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I asked my co-worker this...

Topic closed. 19 replies. Last post 5 years ago by AmoWin.

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FL
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Posted: April 10, 2012, 4:43 pm - IP Logged

I had this conversation the other day with one of my buddies....

Let's say you win the lottery.  After buying the house, setting aside money for taxes, buying the cars, pay off dept etc you have enough money left over that would give your around $40-50K a year in interest.

With that said, I asked him "Would you continue to work or quit and just live off the interest?"

My co-worker said he would still work and just use the money from the lottery as supplimental income.  For me, I don't know.  50K a year would be more than enough for me!

    haymaker's avatar - Lottery-012.jpg
    Egg Harbor twp.south Jersey shore
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    Posted: April 10, 2012, 4:49 pm - IP Logged

    i might work part time, i think it depends largely on your age and station in life.

    Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.


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      Posted: April 10, 2012, 5:28 pm - IP Logged

      I had this conversation the other day with one of my buddies....

      Let's say you win the lottery.  After buying the house, setting aside money for taxes, buying the cars, pay off dept etc you have enough money left over that would give your around $40-50K a year in interest.

      With that said, I asked him "Would you continue to work or quit and just live off the interest?"

      My co-worker said he would still work and just use the money from the lottery as supplimental income.  For me, I don't know.  50K a year would be more than enough for me!

      I'd play a few more big games, score another 20-30 million, then continue working 3 jobs.  Wink

        Coin Toss's avatar - shape barbed.jpg
        Zeta Reticuli Star System
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        Posted: April 10, 2012, 6:02 pm - IP Logged

        What haymaker said about age and station in life, and then some.

        I think a lot would depend on if there's any love of your job or you're just working for the paycheck like most people).

        In one of the casinos I worked in one of the bosses became 100% vested in one of the financial plans the hotel / casino had. He started getting a little "different" and when he had a bad night he told us it was harder and harder to make himself come into work when he knew if he hung it up he'd get $333,333.33.....so one night, he did!

        I think if someone won a lottery jackpot, all it would take would be one really trying day at work, and adios!

        One of the definitions of financial freedom is having the money to do what you want to do whenever you want to do it. Being 'tied to a clock' or business hours doesn't exactly fit with that.

        Heres' something I read once, a little quiz of sorts:

        Whatever you do for a living, do you enjoy it so much you'd do it for no pay?

        If you said yes, good for you, almost everybody would envy you because they can't honestly answer that with a yes.

        If you said no, do you think you are going to live forever?

        Scared

        Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

        Lep

        There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

          haymaker's avatar - Lottery-012.jpg
          Egg Harbor twp.south Jersey shore
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          Posted: April 10, 2012, 6:33 pm - IP Logged

          What haymaker said about age and station in life, and then some.

          I think a lot would depend on if there's any love of your job or you're just working for the paycheck like most people).

          In one of the casinos I worked in one of the bosses became 100% vested in one of the financial plans the hotel / casino had. He started getting a little "different" and when he had a bad night he told us it was harder and harder to make himself come into work when he knew if he hung it up he'd get $333,333.33.....so one night, he did!

          I think if someone won a lottery jackpot, all it would take would be one really trying day at work, and adios!

          One of the definitions of financial freedom is having the money to do what you want to do whenever you want to do it. Being 'tied to a clock' or business hours doesn't exactly fit with that.

          Heres' something I read once, a little quiz of sorts:

          Whatever you do for a living, do you enjoy it so much you'd do it for no pay?

          If you said yes, good for you, almost everybody would envy you because they can't honestly answer that with a yes.

          If you said no, do you think you are going to live forever?

          Scared

          Yo coin, the quiz puts it in total perspective, especially the 3rd ?

          Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

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            Bronx, NY
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            Posted: April 10, 2012, 7:05 pm - IP Logged

            I don't think I would work if I was getting $50k on interest off my lottery win, at least not for someone else.  I would open up my own business and work on investing and stuff like that.  That in and of itself could be a full time job.

              Coin Toss's avatar - shape barbed.jpg
              Zeta Reticuli Star System
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              Posted: April 10, 2012, 7:32 pm - IP Logged

              Yo coin, the quiz puts it in total perspective, especially the 3rd ?

              haymaker,

              Another part of it was:

              What's the difference between poor people and rich people?

              And you would think they were after a monetary amount, but the answer they gave was:

              Poor people plan for the weekend, rich people plan for great-great grandchildren.

              Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

              Lep

              There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

                maximumfun's avatar - Lottery-030.jpg
                Lavender Rocket

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                Posted: April 10, 2012, 8:06 pm - IP Logged

                haymaker,

                Another part of it was:

                What's the difference between poor people and rich people?

                And you would think they were after a monetary amount, but the answer they gave was:

                Poor people plan for the weekend, rich people plan for great-great grandchildren.

                Whoo-hoo!  I had no idea that I was a 'rich people'.  I have to be the brokest rich person you are ever going to meet!  (although I do have plans in place for great grandchildren - go figure).

                Then again, I love my job and havent been doing it 'only for money' for years... which makes me lucky, rich, deadbroke, and happy.

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                  FL
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                  Posted: April 10, 2012, 11:43 pm - IP Logged

                  My and this person do tech support for an ISP that services people in rural areas. 

                  When he told me his answer I said, "Dude, you say that now, but.... if that were to happen and you were on the phone with an 80 year old who couldn't tell the difference between the power cord and an ethernet cable, you would probably be like 'screw this I'm outta here'."

                    Lucky Loser's avatar - bucks
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                    Posted: April 10, 2012, 11:48 pm - IP Logged

                    Yeah, as most people have already said, don't get it twisted. With all that paper, the second someone really pissed your co-worker off, they'd be more than happy to tell the boss where to go, how to get there, and how long it's gonna take 'em!!!!! 90% of people fit this category.


                    L.L.


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                      Posted: April 11, 2012, 6:23 am - IP Logged

                      My and this person do tech support for an ISP that services people in rural areas. 

                      When he told me his answer I said, "Dude, you say that now, but.... if that were to happen and you were on the phone with an 80 year old who couldn't tell the difference between the power cord and an ethernet cable, you would probably be like 'screw this I'm outta here'."

                      Hey I'm gonna be 80 one of these days, I resent that judgemental remark, whippersnapper!  Boxing

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                        East of Columbus, OH
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                        Posted: April 11, 2012, 8:10 am - IP Logged

                        I had this conversation the other day with one of my buddies....

                        Let's say you win the lottery.  After buying the house, setting aside money for taxes, buying the cars, pay off dept etc you have enough money left over that would give your around $40-50K a year in interest.

                        With that said, I asked him "Would you continue to work or quit and just live off the interest?"

                        My co-worker said he would still work and just use the money from the lottery as supplimental income.  For me, I don't know.  50K a year would be more than enough for me!

                        I will have 25 years on my current job in just over 4 years, so if the interest is making me 50k a year, I would probably work until I have the 25 yrs in and then retire.  I'll still be in my 40's and I haven't completely abused my entire body (sorry Mr Liver) that the interest would be a nice compensation. 

                        I can easily live the same life I have now without the long hours at work and make almost the same money staying home.

                        Life's Too Short To Be Unhappy Cool

                          HoLeeKau's avatar - YheaShea
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                          Posted: April 11, 2012, 2:18 pm - IP Logged

                          Fifty K is cutting it pretty thin.  Even without a house payment, eventually you're gonna need a new roof or furnace.  And in several years you'll need a new car.  So I think if you wanted money to travel and to splurge on fun, you'd have to keep working.

                          If I got 75K after taxes every year, that would be enough to enjoy life, and at that point I'd quit working.

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                            Posted: April 11, 2012, 2:53 pm - IP Logged

                            I had this conversation the other day with one of my buddies....

                            Let's say you win the lottery.  After buying the house, setting aside money for taxes, buying the cars, pay off dept etc you have enough money left over that would give your around $40-50K a year in interest.

                            With that said, I asked him "Would you continue to work or quit and just live off the interest?"

                            My co-worker said he would still work and just use the money from the lottery as supplimental income.  For me, I don't know.  50K a year would be more than enough for me!

                            If your coworkers know you won the lottery you really can't stay at the same job, but quitting work completely starts with the answer to one simple question. Can you live the rest of your life without ever making more than $40 to 50k per year?

                            If you answered yes and aren't at least 70 or in bad health you've probably answered incorrectly. Even if you can get by comfortably on $40k today, what's going to happen in 10 or 20 years? Modest inflation of 2% per year will make your current need for $40k a need for $49k in 10 years, and in 20 years it will be $59k.

                            Maybe interest rates will go up and inflation will remain low or even drop, but I'd rather have more income than I need than less. Retiring tomorrow would be nice, but having to go back to work at 70, 75 or 80 would really suk.

                              savagegoose's avatar - ProfilePho
                              adelaide sa
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                              Posted: April 12, 2012, 4:50 am - IP Logged

                              Fifty K is cutting it pretty thin.  Even without a house payment, eventually you're gonna need a new roof or furnace.  And in several years you'll need a new car.  So I think if you wanted money to travel and to splurge on fun, you'd have to keep working.

                              If I got 75K after taxes every year, that would be enough to enjoy life, and at that point I'd quit working.

                              he also said ther house and car are all paid for. so its just living expensses. 50k should be ok, id have to go to work tho, as 50k aint enough to keep me busy all day without spending more.

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