If you had £2 million, would you still work full time?

(265 Posts)
Summerlovin99 Fri 07-May-21 15:39:14

You obtained the money through early inheritance. You are married, have two very young children and your house is already mortgage free. And if you wouldn't work full time, what would you do with your time?

OP’s posts: |
MushroomRagu Fri 07-May-21 15:41:41

Not at all. I'd study and do more of my hobbies.

Summerlovin99 Fri 07-May-21 15:43:06

Also would you have elements of guilt if you didn't work full time after watching the people you inherited from, work extremely extremely hard to create such wealth and pass on to you

OP’s posts: |
ForensicFlossy Fri 07-May-21 15:43:30

I'd probably work part time.

bakingdemon Fri 07-May-21 15:43:44

There's a book I want to write, so I'd do that.

inmyslippers Fri 07-May-21 15:44:00

I think I'd still work. But only for the pure joy of it. I'd retrain as a yoga instructor and specialise working with people with disabilities that are often overlooked. Would like to set up a gardening club on an estate I grew up in. Still do my care job but only pick up last minute shifts when they're stuck. Good way keep in touch with the young girl I care for

Orangebug Fri 07-May-21 15:45:16

I think I'd carry on working part time and retire early.

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SirenSays Fri 07-May-21 15:46:08

I'd work, but probably doing voluntary work I actually enjoy. A gift like that had to be paid forward somehow imo.

GertrudePerkinsPaperyThing Fri 07-May-21 15:46:27

I think I’d go part time if I could.

Horseyhorsey3 Fri 07-May-21 15:46:28

Summerlovin99

Also would you have elements of guilt if you didn't work full time after watching the people you inherited from, work extremely extremely hard to create such wealth and pass on to you

Not at all, the money is there to facilitate a better quality of life. What is triggering those guilty feelings? The money is going to diminish in real terms thanks to current interest rates so why not allow it to buy you some freedom...

I certainly wouldn't work full time, would look to invest some, further my studies (retraining) and some philanthropy.

PermanentTemporary Fri 07-May-21 15:46:35

Nah. I'm working part time at the moment and having to hustle up to full time - I wouldn't do that if I didn't have to. I'd still work though.

BernadetteRostankowskiWolowitz Fri 07-May-21 15:47:10

Summerlovin99

Also would you have elements of guilt if you didn't work full time after watching the people you inherited from, work extremely extremely hard to create such wealth and pass on to you

They've passed the money on to you after their death. I cant imagine they care now how you spend it. Guilt about this would be such a waste of energy.

LindaEllen Fri 07-May-21 15:48:20

I'd work but not full time. Two million isn't that much these days if you want a reasonable lifestyle and holidays plus retirement as you wouldn't get a pension if you didn't work.

boobot1 Fri 07-May-21 15:48:23

Summerlovin99

Also would you have elements of guilt if you didn't work full time after watching the people you inherited from, work extremely extremely hard to create such wealth and pass on to you

No, I'd feel more guilty taking a job, when someone who genuinely needed it could have it.

BarbaraofSeville Fri 07-May-21 15:48:51

No, but for that amount of money, it very much depends on age and lifestyle expectations.

A 30 YO who expects lots of fancy holidays, cars, expensive hobbies, private schooling, designer clothes etc is likely to run out of money before retirement age, when they could find themselves needing to work but with no recent work experience to help them get work.

An older person happy with more modest lifestyle aspirations could make that amount of money give them an income for the rest of their life without needing to work, although they could do, or could use the money to start businesses, invest or do whatever they liked without any pressure that they needed to succeed to keep food on the table etc.

There's a formula that the FIRE (financial independence retire early) people use, some combination of how old you are and how much you spend to decide whether or not you can afford to retire. If this is the position you are in, it's probably a good place to start.

parietal Fri 07-May-21 15:49:43

i'm nearly in that situation. and I still work full time because I enjoy my job.

Dozer Fri 07-May-21 15:50:26

By ‘early inheritance’ do you actually mean gifted money?

If so, I’d set aside funds to pay taxes that’d be due in the event of their deaths within X years.

And calculate how much of it I’d likely have left after that in the event of divorce. And would need/want to help the DCs, my pension etc.

flumposie Fri 07-May-21 15:51:12

I'd quit teaching and either volunteer, study or travel .

MuddySocks Fri 07-May-21 15:52:23

Would I fuck 😂

Redwinestillfine Fri 07-May-21 15:54:09

Nope. I don't work full time now.

KingdomScrolls Fri 07-May-21 15:55:09

I would still work because I love my job, but I might go part time for a while. It sounds like a lot of money but I'm only 35 so it would have to last 40+ years and if I was quitting work it wouldn't be fair for DH not to, and when you have nothing else to do it would be easy to spend a lot more money than usual. I'd travel more, do some work on our house we've been wanting to do, privately educate DS, set up a trust. All very boring.

Wotsitsarecheesy Fri 07-May-21 15:55:39

Well, I don't work atm, but £2m would enable DH to stop working also. We live quite frugally and we have things we'd like to do, and a business we'd like to start but don't have time for atm. This would mean that we could pursue the business whilst still having enough to live off in case it doesn't work out. I know there would be abslutely no guilt whatsover from either of us - just a sense of being in a really fortunate position.

MumofSpud Fri 07-May-21 15:55:45

I read / heard somewhere that to have a 'millionaire lifestyle' you 'need' £4.2 million.

I would not work F/T at all!

Chocoqueen Fri 07-May-21 15:56:07

Yes, but I'd plan to retire early. Main reason being that I'd probably give about half (£500k each) to my DC's when they're older to buy a house/have a very decent deposit. So that would only leave £1m which wouldn't be enough to keep me and DH going from our mid-30's. Might go part time though.

DeltaAlphaDelta Fri 07-May-21 15:57:36

I would either invest in or buy a small company in an area that I had knowledge and experience in, and try to grow it, and maybe do some part time "front line" work.

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