Whether you're stuck in a job with no room for growth or you have a boss you really dislike; most lottery winners are able to quit their job after their big win. Which leaves us wondering how to decide if you should quit your job and how to do that in the best possible way. Some winners choose not to quit, but if you do, we’d like to make sure you’re fully prepared for the day you resign. Who knows, it may be sooner than you think...
Step 1: Don’t tell anyone at your company you’ve won the lottery
Many people are tempted to celebrate their big win by resigning in a dramatic fashion and telling their co-workers and boss that they’ve won the lottery. Don’t do it! While this may feel great in the moment, you may want to take a more cautionary approach.
Once you win the lottery, everyone will be trying to get a piece of your massive winnings. From long lost relatives suddenly making an appearance, through to acquaintances selling you their latest business venture as a get-rich-quick-scheme, you will need to be careful about who you choose to spend your time (and money) with.
Take some time to think about what you want to do with your new winnings and decide what your next steps will be.
Step 2: Ask yourself: Am I doing what I love?
While you may be fortunate enough to love what you do and feel that work is a pleasure, you need to take a long hard look at your job and decide if you are doing something you love. After all, they say if you do what you love, you’ll never work a day in your life.
Take a leaf out of lottery winner Brad Duke’s book and don’t make any rash decisions. After winning $220 million on US Powerball, Brad didn’t quit his job but took his time figuring out exactly what he wanted to do with his winnings. Although he now owns 10 motorcycles, Brad took a cautionary approach to spending his lottery winnings. Read more about Brad here.
Step 3: Make your own calculations
Although we all dream about winning multi millions on the lottery, you may be the winner of a smaller life-changing amount. It is, therefore, crucial to speak to a financial adviser on how to best invest your new windfall and plan accordingly. If you have kids, you will want to make sure that your winnings can set them up in the future, and that you won’t end up penniless like some reckless winners.
If you decide to stay at your job, you could potentially cut your hours to give you more freedom to explore and upgrade certain parts of your life. A new home, a beautiful car and some luxurious family vacations could all be on the horizon for you.
Step 4: Start that business you've always dreamed of…
With millions in the bank, you may decide to quit your job and pursue your own path. Ever had a fantastic business idea with no capital to fund it? Now's your time to turn those dreams into a reality. You can take your time and do some research, consult with experts and set up your own business. One lucky winner named Adrian Bayford did just that when he won €190 million on the EuroMillions lottery in 2012. This lucky winner who used to work at a second hand album music shop, opened two of his own stores selling music and film memorabilia after his win.
Would you quit your job after a big lottery win? Tell us in the comments below and don't forget to enter your favourite lottery today.