You've won £1m - what do you do?
Discussion
MC Bodge said:
Deep Thought said:
Randy Winkman said:
Roofless Toothless said:
Tell nobody.
Excuse me for skipping from page 1 to page 8 - would nobody you know spot anything? What about your family - would they not ask where you got a load of money from? And wouldn't keeping it secret take away some of the fun of it?We are at the age where early retirement isn't uncommon so we'd just be saying we are retiring early.
Even in the provinces, it is not going to give you the means to live off your wealth in a well-preserved castle with 100s of acres of land.
It would however provide a lot of people a very comfortable regular lifestyle without having to work full time.
menousername said:
One thing I would not do it put it all into equities. Sure - there has been phenomenal growth. But that would just make me more nervous. Only invest what you are prepared to lose, etc.
You are looking at capital protection ad your priority. Cash and (liquid) bonds. And for that peace of mind you may need to pay by losing a very small (fraction of a percent) against inflation. It is what it is.
It isn't that small, especially in the longish term.You are looking at capital protection ad your priority. Cash and (liquid) bonds. And for that peace of mind you may need to pay by losing a very small (fraction of a percent) against inflation. It is what it is.
https://www.bankofengland.co.uk/monetary-policy/in...
You'd need about £1.7m today to buy what £1m would have bought in 2004, 20 years ago. If you fancy spending some of it in Euros or US dollars I'd think you'll be even worse off.
On specific things like classic cars and property you will have done even worse still.
Malcolm E Boo said:
I just couldn't do nothing. I am on the go all the time in my job. A nice balance of doing something to keep me sane rather than doing nothing just because I have enough money that would allow me to do nothing.
I could quite easily do nothing. Unfortunately, being retired, I don't have the time. In fact, looking back, I don't know how the hell I ever squeezed a job into my day. Edited by Malcolm E Boo on Sunday 19th May 20:21
When you have more free time I think suddenly those things you just used to get done and not even think about/mention become your days task. I’ve had a bit of gardening leave and have been guilt of it myself, suddenly a bike ride that takes 3 hours is the days work. I previously did a days work and a 3 hour bike ride and god knows what else.
All my older relatives have gone that way upon retiring. Suddenly picking up an eBay purchase is a way to spend a day, or the dog walk suddenly becomes the mornings task. Nothing wrong with it but I don’t think any of them are doing even a fraction of what they ‘could’ or were doing but endless time has stretched out the most dreary tasks into whole chunks of their week.
Hence the phrase “I don’t know how I used to fit work in” - it’s because your likely taking 4x as much time over the tasks you used to just get done without even thinking about
All my older relatives have gone that way upon retiring. Suddenly picking up an eBay purchase is a way to spend a day, or the dog walk suddenly becomes the mornings task. Nothing wrong with it but I don’t think any of them are doing even a fraction of what they ‘could’ or were doing but endless time has stretched out the most dreary tasks into whole chunks of their week.
Hence the phrase “I don’t know how I used to fit work in” - it’s because your likely taking 4x as much time over the tasks you used to just get done without even thinking about
okgo said:
When you have more free time I think suddenly those things you just used to get done and not even think about/mention become your days task. I’ve had a bit of gardening leave and have been guilt of it myself, suddenly a bike ride that takes 3 hours is the days work. I previously did a days work and a 3 hour bike ride and god knows what else.
All my older relatives have gone that way upon retiring. Suddenly picking up an eBay purchase is a way to spend a day, or the dog walk suddenly becomes the mornings task. Nothing wrong with it but I don’t think any of them are doing even a fraction of what they ‘could’ or were doing but endless time has stretched out the most dreary tasks into whole chunks of their week.
Hence the phrase “I don’t know how I used to fit work in” - it’s because your likely taking 4x as much time over the tasks you used to just get done without even thinking about
True, my neighbour has been retired for years and is pretty active in the garden etc but by god I see him doing something like painting a shed and he drags it out for a week. I'd do that in an evening after doing a full days work/childcare etc.All my older relatives have gone that way upon retiring. Suddenly picking up an eBay purchase is a way to spend a day, or the dog walk suddenly becomes the mornings task. Nothing wrong with it but I don’t think any of them are doing even a fraction of what they ‘could’ or were doing but endless time has stretched out the most dreary tasks into whole chunks of their week.
Hence the phrase “I don’t know how I used to fit work in” - it’s because your likely taking 4x as much time over the tasks you used to just get done without even thinking about
It's the luxury of time, I do envy it, although it must take a while to slow down and realise you don't have to rush around to fit everything in.
Tim Cognito said:
True, my neighbour has been retired for years and is pretty active in the garden etc but by god I see him doing something like painting a shed and he drags it out for a week. I'd do that in an evening after doing a full days work/childcare etc.
It's the luxury of time, I do envy it, although it must take a while to slow down and realise you don't have to rush around to fit everything in.
Time expands to fit all the available space.It's the luxury of time, I do envy it, although it must take a while to slow down and realise you don't have to rush around to fit everything in.
I'll tell you what I'd do, 2 chicks at the same time.
After that I'd probably put half into clearing the mortgage and pension, use a quarter to supplement my income so I can take a low pressure, low hours job and use a quarter for fun stuff like holidays, concerts and eating out at fancy restaurants.
After that I'd probably put half into clearing the mortgage and pension, use a quarter to supplement my income so I can take a low pressure, low hours job and use a quarter for fun stuff like holidays, concerts and eating out at fancy restaurants.
Randy Winkman said:
Excuse me for skipping from page 1 to page 8 - would nobody you know spot anything? What about your family - would they not ask where you got a load of money from? And wouldn't keeping it secret take away some of the fun of it?
With only a small amount of creativity, this is not a lot of money to keep secret. After all, nobody need look at your bank statement apart from you.
What strategy one employs varies depending on your age and circumstances but take your pick from
- Cashed in some crypto
- Took early retirement and cashed pension in
- Been investing and it's paying off
- Managed to pay mortgage off, freeing up funds
- Wife/Husband came into a inheritance
- etc, etc
But I would also not feel the need to give any of it away, not at this level. If I won, say, £50m, I'd see a select few close family right but I certainly wouldn't be doling out cheques left, right and centre even then.
My initial thoughts was 'retire', but it seems a million quid isn't what it was back when everyone dreamt of winning 'the pools'.
There's nothing terribly exciting I want, I'd probably buy a nicer house and live mortgage / debt free with far less stress, knowing I can just about tell anyone I want to f
k off.
There's nothing terribly exciting I want, I'd probably buy a nicer house and live mortgage / debt free with far less stress, knowing I can just about tell anyone I want to f
k off. av185 said:
Ah yes clearly the ultimate privilege for some....
Not necessarily literally.There's a thing called "f
k You Money" which is not to literally tell people to fk off it's more about being in a position where nobody has you by the balls.Want to walk out on your job? You can.
That sort of thing.
bhstewie said:
hstewie said: Not necessarily literally.
There's a thing called "fk You Money" which is not to literally tell people to fk off it's more about being in a position where nobody has you by the balls.
Want to walk out on your job? You can.
That sort of thing.
That is a position I dream of being in. No mortgage and enough investments, pension and cash to keep working until the day I wake up and think "I am done" and tell them I won't ever be coming back.There's a thing called "f
k You Money" which is not to literally tell people to fk off it's more about being in a position where nobody has you by the balls.Want to walk out on your job? You can.
That sort of thing.
Then I buy one of there
bhstewie said:
hstewie said: Not necessarily literally.
There's a thing called "fk You Money" which is not to literally tell people to fk off it's more about being in a position where nobody has you by the balls.
Want to walk out on your job? You can.
That sort of thing.
This, this, thrice this ^^^ nowhere near millionaire status but was lucky enough to be in a position to be able to tell work to FRO when they pissed me off once too many times. Wonderful feeling There's a thing called "f
k You Money" which is not to literally tell people to fk off it's more about being in a position where nobody has you by the balls.Want to walk out on your job? You can.
That sort of thing.
Its an interesting question! I think in reality it's not like I would have guessed.
Definitely want to clear the mortgage but in reality I'd use interest to do that.
Treat myself to a new car probably and spend some time soaking it in and thinking about what I'd want to do. Go back and re visit that bucket list.
I'd definitely give my friends and family a few quid. If I invested and managed to sort an income I'd do a lot of international track days and go and see some of the motogp abroad.
Definitely want to clear the mortgage but in reality I'd use interest to do that.
Treat myself to a new car probably and spend some time soaking it in and thinking about what I'd want to do. Go back and re visit that bucket list.
I'd definitely give my friends and family a few quid. If I invested and managed to sort an income I'd do a lot of international track days and go and see some of the motogp abroad.
Muzzer79 said:
Randy Winkman said:
Excuse me for skipping from page 1 to page 8 - would nobody you know spot anything? What about your family - would they not ask where you got a load of money from? And wouldn't keeping it secret take away some of the fun of it?
With only a small amount of creativity, this is not a lot of money to keep secret. After all, nobody need look at your bank statement apart from you.
What strategy one employs varies depending on your age and circumstances but take your pick from
- Cashed in some crypto
- Took early retirement and cashed pension in
- Been investing and it's paying off
- Managed to pay mortgage off, freeing up funds
- Wife/Husband came into a inheritance
- etc, etc
But I would also not feel the need to give any of it away, not at this level. If I won, say, £50m, I'd see a select few close family right but I certainly wouldn't be doling out cheques left, right and centre even then.
bhstewie said:
hstewie said:av185 said:
Ah yes clearly the ultimate privilege for some....
Not necessarily literally.There's a thing called "f
k You Money" which is not to literally tell people to fk off it's more about being in a position where nobody has you by the balls.Want to walk out on your job? You can.
That sort of thing.
In my case say a home that cost £500k, the same invested carefully somewhere and a nice income to afford the fairly modest things I enjoy, I would feel pretty untouchable.
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