What I am about to discuss is a problem we would all want to have: what to do with your job if you just won the lottery. Every shmuck you see on TV who has won claims they will continue to work even though their bank account just received a multi-million dollar injection.
Makes you ask why. After all, we work because it's our prime source of income. Without it, there will be no money for daily expenses. A person who just won $10 million can put it in a 3% interest-bearing account and earn $300,000 a year. Not bad at all.
So why work? Where would the motivation be to work? Well maybe you love your job. It gives you satisfaction. Maybe you're a highly valued employee and an asset to your company. Maybe you feel guilty about leaving. Rest assured though, companies are quite equipped to replace you. Just ask anyone who's been laid off lately.
Maybe having a ton of cash fall on your lap makes you nervous and you think it will change you for the worse so you want to keep things as "regular" as possible? Nothing solid financial planning can't solve.
Here's what I would do: if I really loved my job and in particular the field I was at, I would just open up a new business or buy one already in existence (after careful consideration of course). That way, I would remain busy, ensure that I didn't burn the cash on non-growth items (like a boat or a car). If I worked in a particular niche was too expensive to duplicate, I would just open up a new franchise like a bookstore or a Tim Horton's just to be active and have some money come in. A significant chunk I would place in an interest-bearing account, never to be withdrawn (say 60-80% of the money) and just live off the annual interest. I would use an immediate $1 million to take my lover (she knows who she is) on a trip. Get a few non-growth items, etc etc.
But as far as my job goes, I would just leave it for the next guy who might need it more than me.
I am opening the comments section for your opinions.
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