Should You Quit Working After Winning the Lottery?
Becoming an overnight lottery millionaire means no more worrying about financial troubles! You can pay off those bills, buy that house you always wanted and indulge in luxurious purchases. So what’s the point of keeping a job, right? Maybe you should think twice before handing in that resignation…
Winning the lottery and quitting your job go hand in hand. What’s the point of keeping your dull job when you don’t need to earn money ever again? However, there are multiple reasons why one should continue working even though it might not be required. Here are some reasons for holding a job after the big win and practical alternatives which can help improve the quality of your life even further without impulsively quitting your job…
Why stay at your job?
1. Thinking time
It is encouraged to proceed with caution. So no marching in on Monday morning telling your boss where to stick it, take the time to think long and carefully about your newfound wealth. When you’re gifted a large amount of money you should never, ever act impulsively!
2. Don’t arouse suspicion!
Here’s one thing you invariably won’t want to do, especially if you have a nosy neighbor. It’s especially important if you wish to claim anonymously. Nothing sets off alarm bells like somebody who, out of the blue, decides to chuck their job with absolutely no reason given.
More suspicious still is if you decide to quit and then go on a spending spree, making lots of expensive purchases – this is bound to make your friends, family, and co-workers very suspicious indeed, putting a strain on your relationships and causing you unnecessary hassle and friction.
3. Keeping good relationships and respecting others
Not only can winning a large sum of money result in lots of anger and resentment thrown your way, but there’s also the moral angle to consider. Think of the people you’re letting down. When we hate our jobs we tend to focus on those co-workers we don’t get along with while forgetting the ones we do. So think of them now, and how they must feel when you abandon them at the first opportunity and leave them to pick up all the slack. Sure it will feel positively surreal to go in there again Monday morning, but better to tie up loose ends properly, right? At the end, it’s all about respect.
4. Avoid alienating yourself
If you decide to quit your job and move on up to millionaires row you could well be in for a big shock. To those that made their millions the hard way, at least to some degree, you’ll be considered unworthy. As for those who were born into money, to them, you’ll always be “that lottery winner”.
Making a hasty decision could land you in a situation where you feel like an outsider in wealthy circles while also losing contact with people you once cared about, including friends and co-workers.
5. Keeping in a good routine and a sense of accomplishment
You won by pure luck, which is something to feel grateful about, but at the end of the day, it’s an occurrence, not an accomplishment. Work, on the other hand, can help you find that sense of pride in a job well done. If you don’t get this in your current job then now’s as good a time to make a change. You’ve got the mother of all financial safety nets to pursue the career you always dreamed of. And doors will indeed open.
Just keep in mind that, lottery winner or not, nobody’s going to be keen on hiring someone who walked out on their last employer and left their boss holding the bag.
6. Back-up plan…
Many lottery winners overestimate how much they’ve won. A million or two might seem like a large amount, but it can be easily frittered away if you start spending recklessly. So calculate how much it would cost to buy a house or clear your mortgage and any other debt payments, factor in other costs such as a new car, renovations, holidays, making wise investments, providing for your children… You’ll be set for life, for sure, but you might still be glad of that monthly income.
7. Keeping you grounded
Sitting down and really crunching the numbers really puts things in perspective. Don’t be like Michael Carroll, the former binman and self-proclaimed “King of the Chavs”, who squandered his entire £9.7 million lottery win in a self-destructive orgy of fast cars, expensive escorts, drug binges, and bling. It left him virtually penniless and today he works in a Scottish biscuit factory, a job he was lucky to get!
What are alternatives to quitting your job?
- Take a holiday! A great way to get away from it all, gather your thoughts, reflect on the changes in your life and make your plans for the future.
- Charity work. It keeps you active, occupied and grounded in reality, and if you’re the type who believes in karma, well, consider it balanced with bells on!
- Invest. Perhaps you’re more the entrepreneurial type who’s dreamed of running your own business? Well, now you can. Again this keeps you balanced and occupied and you also help the community by providing much-needed employment. Just be sure to get professional advice before embarking on a large venture with your newfound fortune.
- Go for that dream career. You’ve enough money for a fresh career reboot!
Bye, bye job…
If you’ve busted your ass for years in a dead-end job where you get no respect, recognition or gratitude that’s totally understandable. GO HAVE FUN.
