Is never having a worked a bad thing?

Poppie68

800K is not going to fund a lavish lifestyle for 20 years, thats 40k a year, many household incomes bring in more than that and struggle to survive. 800k at age 16 is an opportunity that needs to be handled correctly. 800k plus a decent income or any income will allow them much more financial freedom and security.
I can't see many employers rushing to employ a 30/40 year old who has spend all their adult life partying and sitting on their backside.

AlexLK

800k is an opportunity to build an absolutely fantastic investment portfolio of your choosing. However, I know all too well that at such a young age the last thing thought about is the future then you wind up 30 and penniless with a whole lot of memories and hindsight.

LE3

you'd be lucky to have £800K fund a "partying" lifestyle for ~20 years (age 16-36)!
Even if you bought a modest house for £200K (not what your 16 yr old irresponsible lottery winner would want, they'd surely be looking for a house match their "status") that only gives you £30K/year to spend - most people couldn't live the "party" lifestyle on that! Of course, a sensible investment would mean that the person could choose a job/lifestyle that they really enjoyed (even part time or volunteering), or could choose to live very frugally for many years
People have a "need" to work in some way - I could happily volunteer and not "work" but having had 2 periods of 6 months unemployment over the years I know that I also couldn't do "nothing" - I got so bored & completely lost structure in my days!

melysion

LE3 wrote: »

you'd be lucky to have £800K fund a "partying" lifestyle for ~20 years (age 16-36)!
Even if you bought a modest house for £200K (not what your 16 yr old irresponsible lottery winner would want, they'd surely be looking for a house match their "status") that only gives you £30K/year to spend - most people couldn't live the "party" lifestyle on that! Of course, a sensible investment would mean that the person could choose a job/lifestyle that they really enjoyed (even part time or volunteering), or could choose to live very frugally for many years
People have a "need" to work in some way - I could happily volunteer and not "work" but having had 2 periods of 6 months unemployment over the years I know that I also couldn't do "nothing" - I got so bored & completely lost structure in my days!

This is exactly what I would do. Buy myself a modest house so I'm at least that way secure and live on the rest - carefully - while pursuing my writing career. I could live on £30k a year having paid for a house outright with no problem at all

specialboy

£800k, buy 8 terraced houses and rent them out for £650 a month giving you an income of £5200 a month before bills.

SandC

I too could have done more than this person appears to have done - buying property earlier being the main thing. So far as employment is concerned I would certainly hesitate in choosing this person over someone else simply because I couldn't be sure of the reliability of them. There would be no references for starters.

I am pretty sure had I been in the same position I would have spent some time in education (not necessarily leading to a job but for the sake of learning something I was interested in) but also doing voluntary work even if it were something like helping the local florist out with deliveries at busy times etc.

dickydonkin

Irrespective of your bank balance, you still need a reason to get up out of bed in the morning.

leespot

specialboy wrote: »

£800k, buy 8 terraced houses and rent them out for £650 a month giving you an income of £5200 a month before bills.

And tax.....

melysion

specialboy wrote: »

£800k, buy 8 terraced houses and rent them out for £650 a month giving you an income of £5200 a month before bills.

Sbudder. Good way to make money though I guess.

Prothet_of_Doom

A few years back, I was working at a supplier to a big manufacturing company, and had to visit monthly to get a bottom kicking for our quality. (or lack of).
In the quality department was the son of a world famous snooker player, who had from the age of 16, to the age of 35(ish), "worked" for his dad, basically as his PA, but when you talked to him, but more as his companion, and drinking partner.
Eventually, he decided, it might be good if he got a normal job. So he did. He started at the bottom on the shop floor, did A levels at night school, Open university degree, and eventually into lower management. I suspect that the covering letter, that explains what you've done for 20 years might help.