Would you still work if you won the lottery?

[Footsiefreak]

Lets say you won the lottery for 10 million dollars, would you still work? I would work maybe 3 days a week just to have something to do. Sitting around no working drives me crazy.

[nyllover]

I would surely go on working. And with those money i would start all those projects i've always dream of being able to do... such has having my own video production firm....

[hiker]

Are we talking pre-tax or net at $10M? Big difference.

If this were pre-tax, you could expect a net of about $5.5 million... or less if you took a cash option (about $3M net).

That being said... yes, I would have to keep working with $3M. Although it's a large sum of money, it is not enough to live on comfortably. At least for me at my age (35). If I were in my 50's and still working, I would definately consider retirement.

If we're talking about $10M cash in hand, then I would seriously consider leaving my current profession. However, I would work as a private investor with colleagues on different ventures.

Now, if we're talking about (excuse my language) "fuck you" money, over $100M... I would keep myself busy by doing charity work or working with different charitable foundations, and split my time on the golf course.

I try to play at least one lottery drawing per week, and ultimately end up day dreaming about what I would do if I were lucky enough to hit.... so this question was easy to answer!!!!

[Feeture Feature]

I would definitely give up working for anyone else and would spend all the money and my time tracking down movies I have not yet seen. Of course, being close to retirement age and having already traveled the world, influence that decision.

[Footsiefreak]

Very interesting responses!Yeah I meant 10 million pre tax so your numbers sound right Hiker.I usually ask this question at work when the lottery gets really high but 99% of the people say they would quit their job and laugh at me that I still would want to work part time.

I would start my own business at run things my way so to keep busy I would work 3 days a week.

I like Nylovers idea of starting a production company I would make and direct all the footsie scenes I could and share them for free with all of you.

[Dead Parrot]

Great response from Hiker.

Winning the lottery provides a quick-fix false sense of security. In order to really make the most of the money you need to set limits and priorities, lest you end up with a multi-million dollar hooker and phone sex bill.

I would continue to work no matter the size of the pot. However, I would divide it between having fun, investing, and a long term "oh shit" fund.

$3M - I would quit my current job and do some travelling. Houston, the Kennedy Space Center, Huntsville, Alabama, Kaliningrad, Plesetsk, Baikonur, Kourou, and the ESA Training Center in Cologne. While in Russia I would take the opportunity to pay for adventure tours (flying a MIG-31 and astronaut training).

After that I'd relocate so that I could work at a museum (currently researching that option anyway) and use the rest of the money to set myself up for hard times.

$10M - Same as above but with investments into private space travel development.

$100M - Set myself up to help out the people best qualified and most likely to get into space. Buy a trip to the International Space Station!

DP





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[nyllover]

I could work at a museum (currently researching that option anyway)

We have LOTS of museums here in Tuscany....

[hiker]

Winning the lottery provides a quick-fix false sense of security. In order to really make the most of the money you need to set limits and priorities

You are absolutely correct DP.

I recently saw a special on E! that did a documentary on past lottery winners and the curses that followed them. Although it didn't amaze me that a lot of people ended up destitute, it did surprise me on what some people will do with that type of money. People incorrectly assume that all of their problems would disappear. This is absolutely, with question, incorrect. Although some of your current problems may be alleved, they would be replaced by newer and bigger problems. Believe me... big money can equal big problems if you're not carefull.

Money WILL change you... no question. The question is, how much will it change you? Without the proper discipline and fiscal responsibility in your life, this type of financial windfall could prove to be disastrous, or maybe even deadly.

Now I'm sure some people will say that money would never change them. I'm not so sure about this. Imagine having a net worth in the 8 or 9 figures. Some of your personnal priorities, along with your outllook on the future would definately shift to accomodate that type of wealth. I'm not talking about devotion to your family or what you hold sacred (although many would change in this regard), but rather how other people, including friends, would view you. People's actions towards you would force your re-examine things, very carefully. This ultimately will lead to changes. If you were once a very trusting person, you would learn very quickly to be extremely weary of strangers with smiles.

Take it from guys like Warren Buffett. He plans of giving most all of his fortune (currently $46 BILLION) away to charities before he dies, as he doesn't want to burden his family with that type of wealth. I'm sure he'll leave enough for them to be taken care of, but not enough for future generations to ruin their lives. Some will say that he's crazy, but remember that he's lived that life and has first hand knowledge of the types of problems that arise with that much wealth. Very, VERY smart man.

Sorry to get off-topic here!

[Footsiefreak]

You are right Hiker its all about discipline and management.Some people just get stupid when the get alot of money.The buy the most expensive things possible even if they don't need it.Then they do the same for friends and its those same friends who leave when the money is gone.

Its easy to say I wouldn't be as stupid as some but I would just save half and budget the remaining half myself.I would learn how to manage it instead of hiring people to do it for me.That's why so many celebrities are broke because the people they trusted just ripped them off while the are living the "celebrity life"

[nyllover]

hiker you are not off topic...the purpose of the "chit chat" section is to talk about anything that comes to your mind

[Dead Parrot]

.I would learn how to manage it instead of hiring people to do it for me.That's why so many celebrities are broke because the people they trusted just ripped them off while the are living the "celebrity life"

George Foreman comes to mind immediately.

Although some of your current problems may be alleved, they would be replaced by newer and bigger problems.

Yep, they make the same mistakes they've always made with money, just on a much larger scale.

DP

[Footsiefreak]

.I would learn how to manage it instead of hiring people to do it for me.That's why so many celebrities are broke because the people they trusted just ripped them off while the are living the "celebrity life"

George Foreman comes to mind immediately.

Although some of your current problems may be alleved, they would be replaced by newer and bigger problems.

Yep, they make the same mistakes they've always made with money, just on a much larger scale.

DP

MC Hammer,Michael Jackson,and Mike Tyson are the first that comes to my mind.These guys were the top money makers in their profession and at some point they were broke.At least Ol' George Foreman has his grills which are very convenient to have around the house

[Footsiefreak]

Winning the lottery provides a quick-fix false sense of security. In order to really make the most of the money you need to set limits and priorities

You are absolutely correct DP.

I recently saw a special on E! that did a documentary on past lottery winners and the curses that followed them. Although it didn't amaze me that a lot of people ended up destitute, it did surprise me on what some people will do with that type of money. People incorrectly assume that all of their problems would disappear. This is absolutely, with question, incorrect. Although some of your current problems may be alleved, they would be replaced by newer and bigger problems. Believe me... big money can equal big problems if you're not carefull.

Money WILL change you... no question. The question is, how much will it change you? Without the proper discipline and fiscal responsibility in your life, this type of financial windfall could prove to be disastrous, or maybe even deadly.

Now I'm sure some people will say that money would never change them. I'm not so sure about this. Imagine having a net worth in the 8 or 9 figures. Some of your personnal priorities, along with your outllook on the future would definately shift to accomodate that type of wealth. I'm not talking about devotion to your family or what you hold sacred (although many would change in this regard), but rather how other people, including friends, would view you. People's actions towards you would force your re-examine things, very carefully. This ultimately will lead to changes. If you were once a very trusting person, you would learn very quickly to be extremely weary of strangers with smiles.

Take it from guys like Warren Buffett. He plans of giving most all of his fortune (currently $46 BILLION) away to charities before he dies, as he doesn't want to burden his family with that type of wealth. I'm sure he'll leave enough for them to be taken care of, but not enough for future generations to ruin their lives. Some will say that he's crazy, but remember that he's lived that life and has first hand knowledge of the types of problems that arise with that much wealth. Very, VERY smart man.

Sorry to get off-topic here!

I saw that documentary last night and money can't solve mental problems like the one guy who ended up commiting suicide.

Then the ex-con from Kentucky(go figure you been in jail so much but have the luck to win the lottery while the rest of us have never been in trouble are struggling.He was just STUPID buying all those expensive cars,trinkets, etc.He was just buying stuff because it was expensive.

I would end up like the one couple who didn't let it get to their head they lived comfortable and didn't find the need to have really expensive things.

[hiker]

FF, that was a good documentary. I'm glad you saw it.

I would end up like the one couple who didn't let it get to their head they lived comfortable and didn't find the need to have really expensive things.

Although I certainly admire their humble demeanor, I think I would splurge a bit more than they did. I believe they won somewhere in the nieghborhood of about $75M net, if memory serves me correct. From what I understood, they invested extremely convervatively and live very moderately, considering their financial situation.

There is absolutely nothing wrong with sitting on that type of wealth and living off of the interest (which would be quite large). However, I would choose to be a bit more proactive with that type of money (in terms of investments). I'd also spend a little more as well.

I'd keep my residence in Chicago, with a winter home in So Cal, or the Phoenix area. A medium sized boat, maybe a 40 footer, and a nice cruiser (Porsche 911 Turbo) for my Chicago home, and another moderately priced convertible for my winter home. Ahhh, it's nice to dream!!!

[ykantickleme]

Interesting topic! But for me, I'd go back to school, full time, and get my Bacholar's Degree in a variety of subjects; mainly with aerospace engineering, electrical & powerplant systems, and learn how to fly. My answer is no, I would not keep working.

[herkulesik]

Of course I would work. I think, I would open my own business, employ workers, and managing work. I would spend some money to help children too, visiting hospitals, Children's Home. Maybe I would open some foundation to help poor children, and to give them a chance for better future.

[Seasick]

I'd just keep farming until the money ran out

[Seasick]

Lets say you won the lottery for 10 million dollars would you still work?I would work maybe 3 days a week just to have something to do.Sitting around no working drives me crazy.

I'd just keep farming until the money ran out. At current prices I would run through 10 million in about 3 and a half years.

Actually this is pretty much the truth which means it is more sad then funny. Oh well, people must eat I guess.

[Babylove]

Lets say you won the lottery for 10 million dollars, would you still work? I would work maybe 3 days a week just to have something to do. Sitting around no working drives me crazy.

No. I'd stop working immediately, and go back to college full time. Afterwards, I would buy my Mom a nice house and do some traveling. Actually I would only work 3 days a week just for the hell of it, to avoid being bored out of my mind.

[hiker]

It's funny that this topic has been resurrected considered the current economic situation in the U.S.

That $10M would likely worth a fraction of it's value. If that money were even moderately invested, you would be in jeopardy of losing most of it with American banks moving towards nationalization.

Tough times. VERY tough times.