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've been in a position where I didn't need to work (not quite as comfortably as this example) but found I was very unfulfilled. Yes, I could fill my time with hobbies and volunteering quite easily, but there was no real purpose or sense of achievement from it. As a volunteer, you might be doing valuable work, but it's rarely valued. The people I wanted to spend time with were always at work when I was free.

Ideally, I'd have a senior post part time, but I've tried that too and you end up being neither one thing or the other.

@MuddySocks

Would I fuck 😂

Same

No way

I would still work full time but I would definitely change careers. Either retrain as a dr/nurse or work at an animal shelter or something.

I don’t have £2m and have no intention of working full time again so it’s a no from me. I’d probably work flexibly 2 days a week and do hobby stuff or volunteer.

If you're young (let's say 25), £2m isn't enough to see you through to old age (up to 70 years). You'd get no state pension if you didn't work. I think you'd have to work.

No way would I work if I had 2 milion.

If i had £1 million i'd quit work instantly and so would DH, if I had between £500k and £1 milion I'd keep working whilst doing some serious number crunching and financial planning to see if it was possible to stop working, more likely i'd end up working part time in a low paid low stress job to top up the investment income.

I’d pretty much carry on with the life I have now except I’d quit the part time job I do for money and keep the one I do for love.
I’d also have nicer holidays, get my teeth made lovely, finish my house off and send dd to a public school. Her primary is really good but I’m not impressed with the secondary

Ha ha ha! No.

@DianeCherry

If you're young (let's say 25), £2m isn't enough to see you through to old age (up to 70 years). You'd get no state pension if you didn't work. I think you'd have to work.

Of course it is, if you get a 5% investment return (not remotely unrealistic) and spend half of that income and reinvest half, then you wouldn't need to ever work. You wouldn't be living a jet set milionaire lifestyle but you could live comfortably without ever working.

I'd retrain to do something I enjoy and work part time while bringing up DS without having to worry about money. It would be lovely.

As someone upthread says - it really depends what age you are and what lifestyle you require.

If I had that much then I certainly would not work FT.

However, I am 59 and planning to retire later this year on much less than that.

@Dozer

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.

This.

Also £2m wouldn't sustain us long term enough to give up work.

We would need to keep working to maintain pensions and keep income going.

Part time. Enjoy time with young family. As they got older probably look for a volunteer role too.

No way....

I'd probably take a sabbatical for 6 months. Get really fit and healthy.

Then probably go back part-time, possibly sideways career move.

I'd definitely give up my current job - I fantasise regularly about throwing my work phone into the sea on my last day.

As for what I'd do with the extra time, I'd spend more time with my husband, travelling and enjoying life.

I wouldn't work anymore. Not even part time.

No way, imo the most important thing money can buy is choices and the choice to have free time rather than working 40 hours a week would be the best. I would like to do something worthwhile, but not be bound by it.

I’d work part time but only because I would worry I would get sucked into the mindless vacuum of mummy coffees.
If I had or developed hobbies that really engaged me, I would happily give up. I just know I would be unhappy living a life with just family as purpose

I work part time and am involved in community organisations

Yes I love my job so would carry on for now, but I'd spend a lot on things to make life easier while working - loads of quality pre prepared food, cleaner/housekeeper 2-3 times a week etc.

I might then look to retire at about 50/55 though. (Would be another 10 years in work)

Imagine someone who is, say 30, and is mortgage free with a 2m inheritance. I expect they hope to live for another 50 years. Even without a mortgage they probably want an annual income of 30k taken from their 2m. Given an inflation rate of 5% annually, that means in year 2 they need 31.5k, year 3 33.073, year 4 34.728k and so on. By year 10 it’ll be over 45k. By year 50, they would need over 344k to live on.
Their 2m will have run out well before that though.

£2 million buys you a smallish house in inner London, so you’d have to keep working to pay the bills.

Retrain and do something I love full time/work part time doing something I enjoy/start my own business/volunteer.

I'm sure any family member who has passed on their inheritance has done so to ensure you/your family are happy and provided for.

I'd invest it in my business, to allow me to do a bit more of what I want to do rather than taking on jobs just to pay the bills.
Hopefully that would allow me to do more balanced hours whilst also making the money work for me.

Not full time but yes, I would continue working.

£2Million is actually not a lot if you have to cover years and years to come. I would prefer having a generally nice life, house, car, holidays, no general worries than not working and looking at each penny hoping it will last until my death.,