Lottery Related Poll: At what winnings level WOULD you quit your job?

[Jimmypoo]

If I won the big one… all by my lonesome self, and collected 40% on the cash option (after taxes…? $250,000,000 ? ) -
and I’d get to say I was unemployed, just like Mitt Romney, and just as poor too!

But HE would have an elevator in his house for his car. I’d just have a heliport on the roof instead, and not use a car.

I’d start my own organization called “MoveLikeYou’reNotDead.Org” — similar to MoveOn (in name only), except with an
entirely different agenda - to help married men.

I’d also hire a few guys that have been through the famous Dale Carnegie course on “How To Break Bones and Influence People.”

Wait… maybe that was hockey player Dale Hunter I’m thinking of. I like a guy who has 2 different definitions of “SlapShot."

[DeusxMac]

I don't get the lowest 3 or 4 choices.

- If it would only take $100 for you to quit, why wait to win it in the lottery?

- $10,000 would only generate $500 a year at a 5% return. Again, if that's all you're waiting for...

- $100,000 win; that's only $5,000 a year at a 5% return. You'd need to have a pretty good stash to start with, to have this amount put you over the top.

- $500,000; that's $25,000 a year at 5%. That's only slightly above the poverty level for 2011 in the U.S. ($22,350.) I'd guess that wouldn't replace the loss of income from their job for most folks on this forum.

[Jimmypoo]

DeusxMac wrote:
I don't get the lowest 3 or 4 choices.

- If it would only take $100 for you to quit, why wait to win it in the lottery?

- $10,000 would only generate $500 a year at a 5% return. Again, if that's all you're waiting for...

- $100,000 win; that's only $5,000 a year at a 5% return. You'd need to have a pretty good stash to start with, to have this amount put you over the top.

- $500,000; that's $25,000 a year at 5%. That's only slightly above the poverty level for 2011 in the U.S. ($22,350.) I'd guess that wouldn't replace the loss of income from their job for most folks on this forum.

I think that was part of the joke… the first two are just beer money. The third is beer money and a paid of car and credit card. The 4th could go a long way if managed like a fiend… especially had it been put into Apple just 15 months ago (or that painful day in 96-97, where the stock was $3.78, when you could have bought 132,000 shares of stock — watch it split 4x, and now have $317,500,000.

Now that’s Loose Change We Can Believe In!

[DRR]

$1m and I'd quit.

for $5 m I could likely afford to retire.

[Paul F.]

DeusxMac;

Again, I built in the assumption that SOME people might actually have some savings and investment (and retirement plans, like 401K or Roth IRA's) that the winnings would just ADD TO.

If you've lived hand to mouth your whole life, and saved nothing at all, then yeah... the lower end choices won't do it for you unless you're already well past retirement age.

[JoeH]

(or that painful day in 96-97, where the stock was $3.78, when you could have bought 132,000 shares of stock

That price near the low in '97 is listed as an adjusted price. They already take the stock splits into consideration. The actual price at the time was 4x that, or just over $15 a share.

[Paul F.]

JoeH;

You're right...
And I'd murder any three people here to buy 10,000 shares at that $15 price...



Just sayin'...

[JoeH]

I'll help you bury the bodies... No one will ever find them. Just sayin'....

[Jimmypoo]

Good point — I was just scrolling back the Google ticker to get the ref and didn’t acount for that.


OK… sorry for the error - you’d only have a slack $75-80,000,000. Hardly enough to call yourself “unemployed” like Mitt Romney.

More like W.

[Blankity Blank]

$1 million is keep working but you can stop worrying about retirement, just don't plan any around the world trips money.

$2 million is retire comfortably at 65 money.

$5 million is "It's Miller time!" money. Goodbye to the rat race. Retire comfortably. Have enough to be a safety net for a less than financially adept relative. The poor dear tries, but just doesn't have the knack.

$10 million is break out the silk smoking jacket, send a car for Babbette, we're off to Rome for the weekend money (But Babbette's sister will have to pay her own way if she wants to come. I'm rolling in it, but it's got to last.).

$20 million + is 'Call me The Millionaire." money 'An excellent meal and excellent service. Here's 10 grand for the tip pool. Merry Christmas to you all.' (And yes, I have mentioned it to at least two of your coworkers, and no I'm not telling you which two. Sharing is good.)

$100 million + is 'Call me Mr. Medici" money. My good works (and good times) know no bounds.