Don't Burn those Bridges just yet!
9 Reasons Not to Quit Your Job after Winning the Lottery
Winning the lottery and quitting your job go hand in hand like Batman and Robin – they're the dynamic duo of daydreams. Dreams and reality are two different things, however, so, much as you'd like to, we'll show you why it makes more sense not to quit your day job on impulse. We'll also show you some practical alternatives which can help improve the quality of your life even further.
In this article you'll learn:
- The benefits of keeping your day job
- Why continuing to work helps you make better decisions
- How quitting your job immediately can cost you friends as well as money
- What happened to big-league lottery players who decided to quit their jobs too soon
- The alternatives to quitting your job that can make you feel far happier, more contented, grounded and satisfied in your life
Sounds fair? Ok then, let's go, here's our top nine reasons why it's best not to quit your job after winning the lottery.
Reason #1: It Gives You Time to Think
Whenever a big weekend jackpot comes along we know quitting's exactly what most people are dreaming about. I'm sure you've been there; Friday afternoon and the clock's just crawling its way towards quitting time, staring into space in a sweet reverie where you win the weekend jackpot and never have to come back to this horrible place ever again!
It's a seductive notion, for sure, but is it really the solution?
Sure, we sometimes like to use it as a selling point (I'm guilty as charged) though if you read our tips for lottery winners article you'll know that we also don't believe it's a good idea to burn your bridges. Instead we encourage you to proceed with caution. So no marching in on Monday morning telling your boss where to stick it, take the time to think long and carefully about your newfound wealth. When you're gifted a large amount of money you should never, ever act impulsively!
Reason #2: You Don't Arouse Suspicion
Here's one thing you invariably won't want to do, especially if you have a nosy neighbour. It's especially important if you wish to claim anonymously. Nothing sets off alarm bells like somebody who, out of the blue, decides to chuck their job with absolutely no reason given. More suspicious still is if you decide to quit and then go on a spending spree, making lots of expensive purchases – this is bound to make your friends, family and co-workers very suspicious indeed, putting a strain on your relationships and causing you unnecessary hassle and friction. Which brings us on to our next reason…
Reason #3: You Don't Come Across as a Jerk
Ok so you won a huge fortune – well good for you moneybags! Some of us have to work for a living… Do I need to continue? Or can write that script yourself?
Not only can it result in lots of anger and resentment thrown your way, there's also the moral angle to consider. Think of the people you're letting down. When we hate our jobs we tend to focus on those co-workers we don't get along with while forgetting the ones we do. So think of them now, and how they must feel when you abandon them at the first opportunity and leave them pick up all the slack. Sure it will feel positively surreal to go in there again Monday morning, but better to tie up loose ends properly, right? At the end it's all about respect.
Reason #4: You Don't Alienate Yourself
Look, quitting your job is your own decision to make, it's just that, having covered so many lottery winner stories, besides the winners themselves nobody knows more than us how dramatically life-changing a lottery win can be than we do.
If you decide to quit your job and move on up to millionaires row you could well be in for a big shock. To those that made their millions the hard way, at least to some degree, you'll be considered unworthy. As for those who were born into money, to them you'll always be "that lottery winner".
Making a hasty decision could land you in a situation where you feel like an outsider in wealthy circles while also loosing contact with people you once cared about, including friends and co-workers.
Reason #5: You Keep a Sense of Accomplishment
You won by pure luck, which is something to feel grateful about, but at the end of the day it's an occurrence, not an accomplishment. Work, on the other hand, can help you find that sense of pride in a job well done.
If you don't get this in your current job then now's as good a time to make a change. You've got the mother of all financial safety nets to pursue the career you always dreamed of. And doors will indeed open.
Just keep in mind that, lottery winner or not, nobody's going to be keen on hiring someone who walked out on their last employer and left their boss holding the bag
Reason #6: It Gives You an Opportunity to Take Stock
Many lottery winners overestimate how much they've won. A million or two might seem like a large amount, but it can be easily frittered away if you start spending recklessly. So calculate how much it would cost to buy a house or clear your mortgage and any other debt payments, factor in other costs such as a new car, renovations, holidays, making wise investments, providing for your children… You'll be set for life, for sure, but you might still be glad of that monthly income.
Reason #7: It Keeps You Grounded in Reality
You can stare at all those zeroes on the end of your bank account balance and easily feel overwhelmed. Having a job and still keeping one foot in the day-to-day grind helps you appreciate just how much money you have. Do a household budget so as to understand how much money you earn and spend prior to the lottery win. How long would you have had to work to pay off your mortgage and other debt payments? How many years would you have had to work just to earn the amount you won? Now factor in your outgoings and calculate the net duration. It could well be that, depending on how much you won, you'd have to go into the same job, day after day, for centuries!
In other words sitting down and really crunching the numbers really puts things in perspective. Don’t be like UK lottery winner Michael Carroll, the former binman and self-proclaimed "King of the Chavs", who squandered his entire £9.7 million lottery win in a self destructive orgy of expensive escorts, drug binges and bling. It left him virtually penniless and today he works in a Scottish biscuit factory, a job he was lucky to get!
Reason #8: It Stops You from Feeling Isolated
Back in 2013 Jane Park became the UK's youngest ever lottery winner, having won £1 million on EuroMillions aged just 17. Having grown up on a council estate, which she famously described as "not exactly Beverly Hills", she decided to move out and buy her own place. After a while, however, the loneliness and isolation started gnawing away at her so she decided to sell her house and move back in with her mother. She later decided to get a job part time at the local chip shop to keep her occupied and provide some much needed social interaction.
Now that's not to say selling flogging greasy chips are the answer, specifically, but if isolation becomes an issue remaining occupied and keeping active in your local community might be just what's needed.
Reason #9: It Keeps You Sharp
Let's be frank; a lottery ticket really is your ticket to the good life, but a good life doesn't equal a lazy one. As humans we wither and die without a challenge. By continuing to work we keep our minds and our bodies active, something that's always important, no matter how much money you have.
Practical Alternatives to Quitting Your Job
"Should I quit my job or not?" - by simply asking that question you've already narrowed your options dramatically down to just two, neither of which provide any clue on how to answer the next logical question – "and then what?"
So, what are the alternatives?
Well, turns out there are lots of them. You could take a holiday, a great way to get away from it all, gather your thoughts, reflect on the changes in your life and make your plans for the future.
In the end you might decide it's best not to quit your job completely and just work there part time instead. That way you get the best of both worlds.
Then again, if the thought of returning to your current job makes you nauseous then perhaps the best course of action is to make another life change, by swapping it for a more rewarding one.
Even if you don't need the money the fact remains that there are still way too many people out there struggling financially, so perhaps you could focus on charity work. It keeps you active, occupied and grounded in reality, and if you're the type who believes in karma, well, consider it balanced with bells on!
Or perhaps you're more the entrepreneurial type who's dreamed of one day being able to run your own business? Well now you can. Again this keeps you balanced and occupied and you also help the community by providing much-needed employment. Just be sure to get professional advice before embarking on a large venture with your newfound fortune.
On the other hand you might decide that you've paid your dues already and would like to travel. Well what better way to travel than working your way around the world? Sure the pay's not great but so what? You're loaded already, so really you're doing it for the experience.
Of course the only thing worse than wasting lots of money is wasting your mind and your talent. Have you ever dreamed of a specific career but never thought it possible? Well guess what, now it is. Perhaps you never finished college and always regretted it, perhaps you didn't get the points you needed to do the course you wanted, perhaps you couldn't afford to go in the first place. Whatever the reason, you've enough money for a fresh career reboot. (Just don't expect you can do like Rodney Dangerfield in Back To School and try to pay your way to graduation!)
Take this Job and Shove it!
But maybe, just maybe, after reading all of this you're still not convinced. Well, if you've busted your ass for years in a dead-end job where you get no respect, recognition or gratitude that's totally understandable. In which case stay tuned for our upcoming article where we'll tell you about some epic ways you can quit your job after winning the lottery!