Your Turn
If you had $1M would you try and make it last the rest of your life or would you continue to work? What if the number was $5M?
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72 comments:
After tax you would take home maybe $600k. Not exactly "fuck you" money. I would pay off every scrap of debt I have, buy a modest home and find a job I love that maybe doesn't pay as well as what I do now.
$5 million is a different story. I'd do most of the same but would use a good chunk of the remainder to open a business.
Luckily neither I or my lady are material people. Being able to take the occasional vacation and drive a car that isn't always threatening to die would be enough of an upgrade to make life all unicorns and cupcakes.
i would continue to work, go to school and volunteer...I would just do it all in a much more fabulous way:)
At 1 Million, we couldn't retire, but at 5 for sure. I would tell my husband to stop working (he is 59, I am 47) but I would work for another few years but maybe at a job I like instead of the one I hate to go to everyday (been there 20 years, stay for the money only). We have been together almost 30 years and have always just had enough to pay the bills after raising 3 children, putting them through school & helping when they needed it. I am glad we did help them out, they are all wonderful, caring people with great futures.
I think it would be damn hard to make a million last a lifetime as a sole means of support (unless you're already in your twilight years). But maybe you could swing part time if you invested wisely and managed well.
5 million...I would make "safe" investments, live modestly and manage my money... and enjoy my life, my daughter, volunteering and hobbies. No "work".
Of course I'd make it last! I'd hire a fanancial advisor, give half to my parents, invest some and spend what the advisor told me was safe since I'm so horrible with money.
I second everything Lucas said. Pay off debt, decent-but-modest house, job I love (possibly only PT), and a bit of traveling.
We'd still continue working, but that's because I love where I work and my husband loves (and is fantastic) at what he does. However, we would donate more to charities and organizations we feel are worthy and we'd set up our children with trusts, so they don't have to worry about money as much as I did when I first got out of college.
Open a brewery, it is the plan now only with that money I won't have to take loans. I would also go back to Europe and spend a week in Tokyo to see friends.
Although what I should do is get way too many friends on social media so I can get a reality show and free clothing and vactions. I will party with Lindsay Lohan while she steals my stuff and hook up with John Mayer. Like all famous people without talent do.
Yeah, for a million I'd keep working-mainly for the health insurance & I'd add Mr. Curly to my plan. He could quit framing houses and focus on remodeling jobs at his leisure. We'd take some nice vacations.
5 million? I'd quit my job and try to work part time at my favorite wine store. We'd continue to live in our house since it's paid for (thankfully) and take nice vacations on a more frequent basis. :) I'd also share some of the wealth with *immediate* family-paying my folks house off, buying my brother a better car, etc.
I'd quit my corporate gig and expand my side business to brick and mortar, then build an off the grid home in Taos, NM. I'd also help my family pursue their dreams as well. Travel is part of my side business, enabling me to write it off on my taxes.
1M, yes, I'd still work only if my state lotto did not release my name. I'd be debt free and able to send my kids to college. No work for me at 5M, I'd be busy with the food banks and afterschool programs. And I'd have a lot more children knowing I could afford to spend time with them if I'm not working. That would be the best part!
I'm a 22 student, I would need a heck of a lot more than 1-5 million to make it to the end even though I have made it this far with no debt.
Sadly, a million dollars is not retire worthy. 5 million could be if you are smart. I'd go to college, get an advanced degree, buy some land and build my dream house. Probably have a pretty nice life after that :) It'd be so wonderful to not have to worry about retirement planning.
$1 million would not be enough for me to quit my job. I'd save a big chunk and blow the rest on a bunch of frivolous things (Nordstrom spree, taking all my friends on vacation, Range Rover, etc.). Oh, and I'd make a huge donation to the local animal shelter.
$5 million would be more tempting. I'd probably work a part-time job half the year and travel the other half of the year.
I can't imagine quitting work altogether. I would feel very useless and unproductive, sitting around all day in my huge house in my fancy clothes.
I racked up a lot of credit card debt after I lost my job and was out of work for a few years. I'd take that million and pay off my credit cards, mortgage and invest the rest, maybe treat myself to a long-overdue vacation. I work for a non-profit so I don't make a lot of money but I love my job and would keep it. It would just be nice not to worry about how I'm going to pay my bills or how I'll be able to afford retirement!
My husband and I are 30, so for $1M I wouldn't quit my job. I'd save a lot and go on a shopping spree, maybe buy a new car. For $5M I'd probably quit, save some, invest some, and take a year to travel around the world with my husband. I'd find a new job when I got back.
Either way I'd continue to work. I'd just try and work at a job that wasn't so mindless and dull as the one I have now.
I'd quit all my day jobs but would continue with my real work.
Another reason to love Canada.
All lottery winnings are TAX FREE. That's right - tax free. And, they give you all the money up front, in a lump sum. No yearly payments or taxes.
So one million, properly invested, is nothing to sneeze at.
Talked with hubby bout this before. $1 MIL is not enough to retire, but we'd quit work and go to school full time, and pay off all our debt. He's half-way through a biotechnology degree, so it wouldn't be that long until he finished and had a job again.
Now, $5 MIL is a different story. We'd invest it in a way where we could live comfortably off the interest, and buy a nice house in full, and probably never work again. Have a two nice family vacations a year, two good cars and we'd be all set.
I would not retire at 1 million but 5 million, heck ya.
I'd befriend Warren Buffet so he could help me invest and make even more $$. Then I would travel, travel and travel some more. I might work some part time gig if it didn't get in the way of my new bohemian lifestyle. My husband can come too I guess!
1 mil isn't enough to quit your job (depending on how old you are, of course), but I'd be able to pay off all my debt, buy a nice home, go on some trips, and have a nice savings account to start preparations for an early retirement.
1 million- I'd pay off my debt but still continue working. I'd donate to charity as well.
5 million- same as above but I'd mostly like go back to school and not work until I have a decent job.
$1M not enough. $5M would be plenty.
$1 mill clear after taxes? Still have to work.
$5 mill after taxes? Probably still work or invest but have a much more relaxed schedule.
It is rather sad that the majority of people (me included)consider being able to NOT WORRY about money such a dream!!
$1M would get me nowhere in Calif.
Well, I hate my job so yeah, i would quit - until i found something that I liked or better yet open a restuarant and work for myself, 5 mil - I would open an antique shop and just dawdle all day long:)
At $1 million, no way to quit.
Shopping spree, yeah. But I'd continue to work.
Now $5 million? Buh bye to the corporate world...I'd be frog marched outta the building by security because I'd start on the top floor and try to tell off all the suits that think outsourcing is the Second Coming.
leave my current job and open up my own business, after an extended vacation.
* finish nursing school
* buy small house
* after school volunteer for relief orgs for 12 months
* work and attend graduate school
* open holistic practice
Regardless if I have 1million, 5 million or my current status of about $1500 bucks.. That's the master plan..
I may allow myself to shop once in a while if I had the milz though !
It's so sick that a mil is not enough to live on anymore! My husband is approaching retirement age but we have a son soon to enter college - hopefully. I think a mil would make husband more secure about retiring at an earlier age than 70.
5 mil he'd continue for a little while longer but not say yes to everyone *we have our own business) and retire at 65. He's so tired. (I can no longer work due to MS)
I'd quit my job with both. One million...find one I loved, pay off the house/car/invest. Five million..burn many many many bridges at my job telling people off, pay off house/car/etc, travel extensively, start own business or charity helping animals, give money to charity, move the hell out of texas, tell off certain relatives, etc etc...
I'd quit my job with both. One million...find one I loved, pay off the house/car/invest. Five million..burn many many many bridges at my job telling people off, pay off house/car/etc, travel extensively, start own business or charity helping animals, give money to charity, move the hell out of texas, tell off certain relatives, etc etc...
5 million I slap the shit out my boss and quit. Live the good life!
I've already had a million and it didn't last. Oh well! Five would be nice though.
Use the money to make money and create opportunities in my community building upon the work I love while enjoying a more flexible schedule and quality of life with family.
In Canada, heck I could retire on $1m we'd pay off our mortgage and credit cards, car and have an estimated 52,000. tax free a year for ten years - for 5 million, I'd buy you all a fur coat not a real fur coat cuz it's cruel, I'd buy some Art..
no and no. i have a house and some income every month. so i work for extras. THAT would be my "extra".
Since we don't have state income tax in Florida, we'd get around $700K. That would be enough to pay off the mortgage and put some aside for yearly taxes/insurance and then we'd probably just save the rest. We're in our 60s and have money in 401Ks, etc., so although I'd want Mr. B to retire, he's the type that will work as long as he can drag his body to his desk and work a computer. Me, I'd get someone to come in once a week to clean. And if we got 5 million? Probably the same thing, except for a cruise or two a year. Our needs are pretty simple.I've found as you get older, getting stuff just isn't as important. Well, ok, I'd buy all the books on my Amazon wish list for my Kindle. That'd be around 2K :)
I would continue to work so that I can get social security. However I wouldn't work as hard.
I did quit (at 40) with slightly over a million and you guys are making me very nervous. Stoppitrightnow!!
To be fair, there's just me. I don't have parents, a spouse, or kids to provide for. I'd be happy with a studio instead of a 1BR and I'm a recluse, so I don't spend a lot of money on clothes or any on eating out.
Every quarter I take a look at my net worth, and it's gone up (during the real estate boom) and down (2008) but it always seems to come back to a million.
One thing to consider really carefully before you jump ship is medical insurance. Individual medical insurance is very expensive. I'd looked up quotes on the internet before I quit and it all sounded reasonable.
The insurance companies slaughter you, and they have only gotten tougher in the last twelve years. If you have any kind of pre-existing condition, they'll turn you down completely, or else jack the initial quote up 50% for the slightest excuse. And btw, if you get turned down for health insurance by one company, the others will do the same. So apply to all the companies at the same time.
And whatever you think it's going to cost - double it.
@skimpymist: Once you've paid into SS for ten years, you get it (if it's still around).
$1 million would just about cover a kidney transplant and two first-class college educations. Nothing else would change in our lives.
$5 million would cover the above, a bigger home, and the associated maintenance. Again, no other changes.
@ Jamie 2: "If you have any kind of pre-existing condition, they'll turn you down completely, or else jack the initial quote up 50% for the slightest excuse."
Don't I know it...A big part of the reason we chose to live overseas. Medical costs are more manageable.
$1 million, I'd buy a nice house, maybe a new car, make sure I'd have no sort of bills for at least a few years. I'd maybe quit my job, take off for a few months to do a little traveling and soul searching, and then look for another job.
With 5, I'd do the same, but for sure go back to school for a while before thinking about a job. I'd love to just win a cool $50,000 so I can pay off my car and not have to live check to check.
You couldn't live the rest of your life off of $1m or even $5m these days.
For $1 million, I definitely wouldn't be able to quit my job, and I'm not sure I would for $5 million, either, but w/the latter I could definitely put a lot more of it away into good, safe, sensible investments for retirement, because right now, there's no way in hell I'll ever be able to retire.
I'd also pay off all my debts, look into finding a nice place of my own to buy (although that's pretty damn pricey around here), and give one of my best friends enough money that she can afford to finally divorce her cheating husband (who was trying to get his 1st cousin pregnant, and no, I'm NOT making that part up...)...oh, and make sure my parents will be OK.
@lilo723: Stop! I have this sinking feeling you are right and I will wind up living on the streets with my belongings in a stolen shopping cart.
But I call BS on the $5m number. Yes, you could indeed live the rest of your life on $5m. Your kids could go to college, although they probably should not (not your kids, just most kids), you'd have a nice house, not a McMansion, in a safe part of town. Unless you spend enormous amounts of money on stuff, $5m is way more than enough.
With one million dollars we could pay off all our debt plus the house, set up a 529 for our kiddo, fully-fund our own Roth IRAs and then have something leftover for funsies like fab vacations and an awesome toy hauler. With 5 million I'd probably still work at my job- I keep the family in benefits and will get a pension and healthcare in retirement BUT my partner could start her own business! And that would be awesome.
i WOULD QUIT MY JOB FROM HELL THAT I HATE MORE THAN CLOWNS, AND GO BACK TO SCHOOL. tHAN i WOULD WORK AGAIN WHEN i GRADUATED WITH MY PSYCH DEGREE OR ACCOUNTING DEGREE...OR TEACHING DEGREE. i AM 49 YRS OLD AND I STILL DON'T KNOW WHAT i WANT TO BE WHEN I GROW UP.
I doubt I could make $1 million (or even £1 million) last more than a few years. I'd perhaps need up to £15 -£20 million.
I would definitely keep working. Once you have money, you can multiply it, if you play it right, but you don't want to get lazy and purposeless.
I would try to invest in others and my community....not just out of love but also to make more money and keep us all keepin' on. That's what I'm working towards now. I want to be able to fund some of the really good ideas I hear about.
In addition to, y'know, investing in my kid, travelling & buying some more property in my favorite places.
Damn it - sorry about the caps - at that hellish job still and we leave our keyboards on cap lock. I get so used to seeing it i forget to others i am yelling.
I changed my mind.. I'd spend every penny on cocaine and call girls.
That made me laugh, Alicia! And SusanB, I love the idea of buying everything in your Amazon cart, so I am stealing that. For 1 million, I wouldn't quit, but I would invest in my husbands business, and renovate our house. Our dream is to turn our attic into a bedroom. I would also invest in my sons future, he wants to move to Portland and go to a bike mechanic school.
For 5 I would do all the same, but find a beach cottage somewhere, and only work part time in a museum or book store, maybe go back to school and get my masters....it is fun to dream, isn't it?
Pay off debt, buy a decent house........keep my job buy let my husband do some sort of business he likes. Maybe start some sort of dog rescue at my new house.
I'd try to make it last but do some sort of work at the same time to keep myself busy. Maybe do something I actually liked for a change since I can afford it. Same thing applies for 5m.
I once figured out that if inflation stays about the same as it has been for my working life, I'll make $1 million total if I retire at 70, so hell yeah, I'd retire right now! To go back to the previous Your Turn, I love to craft, so I'd have no trouble keeping myself busy without a job!
5M: Pay off bills. Set up my family. Invest and live off the interest so I could travel the world. Then focus on healing/spiritual work for the masses.
And I would definitely leave the USA. I've always dreamed of sailing around the world or motorcycling around the world, etc. I need to go everywhere! Especially warm places with scuba!!!
I don't think I would come back either. Maybe when I was an old bitty, but I'd probably get better heatlh care overseas anyway.
Alicia - LOL! If you don't waste it all on hookers and coke, we could work together in holistic medicine!
I'd keep working because I like my 'baby-catching" job. But would pay off debt then invest the crap out of a lot of that! Hubby would probably keep working too.
I think I could live the rest of my life on the $600k I'd have after taxes. I can be pretty frugal when I need to. I would absolutely have to ditch the current SO to do that, but that wouldn't bother me, either.
I'm the main character in Office Space. I would never miss working. I'd be absolutely fine with watching TV and volunteering for animal rescues all day.
Nice to see the large majority of the CDaN community are wise and wouldn't blow their dough on booze, drugs and strippers!
Unfortunately 1M is not a lot these days. I would probably pay off my 20k debt, spend up to half the dough to buy a house (mortgage the rest) and stash the rest to earn interest so I could live very comfortably but I would still work.
Now if I won 5M, I would first and foremost give 1M to my dad. He has been gotten me out of so many financial situations not being well off himself and I owe him the best life a man can have. Then I would prob buy a rad house here is Aus and one in some exotic country (beachfront type), stash the rest and just live life like a permanent holiday. Ugh. Take me there already!
1M-pay off my crippling medical debt (cancer, chemo, surgeries). Buy a house, put away 100,000 for property tax, utilities etc. Pay off debt of the woman who took care of me through my illness. Buy her a house. Pay off my brother's debt. Buy him a house. 5M-all of the above plus the best medical treatment available. Savings accounts for my loved ones so I know they would be taken care of after I'm gone!
1 mil doesn't even buy you a crack den where I live which isn't ny Miami or la
Never have and never will win a lottery, but i had the great good fortune to be involved in the distribution of a large estate. Part of my job was to notify the heirs when distributions were to be made. And people are so nice to you when you're calling to tell them to expect a check in the mail -- Even when you have nothing to do with their coming into the money.
This was such a large estate, and it was in litigation, that several distributions were made each year for several years. It gave me SOOOO much pleasure to be able to tell people that they were about to receive good size payments.
The money came from a couple who lived to an advanced age; they didn't have children. The money went to the descendants of their siblings -- in some cases this involved four generations distance from the sibling, i.e.,
great great grandchildren of a sibling.
In many cases the heirs had no idea that they were going to come into money, or, if they did, they didn't know the size of the estate.
I heard so many wonderful stories of what they were going to do with the money. My favorite was the vet tech who bought property surrounded for the most part by either state or national parks and founded an animal sanctuary.
I'd blow through $1-5M way to quickly to stop working. I could probably use that money to start a business that is more enjoyable and requires slightly less work than my current situation, and that would be wonderful.
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