We’ve all had a lot to think about these past few months—this week, we asked readers what they’d do… if they won the lottery.
There have been any number of surveys over time that suggest that, asked if they’d keep working if they won the lottery—most say they would. Now, realizing that some of us are closer to “retirement” than others, and some doubtless enjoy their current position more than others, this week, we’ve asked a simple, contemplative question; if you won the lottery—enough to provide all the financial support you need to live well—would you continue to work?
As it turns out two-thirds (66.27%) of survey respondents said they would keep working, while 22% wouldn’t—and 12% weren’t really sure.
As for why they would continue to work (more than one answer was allowed):
61% - Work gives me a sense of purpose and accomplishment.
51% - I would be bored if I didn’t work.
32% - I need to get out of the house.
14% - I want financial security aside from the financial winnings.
13% - I would miss my co-workers.
One reader commented, “It also might depend upon how much I 'won'??!!” There were, of course, some other suggestions:
Teach my kids work ethic.
I would only want to work part-time at a fun job like a museum docent.
I think one functions better if they’re a little busy with some structure.
It would allow me to “work” in a business/industry that would be more like a fun activity without worrying about money, titles, etc... probably do something philanthropic as well.
I enjoy helping my clients.
My new job would be something artistic like making scarecrows for gardens. (Country life and art)
The pressure to grow a private practice would certainly be off, but I would still want to help improve others’ lives and help them become more confident about their outcomes.
Full time work might become optional, but the process of meeting and educating plan participants and sponsors is too important to just stop.
I would actually invest my lotto winnings back into *** to grow it further.
Working keeps you sharp mentally as you’re constantly solving complex problems.
I would work for charitable organizations and donate my time and resources to honorable causes
Might continue to work but not at the same pace. Would look to do charity work. Give back.
Friends are not retired.
I would work ~12-18 months beyond “winning” so that i can/could unwind my investment advisory business and work with clients.
Well now, “need to get out of the house” doesn’t really apply anymore does it? I would continue to work at least part-time because then I would still appreciate my “not at work time” more. (Kind of the same reason I don’t eat my favorite foods every day, probably weight gain notwithstanding.)
Volunteer, yes. Hobby business, maybe. Daily grind—not a chance!
I would seek out something rewarding, whether it’s volunteer “work” or establishing some sort of group to work toward a cause.
Might look to start my own business or volunteer more.
It would be time to follow my hobbies and passion.
Still extremely passionate for what I do helping people.
Would they change jobs?
44% - No.
23% - Yes.
18% - Not really sure.
The rest weren’t going to continue working…
As for those who wouldn’t change jobs…
27% - It’s (already) my dream job.
27% - Well, it’s not (yet) my dream job, but I like where and with whom I work.
26% - I think I’d like being able to come in every day without having to come in every day..
The rest? “I’m already gone…”
And as for those who would be moving on… roughly two-thirds would “Give two weeks’ notice or give my employer more time if they needed it to find a replacement,” another 4% would “Give two weeks’ notice and leave after two weeks,” about half that number would “just not show up at work the next morning”—and as for the rest? Well, let’s call it “other”… things like:
Minimum four weeks notice.
Been a good place for me, so i would give them as much time as necessary to find and train a replacement.
I’d hire (and pay for) a headhunter to find THREE people to replace me. I suppose I’d stay until they were trained.
I am a partner... so if I chose to no longer work, I would, out of respect for my partners and employees, want to leave with my duties accounted for by my successor.
I am the bos.s Tell the next in line to step up.
I would keep working.
As I am the owner, not the employee, it would be a question as to what I want to tell employees, and how to manage them and their careers going forward. I don’t think that’s a “2 week notice” kind of thing—it could be months or more.
I’m the owner so it is a bit different.
It’s my own firm so I’d need to wind down and find some way to get out of the day to day, but I’d probably not sell right away. I’d continue to want to be involved in very high-level ways to make room for next generation, as well as pursue charitable endeavors.
I would definitely take my time and not rush any transition.
I’m self-employed, so I tell off the boss and air all grievances to myself every day. I’d stick around to make sure my company continued to operate smoothly after my departure.
I wouldn’t give 2 weeks notice, but I wouldn’t quit immediately. I would continue to come to work maybe 2 or 3 days to tie up loose ends.
I would continue to work up to a year or until we could find and train my replacement (whichever came first as with no deadline a replacement wouldn’t be forthcoming), with a consulting role after that. There was no comment box, but I’d like to have a new job with no constant rule changes and deadlines. I’ve always thought working at the library would be nice. And maybe I could even go back to school for a degree in library science!
Somebody has to manage the money, I go from coworker to client.
Other Lottery Observations
Won’t ever happen to me... plus it seems like there is a curse for lottery winners.
Being of service to others is the ultimate accomplishment in life and this business allows that like no other.
I mean, winning the lottery would be a mixed blessing. I would love to feel financially secure and be able to also help my loved ones but it may be a bigger burden and visibility issue that it would be worth. I like my life simple.
My friends and I have a pact. If any of us wins big we are going to buy a big piece of land and create a ‘no a$$holes’ gated community (in fact some of the friends won’t be invited LO ) but we are going to have a clubhouse with pool and game rooms—with a bartender on duty most days and nights , golf carts to get around, and everyone gets to design their own house. Kind of our version of the golden girls :)
I’ve always said I’d contact a good lawyer before claiming the winnings so I’d get help setting up a business, trusts, etc. before the money comes. I’ve always wanted to have a camp for kids with cabins, canoes, horses, and lots of land and lakes.
I would or donate a part of the winnings.
I would spread the joy of windfalls.
I don’t play the lottery as I am too focused on saving for retirement but I am in my 40s and should be able to retire within 10 years. Much better odds than buying tickets each week.
I would like to think that if I won the lottery I would continue to work but scaled back and be even more focused on my current clients—not worrying about bringing in new clients and working with those I enjoy most. That would allow me to be more involved in my community and philanthropic.
I would not continue to work but would definitely volunteer a lot more—something I don’t have time for now! Also, this will never happen because I don’t play the lottery and I heard you have to play to win!
I would probably buy a vacation home, make some other long term investments and use it as a way to improve my quality of life. Might buy a boat.
It would be nice to give more to good causes.
I’ll take relief from this pandemic and a relatively stress-free school year for the kids in place of a winning lottery ticket. A more caring, unified American people would also be nice.
Won’t win it since I never play it—I consider it a tax on people who are bad at math.
Can’t win since i do not play. :)
If I won, I may also just stay in my same house too, but I’m putting in a lazy river around it.
I would probably have better odds (but not much better) of winning if I actually remembered to play it.
Winning the lottery would free up my time to pursue things I am passionate about, but don’t currently have the time or resources to pursue. I would consider starting a business (probably a niche bakery as baking is a lifelong passion of mine). If I wasn’t actively working, I’d definitely devote time to volunteering. Not only to give back to the community, but also to retain a sense of purpose and connection.
I really like what I am doing and am not opposed to doing something else if I thought I would enjoy it more. I am currently a co-owner of the business so it does different light on the this topic.
Do I have to play the lottery in order to win the lottery?? LOL
I rarely ever play, so this is not reality.
I would follow my passion and put my culinary school training to use.
Finally, and on a completely different note, Monday is, of course, Labor Day—and we asked readers about their travel plans, if any:
28% - Getting out of the house (but not far).
20% - Staying home (but having company).
16% - (Still) sheltering in place.
14% - Getting out of town.
11% - Haven’t decided yet.
As for the other one in five, well their plans included things like…
May go visit daddy’s grave, he passed during the COVID-19 outbreak.
Coming back in town.
Waterfall hunting for the day. Will splurge on brunch then early BBQ dinner.
Visiting my son at college. Been over 3 weeks without giving my boy a hug.. .a firm, manly father-son embrace!
We are fortunate to have a 2nd home in VT and are heading there.
Hit the pool.
Having a quiet weekend at the lake... until the in-laws show up!
Going to our lake lodge and sheltering on a boat with a well-stocked cooler in the middle of a lake with immediate family.
To the golf course!
Staying home, but we’re having a social distancing “block party” (10 people) at the end of my street.
Probably just heading to the park like we usually do whenever we have time on the weekends. If I get to read my book outside, that’s good enough for me.
God’s country—my cabin on 75 acres of woods in Northern Michigan (Traverse City-ish). The ULTIMATE in social distancing...
Not feeling comfortable about traveling, yet, due to COVID!
Getting together with family.
Might visit family for the day or have family over for the day.
Staying home because it will likely be less people around since many will want to go out of town, safer.
Thanks to everyone who participated in this week’s NAPA-Net Reader Poll! Have a GREAT Labor Day Weekend… stay healthy, be safe… and “see” you next week at the 2020 NAPA 401(k) Cyber Summit!
