What would it take for you to stop work?

[Rob_B]

After more days dreaming of freedom from the rat race I said to some of my work colleagues that I'd quit work if I won a million quid, they were all shocked but they're a few years younger than me and all wanted fast cars etc. I'm married with a child so my priorities are different.

So what is your magic number?

I have said to myself £1million and I'm going to stick to it if I ever do win. That lets me pay off my mortgage and live till I'm 65 at the same annual income I'm on now (this excludes any interest of course so it will in reality be longer)*

I'm not saying I wouldn't want a £30m euromillions jackpot though (in case the flying spaghetti monster is listening to this)

Rob

[CAT-THE-FIFTH]

An army of a million Moose so I can take over the world. Would need jet packs so they could navigate stretches of water so I would need a million and one jetpacks too. Plus a pair of skies.

[Stoo]

Yeah, a million or two would probably do it for me as well.

Buying fast cars etc is all well and good, but a few track days a year would probably cover that urge and you'd get a lot more out of it too. (keeping your driving license for one)

[DannyM]

hmmm...

250k for a nice house, the another 50k or so to kit it out and by yourself a few toys, 16k a year to live off for bills etc...

That's a good 30 odd years before it dries up, but if you invested some perhaps or let it gather some interest. I suppose 1 mill would be fine.

[abaxas]

Will £1,000,000 in the pot why not have a sports car?

8-20k gets you a lovely lotus elise/exige/europa.

[steve threlfall]

Freedom of not needing to work > any material goods, as much as I do like cars

8-20k gets you a lovely lotus elise/exige/europa.

It certainly would *drool*

[doyll49]

A million would be plenty for me to stop working a regular job. Could live real nice on a million. Build some nice cars, remodel my home, go on holidays and spend lots of quality time with friends and family.

[Hoonigan]

Well, with me being 19, I don't think a million would cut it for me to live the rest of my life without having to work.. It just wouldn't last.

And besides, I genuinely love my job, so even if I did win a million, I think I'd still want to work anyway

[KidChameleon]

I don't see £1m as enough to retire on. It's not much less than the average person earns in a lifetime. It would take the stress off paying bills, but I don't think you could live off it as a single lump sum. Sitting around the house all day is extremely boring, so you buy some toys and quickly go over budget. If you have enough discipline to stick to a reasonable budget each year but often go over a bit, then let's say you start running out in 20 years. Inflation will make your funds worth less. You'll realise you've spent 20 years bumming around doing nothing useful so that when you do try to get a job, no one will want to employ you.

If I won megabux on the lottery I would still keep a job just to hold on to my sanity. It will give me a purpose to stick to a routine. If I won £1m I would do my best to spread it out over a long time and treat it as a nice annual bonus in addition to my wages.

There was a guy on last week's Euromillions saying he wasn't going to waste a single penny of his £1m, while he was sitting on his newly purchased Lamborghini.

[TheAnimus]

So what is your magic number?

After giving it some thought and reflection, I've decided that its about £400k of equity / investments.

Why? I will never stop work completely, not till the day I die even if it is by my own hands, I will always earn some allowance, but that much should provide very comfortable accommodation, and a good rainy day fund.

If I just lounged about all day my mental state would collapse, I could never be a welshman.

I'm giving serious thought to skipping country (am taking some studies, doing a TEFL, learning basic Vietnamese atm) in a couple of years and trying something relatively new, well actually more of a very old thing, just new twists.....

[Zak33]

I am acutely aware that, if I won 1 million, I'd be robing someone of a job if I didnt retire...


but you know what.... I'm good ... and no one else could do what I do... so I think I'd stick with it and just not tell anyone.

Selfish... but honest.

and, lets face it.... might already be true.... hmmm

[Zak33]

If I just lounged about all day my mental state would collapse, I could never be a welshman.

first bit is me.. second bit is wrong on every level and you know it... the welsh are grafters. Al the ones I know have been and are.

[Tumble]

First thing I'd do is get rid of the mortgage, and then buy a really nice big house & a couple of ridiculously expensive bikes, one for the rough stuff and one for the road. Then I'd go back to work and enjoy the £Silly.Money I wouldn't be giving to the bank every month

[cptwhite_uk]

I lead a pretty low cost life style, so I'm pretty sure at 30 I could easily live on £1 million to cover me for the rest of my life.

I'd probably allow around £50k for immediate spending and giving away, £100k for instant access and the rest would be invested in a multitude of commodities, properties, trust funds, stock markets and anything else to spread risk of it being frittered away. This would be done via 2 or 3 financial advisor's to ensure I get multiple opinions on the best course of action.

Firstly though I'd thoroughly research my opinions to see what they were.

£1 million should see you building on that, and never needing to go below it. Even putting in the bank should see you bring in £30,000 a year easily, probably more. Invest it wisely and you should see an annual return of £60-70k I'd imagine with minimal risk.

[blueball]

I have already stopped work. I don't want to stop but I am too ill to continue.

[Lucio]

I'm not sure any amount of money would make me want to stop working; it gives structure to my weekdays, provides useful social interaction, keeps me thinking and active and makes me value my leisure time more.