If you won the lottery...

[laurontario]

... would you keep working or quit and enjoy life?

I had this discussion with some colleague one day during lunch. We were talking about the jackpot (which, by the way, it was a nice 37 million $ at that time) and someone ask me this question.

I answered in a blink 'Hell, no!'.
But, what would you do, then? The money won't last too long!

I did a quick calculation:
1. I don't expect to live more than 40 years from now on (even if I do, as years go by I am sure that after 65-70 years my needs will be not as high as now.
2. Assuming that from those 37 millions I would spend 5 millions quickly on different things (still don't really know how could I spend 5 mils so quickly, but, let's just asume for now)., that leaves 32 millions, which, invested would return at a minimum 2% interest, a nice 640,000$ a year (should I mention that I don't make that kind of money now?!)
3. this 640K is taxable so, after the government takes its share I would be left with about half of it (minimum) - 320K

Well... that is 320K a year, more than what I am making right now and I don't need to go to work. Besides, remember the 32 mils I invested? Well... I would not touch those money, since I would live from interest

Another scenario is the following:
4. 37 million divided by 40 years (my life expectancy from now on) = 925K/year (this would be tax free, since all lottery winnings are non-taxable here in Canada)

So, bottom line is that if I ever hit a big jackpot over 20 mils, I would quit my job in the next minute.

Next question is, what to do with all this free time?
I don't know about you but this world is soooo big, there are so many things to see and life is so short. I would travel a lot, go fishing, etc. ... do all those things I always wanted to do and never had enough money or time.

I then read somewhere that a large percentage of Americans would keep their job if they won the lottery (?!?)

So, the question is, what would you do if you won the lottery?