Poll of the Day > WWYD? If you won a Million Dollars would you still keep...

(+) Yeah! (+)

A million isn't anywhere near enough to retire at my age, but it would be a good opportunity to take some time to work on myself and find a better career path.

o.0 I million is not enough money to quit your job over...

BlackScythe0 posted...

o.0 I million is not enough money to quit your job over...

By itself it wouldn't be, but if you were old enough it could push you over what you needed to retire I guess.

A million dollars is like 700k after taxes, even.

For a million, no. For 2 million, absolutely.

Put the winnings into the stock market, keep working my current job, retire maybe 10 years sooner than I otherwise would've.

A million dollars is the kind of money you can use to buy more money. Only a complete dingus would keep working a menial job if they had that.

Whargarble posted...

A million dollars is the kind of money you can use to buy more money. Only a complete dingus would keep working a menial job if they had that.

I guess Im a dingus I like serving people makes me feel Christ like

Ill keep working. But Id be able to get myself in a better position. I could buy a house and fix my truck Pay off my debts, and help my sister with school. And my brother could move down here The rest would help me to live, while I still made money at my job

Invest some, and use rest while working.

Would I still keep a what? You didnt put in a poll title. I dont know what which one? pertains to.

rexcrk posted...

Would I still keep a what? You didnt put in a poll title. I dont know what which one? pertains to.

It you put the title and the first post together, it says:

WWYD? If you won a Million Dollars would you still keep... Working your barely minimum wage Job? (Poll Question)

LinkPizza posted...

It you put the title and the first post together, it says:

Be neat if he just put the poll question in the poll like a normal, well-adjusted person.

rexcrk posted...

Be neat if he just put the poll question in the poll like a normal, well-adjusted person.

Maybe That said, its not hard at all to read the title and first post I mean, we technically dont need to have the same question posted twice He even put poll question in parenthesis after the question to make it easier I dont see how that makes him any less of a well-adjusted person though Most seemed to understand it well enough

I'd buy a piece of land build a modest house pay off my car and keep working.

With the over time I work with no car or house payment I'd be bank rolling some money and probably would have pushing a million from work alone after 15 to 20ish years (off the top of my head. Not doing math right now)

LinkPizza posted...

Maybe That said, its not hard at all to read the title and first post I mean, we technically dont need to have the same question posted twice He even put poll question in parenthesis after the question to make it easier I dont see how that makes him any less of a well-adjusted person though Most seemed to understand it well enough

Dot dot dot. Dot dot dot. Dot dot dot.

rexcrk posted...

Dot dot dot. Dot dot dot. Dot dot dot.

Yep Theyre called ellipsis, in case you didnt know

Unless you're old enough that your life is mostly over, a million isn't retirement money.

Yes.

A million dollars won't even buy you a million dollars these days.

People aren't reading the question.

It's not "keep working" vs. "retire", it's "keep working a barely minimum wage job" versus "do something else".

One million dollars - assuming that's after taxes and any other deductions - is over 30 years of minimum wage salary. There is zero reason to keep working that particular job if you just won a million dollars. If you win a million and aren't near retirement age, a healthy chunk of that money should go into upgrading your skills into a more lucrative career. A million isn't enough to retire off of these days, but it's more than enough to live off of for whatever time you need to go take some courses, or even a full degree, and get yourself in a career that will bring in more money and let you retire faster/more comfortably.

darkknight109 posted...

People aren't reading the question.

It's not "keep working" vs. "retire", it's "keep working a barely minimum wage job" versus "do something else".

One million dollars - assuming that's after taxes and any other deductions - is over 30 years of minimum wage salary. There is zero reason to keep working that particular job if you just won a million dollars. If you win a million and aren't near retirement age, a healthy chunk of that money should go into upgrading your skills into a more lucrative career. A million isn't enough to retire off of these days, but it's more than enough to live off of for whatever time you need to go take some courses, or even a full degree, and get yourself in a career that will bring in more money and let you retire faster/more comfortably.

Well you could also invest that million and potentially generate enough to live off, if you can generate even 40k a year with that million it's like you upgraded that job while not having to work 40 hours a week. You could also use it to start a business or open some chain restaurant or something like that, there is a lot of things you can do with $1 million to make more money in the future.

Anyone that says a million isn't enough to retire off of doesn't know that large amounts of money can be turned into larger amounts of money fairly easily.

Two week notice maybe. I'd probably keep working since I'd need to invest that money first.

GanonsSpirit posted...

Anyone that says a million isn't enough to retire off of doesn't know that large amounts of money can be turned into larger amounts of money fairly easily.

With rents the way they are now, you need to be making like 70-80k a year to be able to comfortably afford a median one-bedroom apartment in most cities. You can get that kind of RoI off of a million easily enough, but it's not going to leave you much room for further increases in the cost of living, nor to live anywhere larger/nicer (which you'll probably want unless you plan on being a bachelor forever). To retire comfortably, 2-3 million is a more reasonable minimum.

Having a spare million around would produce a very useful amount of supplemental income, though, so if you get it and keep working you'll get to the point of being able to retire much faster than you otherwise would have.

adjl posted...

With rents the way they are now, you need to be making like 70-80k a year to be able to comfortably afford a median one-bedroom apartment in most cities. You can get that kind of RoI off of a million easily enough, but it's not going to leave you much room for further increases in the cost of living, nor to live anywhere larger/nicer (which you'll probably want unless you plan on being a bachelor forever). To retire comfortably, 2-3 million is a more reasonable minimum.

Having a spare million around would produce a very useful amount of supplemental income, though, so if you get it and keep working you'll get to the point of being able to retire much faster than you otherwise would have.

Unless you're trying to buy a many room mansion $1 million is plenty to buy a nice house.

i'd probably keep my current job until i got pissed at it. i like most of the people i work with.

around here though that'd be a decent amount to get a decent house and then coast on, at least for a while.

Revelation34 posted...

Unless you're trying to buy a many room mansion $1 million is plenty to buy a nice house.

In quite a few cities, $1 million won't even get you a second bedroom unless you're willing to live so far from everything that you spend another million commuting. Moreover, even if you can get a decent house within the million, doing so is going to eat up a sizable chunk of that million and therefore reduce what you can get by investing the remainder. Retirement entails making sure you have enough income to support yourself without working, and while owning a paid-off house will reduce the cost of living below what you'd be paying to rent, there are still ongoing costs associated with that house that mean only being able to invest 3-400k will put you in a pretty tight position.

That said, while I wouldn't expect to retire on a million, I'd absolutely be buying a house as one of the first things I did with it, and that would put me in a much better position to prepare for retirement. Renting is just too unstable in the current market and will likely only get worse for the foreseeable future.

I wouldn't give up my good paying career for only a million dollars.

rjsilverthorn posted...

By itself it wouldn't be, but if you were old enough it could push you over what you needed to retire I guess.

How old do you think people in this chat are?

If you won a million dollars, you'd end up paying almost half that in taxes, so it would really only be a half million. And that won't buy much of a house in any major city. Forget about retiring on that.

My job is $35k

That's 28.57 years of my current job.

So yeah, I would. I just would keep spending like I am now.

captpackrat posted...

If you won a million dollars, you'd end up paying almost half that in taxes, so it would really only be a half million. And that won't buy much of a house in any major city. Forget about retiring on that.

14 years then. I have 14 years to find a new job or go to school.

I literally would just put it in the bank and use the interest has a supplement to my pay. Once I get it down to where I believe I could survive on the interest alone, I would only work on the weekends.

jsb0714 posted...

How old do you think people in this chat are?

Old enough to want to retire.

Of course not. Id retire instantly.

TheFalseDeity posted...

Of course not. Id retire instantly.

Yeah I'm pretty sure $1 million is the minimum to enter the bs upper class where you can just invest it and leech off the system and live off that.

I make a million every 3 years. So no.

Yellow posted...

Yeah I'm pretty sure $1 million is the minimum to enter the bs upper class where you can just invest it and leech off the system and live off that.

I did the math once and I think it came down to once I've worked a full career at my job I'd have made about a million dollars. So unless you are already old 1 million ain't enough to live off of.

I think you'd pretty much need to keep working awhile while playing the stock market to increase that shit for at least a little while.

Sufferedphoenix posted...

I did the math once and I think it came down to once I've worked a full career at my job I'd have made about a million dollars. So unless you are already old 1 million ain't enough to live off of.

I think you'd pretty much need to keep working awhile while playing the stock market to increase that shit for at least a little while.

Around 40 years of living based off of my income. And i certainly dont want to live into the 60s anyways so eh. Be good enough for me.