Would you accept a guaranteed, lifetime allowance of $50,000 per year (adjusted annually for inflation) if accepting it meant that you could never again earn money from either work or investments?
No brainer. Absolutely, I would. Even if it wasn’t adjusted annually for inflation, I’d do it. It’s not that I don’t enjoy work or derive a sense of satisfaction from my job and wish I didn’t have to do it in order to get paid. But here’s the thing, $50,000 is a great deal more than I’m making for a salary. It’s more than I’ve ever made in any job I’ve ever had. It’s likely more than I’ll ever make on an annual basis. So why would I turn that down? Living the lifestyle I currently live, that kind of money would make me feel super wealthy. Like, I wouldn’t know what to do with myself. That’s fill the gas tank all the way up kind of money.
And the question doesn’t say I can’t still work. It just says I can’t earn money from the work I do. I would be perfectly content to continue doing the work I’m currently doing on a voluntary basis. I love my job and I love the people I work with. Just because I’m not allowed to get paid for it doesn’t mean I want to give that up. Besides, our church is trying to build a building. If they didn’t have to pay me, that’s money that can go toward financing the thing.
What about you? Would you accept the allowance? If not, why? I’m genuinely curious. Let me know in the comments.
*The Question of the Week can be found in The Book of Questions by Gregory Stock, Ph.D.