Only 14% of People Say They Would Quit Their Job If They Won $100 Million
Intro
Winning $100 million is a life-changing amount of money, and many people dream about what they would do with it. GOBankingRates conducted a survey of 1,005 adult Americans to find out what their priorities would be if they won $100 million. The results were surprising, with only 14% of respondents indicating that they would quit their jobs.
The Results of the Survey
The survey results showed that most people would prioritize saving, investing, paying off debt, buying a house or car, giving to charity, and taking a vacation over quitting their jobs. More than 60% of respondents indicated that they would pay down their debt, which was the most popular positive response for both men and women. Quitting their jobs was the least popular option for both sexes.
Responses by Age
Older respondents were more likely to choose quitting their jobs as a priority, but those 65 and older had the lowest positive response rate, at just 4%. This could reflect the fact that many of the respondents have already retired, but it could also indicate that this older, more frugal generation is less likely to abandon the security of a job.
Responses by Sex
A significantly higher percentage of men than women indicated that they would quit their jobs. Specifically, 18% of men, as opposed to just 11% of women, responded positively. Other responses, however, were fairly similar.
Risks of Quitting
Even if you win $100 million, quitting your job brings certain risks. The most obvious one is overspending. With much more time on your hands and a sum of money that seems like it would never run out, it becomes quite easy to blow through all that money faster than you might think. Another concern is that friends and family members you never hear from will come out of the woodwork, drawn like moths to the light of your millions. Between your desire to take care of them or treat them and the potential that there’s a bad apple somewhere in the bunch, you’re putting your millions at risk.
Lessons to Learn
Imagining scenarios like winning $100 million can help you find out where your financial priorities really lie and what you really want to do with your life. It may shine a light on changes you should make anyway, such as looking for a job that’s more in line with your personality, talents, or wishes if your first thought is to leave your terrible job behind. If you think you’d stay in your job no matter what, it can be a sign that you’re content with your work situation, which is generally a good thing.
Related Facts
– Winning the lottery can be more trouble than it’s worth. Thirty percent of lottery winners declare bankruptcy, according to the National Endowment for Financial Education.
– Research suggests that the ideal retirement nest egg is $1.7 million, which generates $70,000 in annual income.
Key Takeaways
– Money can’t buy happiness, and quitting your job may not be the best choice even if you win $100 million.
– Prioritizing saving, investing, paying off debt, buying a house or car, giving to charity, and taking a vacation over quitting your job may be the best way to use your newfound wealth.
– Imagining scenarios like winning $100 million can help you find out what you prioritize financially and what you want to do with your life.
Conclusion
The GOBankingRates survey showed that only 14% of people would quit their jobs if they won $100 million. While quitting your job may be tempting, it can bring certain risks, such as overspending and putting your millions at risk. Prioritizing saving, investing, paying off debt, buying a house or car, giving to charity, and taking a vacation may be the best way to use your newfound wealth. Imagining scenarios like winning $100 million can help you find out what you prioritize financially and what you want to do with your life.
