in my resignation the following day after getting the good news. Not wasting one more week of my life on this shit if I don't have to in order to just survive. No matter the win size I'll invest as much as I can and live as cheaply as I need to if it meant being able to survive comfortably without having a job. I was off work for three months during lockdown and that was the happiest I've been in the past ten years. I hate working that much and it's the main reason why I even play the lottery in the first place. Not to win a big house, fast cars or world travels. But because I want to retire right NOW!
+17 @qwertylicious2003 Anything over 10M in cash and I’m done. 5M I’d work a few more years but god I’d be a pain in the ass…
+12 @arrowmarcher For the amounts you listed, absolutely I would keep working. I think my number would be $10m after tax to definitely quit. I support my family and pay our mortgage, utilities, insurance, food, ect on 33k per year.
+12 @bunnyswan I would take a sebatical year and then reasses what jobs I want to go back to.
+11 @veertamizhan That's why I play.