A different lottery: your current wage, with inflation, for life.

Say you hit the lottery, and the payout comes exactly like your current average paycheck... same amount take-home, same frequency, and each year it raises 5% for inflation. If you are currently unemployed or underemployed, your payout is whatever your usual job paid.

Would you keep working your current job, and have double the money? Would you quit your job and look for something more personally fulfilling, even if it paid very little? Would you stop working altogether?

For me, I don't think I'd quit this job, because I love what I do... but I know many people wish they could do something else, something which they're passionate about.

So... work, and enjoy a more financially fulfilled life- or quit working, and enjoy more time at home, on personal projects or hobbies, and have a more personally fulfilled life?

 

One of the great things about early retirement is the option to do WHAT you want, WHEN you want to. And for whatever remuneration seems acceptable. I've been able to take short-term "consulting" jobs that have been far more lucrative than my salary for the period would have been. But I only do the things I want to do. I was talking to the retired CFO or our organisation yesterday, and she said exactly the same thing... but that she was close to burning herself out volunteering to help cats, but that was always her passion.

If I were much younger and won a lottery like that, I don't think I'd quit right away, but I'd sure look around for what seemed to be the most interesting/fun/rewarding and head that way.

 

I'm within 10 years of retirement age and currently unemployed but looking for work so I would probably stop looking for work that paid a salary and either volunteer my time to a cause I believed in or return to college to get a degree in something totally useless but interesting to me. Of course, I'm assuming this lottery payout would continue for the rest of my life and I wouldn't have to worry about working the next 10 years just for a retirement package.

 

Ten years and I could be done as well and if I had the steady income I would continue with public interest work on a voluntary consulting basis.

 

I would keep working, but definitely change jobs and move to Florida sooner than planned.

Then I would seriously look into investing the winning in different areas to build up interest and stocks.
A lot of lottery winners tend to spend, spend spend it all away with poor investments, buying stuff they don't need. Mindless spending...

What I have seen by observing a family member that won the Mega Millions 7 years ago, is it is stressful(hospitalized twice), you find out who your friends really are, get crazy people coming to your house begging for money, letters from businesses that are in trouble financially. The good news is that they were sensible and really haven’t changed their ways because of it. They give to the homeless shelters, childrens cancer research, senior citizens, just to name a few.

So never say never that it can’t happen to you, because it can.

 

I'd continue to work, at least for a while. I'm getting closer to retirement age so who knows? Having a guaranteed income underneath me is definitely going to change how I view working. I would assume at some point I'd say the hell with it and sleep in.

 

I'd change my career.

The one where I sit on a beach on some random island and make reed baskets for tourists while I consume too much liquid freedom.

 

I am no where near retirement and since I'm gearing up for a career change, I would do just that.

My salary isn't substantial enough for me to sit on my bum all day. I would be too distracted and tempted by travel. Even though I have accrued quite a bit of vacation time at my current job, it doesn't mean I can afford to go too many places.

I would imagine that this would be very attractive to a family who has children. A spouse could stay home and take care of the children. They would still have the double income, yet not have to pay for daycare.

 

I would pass on such a deal with my current income. Not in the "high school kid working at fast food place" bracket, but I can do a great deal better than I am right now.

 

I can say I love what I do, and then claim I would keep working, but what I do is exhausting.
If I knew the check would come every month either way, I don't think it would be too long before I packed it in and pursued other interests.

 

I'd keep working, at least in the short term, while I paid down/off the mortgage. Doubling my income would mean getting rid of that debt a whole lot more quickly (like within the next 2 or 3 years). I'd review my options once that was done.

 

I would stay in my current job for now. I don't make a lot of money, but as is I'm supporting my brother who's unemployed and my mom who's been unemployed and is doing part-time week-to-week temp work that doesn't pay much. Doubling that would allow me to move out, keep paying my mom's mortgage, and pay for the one last class my brother needs to graduate college (financial aid fucked hum out of student loans for that last class by delaying paperwork he needed.) I enjoy my job, and working at a university feels a hell of a lot better than working in corporate.

 

I'd take a few months off every year. I'd like to travel a little bit more since I am looking for a travel companion. But the double income sounds enticing.

 

I don't have a job as such, I work relief typically working 5 -6 days in a month, but some months I may never work a single day! Fortunately for me I still earn enough to feed and 'shoe' my car and myself as long as I'm careful. So if I was in my current situation I would continue to work as inevitably in the near future there will come a time when I need to replace my car and other such larger bills which I cannon meet at the moment. However if I was in the situation where I had a full time job and won the equivalent of that salary I would change to part time work save up for a home and newer car.

 

Maybe this lottery needs a minimum wage setup