5 Reasons To NOT Quit Your Job Even If You Win Billions In The Lottery
The $1.5 billion Powerball Jackpot drew nationwide excitement, long waits in lines and office pools of lottery tickets. Someone has to win the lottery, right? More than 86% of possible combinations had been bought, according to TIME Magazine, and at least three people are taking home millions after last night's drawing.
Everyone’s asking – “what would you do if you won?” The allure of quitting your job and partying with the rich and famous is strong but…if you become an overnight billionaire, here are five convincing motivations not to leave your job:
You might not be quite as rich as you thought you’d be. You won’t be a billionaire right away, unless you get a lump sum instead of annuities. However, if you get a lump sum, you won’t be a billionaire at all, since even pre-tax, the lump sum is under $1 billion according to Money. "Seventy percent of people who land a big windfall, lose it within several years," said this NBC News article. Many winners don’t plan a budget overestimate annuities, so you may need your current income, after all.
Anyway, you shouldn’t make any drastic changes for six months. Instead, set aside a small (celebratory, perhaps?) amount of money, and make a plan. It will give you time to set a budget, consider any investments and let the buzz die down.
Don’t wait for the lottery to change your life. Here’s 4 reasons to start looking for a new job before you NEED to.
On that note, it’s easier to say no if you seem like your normal self. Once the cat is out of the bag that you’re rolling in it, friends and family will come out of the woodwork offering ”great investment opportunities” and calling in favors you never recalled using. Before telling your friends, in fact, Mark Cuban told The Dallas Morning News that a tax attorney should be your first call when you win, and you should consult him before you say yes to anyone.
Your career should be about more than money. While we all need to pay the bills, a fulfilling career is about more than just the dollar signs. For some it’s about passion, for some it’s about making a difference and yet others truly love what they do. If you love your current job, there’s no reason to leave it behind. If your career is on the right trajectory, instead use this opportunity to augment what you’re already excelling at.
If you’re a tech professional unhappy with your current job, contact the local Jobspring Partners for career advice.
Just quitting your job won’t mean immediate happiness. “If you weren’t happy yesterday you won’t be happy tomorrow. It’s money. It’s not happiness,” said Mark Cuban to the Dallas Morning News. “If you were happy yesterday, you are going to be a lot happier tomorrow. It’s money. Life gets easier when you don’t have to worry about the bills.”