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’d carry on working. I enjoy my job. I’d consider going part-time or finding a lower pressure role with a different firm, without having to worry about the cut in pay.

Yes, in some form.

£2m would be plenty for me. Invested, even conservatively, it should be enough for most people.

I don't need to work now as DH earns enough but I do to ensure my pension pot is healthy enough. I think it would probably give me the bravery to change lanes and do something more fulfilling.

If you're asking on your own behalf, what do you want to do? Do you like work? Money is just a tool. You shouldn't feel guilty for using it to increase your happiness. I hope if it's your current situation you find a way to enjoy it!

I’d prob put my hours down to 16 per week. I’m only minimum wage but I would need to get out the house plus I like my job, no stress snd it’s a casual laid back atmosphere. I wouldn’t need to worry about money again as being a low earner I don’t think I could imagine what 2 million really means lol. No worrying again about Christmas, holidays, kids education or their housing situation when older. Yes thank you, where do I sigh lol 😂

I'm 30. I'd pay my house off and then live off it. It would take me 80 years to earn that much, so I think I'd be ok. DP would probably work pt.

I wouldn't work at all. Done quite enough of that thanks and I have far too much imagination and too many interests to miss putting up with someone else's shit or any timetable. I'd put a million into buy to let's and retire on that income and pass it forward to my spawn on my death, and buy them a house for now too and get somewhere detached with a bit of garden for me. I may also buy a dog now I'm not out at work.

@TatianaBis

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

You'd have to really love your job to blow all the money on a house that ties you into carrying working when you don't need to.

It should be possible to invest the money to at least keep up with inflation. I've read that investing the money wisely and drawing 4% pa means that the money will never run out, although you can probably set a drawdown rate that means it should run out by the time you're 90 or whatever.

4% of £2M is £80k, so plenty for a good standard of living when you have no housing costs, but like I said before, not enough for private school, luxury holidays, expensive cars and a designer shopping habit.

I'd be off like a shot. I think I'd even try to retire with 1m but might be tricky (although easier the older I get!)

Not a chance - that's 100 years of my current full time salary!

I could keep the same lifestyle, even after paying out some big chunks of cash if I wanted to. I'd probably study / volunteer at something lovely / do lovely creative things just for the joy of it

2 million will only yield around 60k per year.

With small DC you would be a SAHM so if that is desirable for you, why would you hesitate (and indeed, would fill your time with the demands and rewards of that role)?
However I agree with PP that £2 mil is insufficient to last a lifetime. I think the average needed, with variables re lifestyle and location, at age 30 is £6 mil. I would therefore use your time when the DC are in full time education to find a vocation that will result in future income.

That amount of money properly invested will give a very nice income for the rest of your life. You’d be aiming for at least a 5% ROI and hoping to get 8% which would allow you to grow the capital and take an income. Allow 3% for growth and 5% for income. Obviously if you leave it sitting in the bank you’ll use it up.

I wouldn’t give up work though.

What would be the point in working full time?? I would enjoy it but not go crazy with it. I’d some for the children’s futures. I’d consider starting a course or something that would allow me to peruse a job I enjoyed, if and when the money ran out.

Id set dh up with his own business and help out and be involved with that and volunteer on top if i had time

Nope. I would be off traveling ( if I could ) and buying a house with a pool and a sauna.
( shallow I know)
Good to dream.

No way would I still do the job I do now.

What I would do is invest some of the money into starting a business I would love. Currently undecided but either a party or wedding planner

No I don’t think I would work unless I loved it. Someone mentioned being 30 and living another 50 years. That’s 40k a year which must be equivalent to £60k salary ? I’d be happy with that :)

Someone mentioned with inflation this wouldn’t last well but they ignored investment gains , worse case scenario these should at least cancel out (though you’d hope investments would out perform !) so I don’t think that would be an issue.

Yes, I love my job. 2mill wouldn't be completely enough for the rest of my life without working anyway. I'm only mid 30's

I would definitely not worry about finding a way to occupy myself, especially with two small children!

However, unless I felt confident I could live comfortably on something like 1% of that sum (£20k / year) I would want to ensure I kept my marketable skills, preferably by working part-time in a job that maintained and enhanced them.

If you are young then a lot of things can happen that could diminish the purchasing power of your funds over the next few decades: inflation, market crash, poor or unlucky investment decisions, divorce, illness just to name a few.

Also, your starting point (now) is a moment when asset prices are high and interest rates are very low. Real interest rates in UK are probably -2%. Money in the bank will probably lose about 20-30% of its value over a ten year period, and 45-60% of its value over a thirty year period. Sound investments could hopefully keep up with or beat inflation, but they require taking some risk of losing capital value instead. A sustainable after-tax spending rate might be ~2% of your starting sum if there is no big adverse market "event", but it could be lower if such an event occurs.

I'd do something useful in a voluntary capacity and my current job part time.

@TatianaBis

2 million will only yield around 60k per year.

"Only" lol. With the mortgage paid, 60k per year would be MORE than enough for me.

So I'm with the first reply of the thread. I'd quit immediately and spend my life studying and spending more time on my many hobbies. More time with family, etc.

@TatianaBis

2 million will only yield around 60k per year.

Only ! £60k outright would be equivalent to £80/£90k job, about 3 times the average persons!

I’d work part time and I don’t think anybody with “two very young children” should feel a single jot of guilt for not working full time. There’s plenty of time to ramp a career back up when the children are older.

I'd still work full time, but I'd move into working in the arts. I used to, and loved it, but left because it didn't pay enough.

2 million is like peanuts in London. Yes it would be lovely not to pay mortgage etc because where I live, a basement 2 bed 65sq m flat goes for 1 million unfortunately. So yes I would have to work to have an regular income which would allow me to save more. I still would be grateful if I had 2 million, it would be such a relief and at least minimise my future worries.

I am an interpreter, currently working full time. I love my job and I don't see myself quitting interpreting. I have 2 small (-ish) children, house still mortgaged. If I ended up with 2 millions I will probably still continue to do interpreting work - but only part time, I'd chose the assignments and projects I want to take, instead of accepting pretty much anything and everything as I do at the moment.