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

[Summerlovin99]

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?

I couldn’t do nothing as I’d get too bored. I’d like to do something voluntary if I was in that position. I’m a teacher but would give that up and become a voluntary support assistant as I know how much help some of my pupils need but unfortunately don’t get due to funding. Either that or work in a food bank or act as a befriender for the elderly.

@toconclude

I'm flabbergasted by the 'two million isn't enough' crowd. I couldn't spend that much in 40 years.

Have a read of this. It sets out how much you would need to win to draw a regular income equivalent to a median salary. In 2009, this was take home pay of about £21k for a man and £17k for a woman.

Obviously it depends on your age, and also how risky you want to be with your investment. But for a 40 year old woman who is willing to take a bit of a risk, you’d need to win about half a million. This presumes you do not spend any of that money (I.e. you invest it all, to give you an income of £17k per year). If you a 21 year old man who doesn’t want a high risk investment, you’d need to win more than 2 million (and again, invest it - all purely to give you an income if £21k per year.).

news.bbc.co.uk/1/hi/business/8356669.stm

I'm flabbergasted by the 'two million isn't enough' crowd. I couldn't spend that much in 40 years
Ignoring the interest, £2m is only 50k a year. Of op is a single parent so that's the only income, that it's a significantly huge income even without a mortgage. And if she's say 30s so probably needs to cover for more like 60 years. That's 33k a year.

2000000 without any investment return would last for 40 years if I lived on £50k a year, so I think I would work till my 50s while investing and using the interest for treats, then retire comfortably

No mortgage.

4% income = £80 gross or conservative 3% income = £60K gross.
£2 million capital invested and left to grow.

I could give up working since that covers my salary. I'm nearly 50 and would happily give up my career after 25 yrs. On the whole, I enjoy my job and it's well paid but it's certainly not a vocation.

DH will need to continue working FT for another 4 yrs minimum until he reaches 55 in order to maintain our current lifestyle. Our youngest DC should have left home for uni by then.

All depends on your lifestyle choices and whether £60k/£80K gross is enough for them.

@SleepingStandingUp

I'm flabbergasted by the 'two million isn't enough' crowd. I couldn't spend that much in 40 years Ignoring the interest, £2m is only 50k a year. Of op is a single parent so that's the only income, that it's a significantly huge income even without a mortgage. And if she's say 30s so probably needs to cover for more like 60 years. That's 33k a year.

But nobody sane would spend the money, they’d invest it and live on the income.

I'd keep working part time because I like my job and 2 million on its own may well not last as long as you'd think. But I'd stop stressing about trying to get promotions or worry about my career path.

I would work pt. I would be a terrible role model to young children who would grow up thinking money just falls into their laps. £2m won't last. Many people have that money tied up in their property (London) and they still work.

Yes. I love my job, and would be bored stiff otherwise!

I’d be making sure that I shrewdly invested the money to give me an income and capital growth. But, hell yeah, I’d give up my current job: but would probably do something else

Most people don't attain the limits of the LTA which is currently £1,073,100. So £2 million is the equivalent of 2 x excellent private pension pots.

Not enough income for school fees, expensive family holidays, etc but if your kids are grown and have flown the nest, it's definitely enough for 2 adults to have a comfortable retirement.

@sansou

Most people don't attain the limits of the LTA which is currently £1,073,100. So £2 million is the equivalent of 2 x excellent private pension pots.

Not enough income for school fees, expensive family holidays, etc but if your kids are grown and have flown the nest, it's definitely enough for 2 adults to have a comfortable retirement.

What sansou said.

A £2m pension pot at age 55 is comfortable but is a retiree's generous income. It does not stretch far for someone with young children (maybe in their 30s?) with dependents.

I would find something that I could do for the love of it, not the money. I would love to write a book.

I'm always amazed by people who say they'd be bored without a job. My God, I have SO MANY interests and hobbies and potential hobbies that I'd love to do if only I had the time... I'd never be bored. I always say I wish we didn't have to sleep so I could have an extra 7 hours in the day to do all the things I want to to do!

@toconclude

I'm flabbergasted by the 'two million isn't enough' crowd. I couldn't spend that much in 40 years.

This is Mumsnet. There's a recent thread money matters citing having a harp restrung as an expense you have to budget for when having teenagers, as it costs more than you might imagine.

Some people will always find a way to spend money or pick the most expensive option possible. Look at Boris and Carrie and their £800 a roll wallpaper. If you are coming from a mindset of 'well we have to decorate the house every five years and that costs £200k a time' then of course it wouldn't last.

But what most people are saying is that, for most people, £2M invested could produce a very decent annual income for most people, without touching the capital, especially considering that the OP already owns her house outright.

So if you wanted to, it could free you from having to work. But there are obviously people that prioritise having a certain lifestyle above this, so would choose to work to provide themselves with this.

The first thing I would buy is a new bed as the one I have is keeping me up and that’s why I’m on MN at 5 am ( uk) time .

Instead of work in a job as such I would change focus to passive income streams using part of the inheritance for a mix of investments including property

Unsure. Would depend on how far that would get me. I'd prefer not to work- permanent night shift for a very long time now. If stopping wasn't an option, I'd decrease my hours. Don't think it's a retireable very wary amount. But definitely a life is very much more comfortable, no stresses life!

I would work part time in something I enjoyed... although I’m not sure what that would be! Do people have part time jobs they enjoy?!

And also try and do something useful like volunteering. Anyone who felt this is not enough money should probably do some volunteering too so that they met people who are in a very much worse of place than they clearly are.

You could have a fantastic life but you would just have to live somewhere that was not central London.

I would because I love my job. I'm also particular about the way I want it done, so would hate to leave it to someone else on my days off. Would be an enormous weight off the shoulders though to have that financial security.

Yes I would keep working at 30. But I'm in my late 50s and if it happened now I'd work part time. I enjoy working and having a sense of purpose but I'd do more voluntary unpaid work.

I hate to say it but if I was 30 it wouldn't be enough money to do all the things I enjoy doing and secure my old age.

I hate to say it but if I was 30 it wouldn't be enough money to do all the things I enjoy doing and secure my old age.

I agree with this, mainly because I have 3 dc. and don't pay for private education, designer clothes etc. Maybe if in different circumstances i.e. older with grown up dc and decent pension assured. However, you could look into how investing money could ease the pressure i.e. different income streams and reduced working hours for example. However, house being mortgage free is another positive (and obviously another asset) and weighing up existing lifestyle and how much you want to support dc in future. Looking to the future, I can see that life might be potentially very difficult for dc because of the cost of things - housing, even groceries and longer working lives.

I wouldn’t work in my current job because it’s too much stress for too little financial reward. I’d teach children to read / offer my time for free in my local primary school one day a week.

Fuck no. I've always worked just for money, not at any job I've ever even liked. Work for me was purely.to pay the bills. I'm envious of people who found "careers" they actually like.

I think we would buy some sort of business that husband & I are interesting in. That way we would have an income but be able to nip in and out as needed and not work full time.