You've won £1m - what do you do?
Discussion
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?I want to really avoid the usual PH cliche, because £1m IS a lot of money, but at the same time it's not "Millionaire Lifestyle" money either. I'd worry that my relatives would be expecting a gift, and I might be willing to do that, but greed and jealousy are nasty emotions and ruin lives.
I don't think it would be a problem with my friends, it's not something I really think about that often, but my group of mates are almost all working class born and raised, and I'm pleased, proud if that's the right thing to say that we're pretty successful too. One of us it not like the others though, he's worth about £10m or something like that, sort of born into it, but worked for it too. I've never asked him for money, and I don't think anyone else has either. He gets treated like a knob, just like the rest of us.
I'd be financially independent over night at 39. It's what I'm woking and investing towards now anyway it'll just bring it forward 10 years.
I'd stick £1m into a global index fund then invest £40k a year of it into mine and the wife's stocks and shares ISA so it's tax free. Making me £3,500 a month.
I'd probably keep working for a little with FU money as others have said with a view to doing so consultancy maybe a day a week long term.
Sounds bliss to me.
I'd stick £1m into a global index fund then invest £40k a year of it into mine and the wife's stocks and shares ISA so it's tax free. Making me £3,500 a month.
I'd probably keep working for a little with FU money as others have said with a view to doing so consultancy maybe a day a week long term.
Sounds bliss to me.
oddball1313 said:
Just about enough to pay the mortgage off and buy a nice little place in Provence, can't think of anything better than the freedom to jump on the Eurotunnel whenever you like and go and have a few weeks off somewhere nice and sunny
. Unless you’re French or have residency…no
languagetimothy said:
oddball1313 said:
Just about enough to pay the mortgage off and buy a nice little place in Provence, can't think of anything better than the freedom to jump on the Eurotunnel whenever you like and go and have a few weeks off somewhere nice and sunny
. Unless you’re French or have residency…no
f**king brexit strikes again
b
hstewie 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.
There are many times in my life when I wished I was in that position, and not necessarily because of an individual person.
It's more "f
k this" than "fk you".As others have said, spend £400k max on a long term home, keep 100k for fun/expenses/house work etc then 500k put somewhere safe, either growing slightly or just not getting any smaller. I'd carry on working, I don't hate my job but could retire early/reduce hours, and would be £900 a month better off without rent before I even start, let alone probably having a good decade of normal bill payments from that 100k fun fund too. Without my rent my monthly outgoings as they are would only be £721.42.
I'd have to be careful and get somewhere without space for lots of cars though, that would be a weakness I couldn't fund. But bar that, it'd be a pretty cushty life!
I'd have to be careful and get somewhere without space for lots of cars though, that would be a weakness I couldn't fund. But bar that, it'd be a pretty cushty life!
As others have said it would be enough for me to just bide my time ready for the most inconvenient opportunity for me to tell my boss I'm walking.
Mortgage free so not got that to pay off, which already puts me teetering on the edge of the above.
I'd spend £60k sorting the lad out with a flat near where he works, currently he lives in 'onsite' accommodation and this would be a nice little step up the ladder for him.
10k on a new bathroom
10k doing up the garage
20k + her trade in, on a new runabout for the Mrs
100k + my trade in, on a new toy for me.......doesn't sound very fair but meh it's my dream.
That leaves us with £800,000 sat in the building society, not too much effort and that should return 5% which then results in a yearly 'income' of £40k
Our house costs about 11k a year to run, all bills, food, etc.
So that leaves us with £14,500 each a year or £1200 a month disposable income which is roughly what we currently have both working 9-5's
So a few upgrades and a then a leveling off at our current lifestyle without needing to go to work everyday, I'd be happy with that. Only problem I can foresee is having so much more free time would mean a significant uplift in holidays and while the current income supports the current level it might not the new level.
This would happily bob along for the next ten years or so when a complete sell up is the current dream and with the significant increase in bank account numbers a relocation to our chosen foreign climes shouldn't pose too many issues.
Only draw back is we don't do any form of gambling that would result in the above windfall so unless either of us has a distant wealthy relative we are blissfully unaware of I better get back to work....
Mortgage free so not got that to pay off, which already puts me teetering on the edge of the above.
I'd spend £60k sorting the lad out with a flat near where he works, currently he lives in 'onsite' accommodation and this would be a nice little step up the ladder for him.
10k on a new bathroom
10k doing up the garage
20k + her trade in, on a new runabout for the Mrs
100k + my trade in, on a new toy for me.......doesn't sound very fair but meh it's my dream.
That leaves us with £800,000 sat in the building society, not too much effort and that should return 5% which then results in a yearly 'income' of £40k
Our house costs about 11k a year to run, all bills, food, etc.
So that leaves us with £14,500 each a year or £1200 a month disposable income which is roughly what we currently have both working 9-5's
So a few upgrades and a then a leveling off at our current lifestyle without needing to go to work everyday, I'd be happy with that. Only problem I can foresee is having so much more free time would mean a significant uplift in holidays and while the current income supports the current level it might not the new level.
This would happily bob along for the next ten years or so when a complete sell up is the current dream and with the significant increase in bank account numbers a relocation to our chosen foreign climes shouldn't pose too many issues.
Only draw back is we don't do any form of gambling that would result in the above windfall so unless either of us has a distant wealthy relative we are blissfully unaware of I better get back to work....
raceboy said:
As others have said it would be enough for me to just bide my time ready for the most inconvenient opportunity for me to tell my boss I'm walking.
Mortgage free so not got that to pay off, which already puts me teetering on the edge of the above.
I'd spend £60k sorting the lad out with a flat near where he works, currently he lives in 'onsite' accommodation and this would be a nice little step up the ladder for him.
10k on a new bathroom
10k doing up the garage
20k + her trade in, on a new runabout for the Mrs
100k + my trade in, on a new toy for me.......doesn't sound very fair but meh it's my dream.
That leaves us with £800,000 sat in the building society, not too much effort and that should return 5% which then results in a yearly 'income' of £40k
Our house costs about 11k a year to run, all bills, food, etc.
So that leaves us with £14,500 each a year or £1200 a month disposable income which is roughly what we currently have both working 9-5's
So a few upgrades and a then a leveling off at our current lifestyle without needing to go to work everyday, I'd be happy with that. Only problem I can foresee is having so much more free time would mean a significant uplift in holidays and while the current income supports the current level it might not the new level.
This would happily bob along for the next ten years or so when a complete sell up is the current dream and with the significant increase in bank account numbers a relocation to our chosen foreign climes shouldn't pose too many issues.
Only draw back is we don't do any form of gambling that would result in the above windfall so unless either of us has a distant wealthy relative we are blissfully unaware of I better get back to work....
£14.5k income to run your £150k supercar might leave little money for anything else, let alone the issue you identify in terms of infilling current work time with things and holidays that causes outward flows of money rather than inward. Mortgage free so not got that to pay off, which already puts me teetering on the edge of the above.
I'd spend £60k sorting the lad out with a flat near where he works, currently he lives in 'onsite' accommodation and this would be a nice little step up the ladder for him.
10k on a new bathroom
10k doing up the garage
20k + her trade in, on a new runabout for the Mrs
100k + my trade in, on a new toy for me.......doesn't sound very fair but meh it's my dream.
That leaves us with £800,000 sat in the building society, not too much effort and that should return 5% which then results in a yearly 'income' of £40k
Our house costs about 11k a year to run, all bills, food, etc.
So that leaves us with £14,500 each a year or £1200 a month disposable income which is roughly what we currently have both working 9-5's
So a few upgrades and a then a leveling off at our current lifestyle without needing to go to work everyday, I'd be happy with that. Only problem I can foresee is having so much more free time would mean a significant uplift in holidays and while the current income supports the current level it might not the new level.
This would happily bob along for the next ten years or so when a complete sell up is the current dream and with the significant increase in bank account numbers a relocation to our chosen foreign climes shouldn't pose too many issues.
Only draw back is we don't do any form of gambling that would result in the above windfall so unless either of us has a distant wealthy relative we are blissfully unaware of I better get back to work....
Clear all my debts, pay off the current mortgage and rent my current house out.
Spend half the money on a new larger family home in the area I live now which I would own outright.
New car's for me and the Mrs, not supercars but something very nice, a new M3 Tourer for me and some kiind of SUV i imagine the Mrs would choose.
probably a couple of hundred grand left to stick into investments.
Spend half the money on a new larger family home in the area I live now which I would own outright.
New car's for me and the Mrs, not supercars but something very nice, a new M3 Tourer for me and some kiind of SUV i imagine the Mrs would choose.
probably a couple of hundred grand left to stick into investments.
Interesting thread, for a number of reasons. Interesting to read some of the strategies that people would employ to maximise that £1m amap. Moving it from taxable to non taxable seems the best, but by god it’s boring.
Interesting also that this being PH there’s not been much talk about what sort of motorised toy would be bought - more the lack of specifics than anything else!
Personally it would be clear the mortgage (£250k) as that would reduce the stress and hassle considerably.
Trade the Volvo for a vw California or similar, then spend some time touring the uk for a new place to live. Would be the uk as we have a dog and it’s a hassle to live outside the uk now - I might be naive on that. Correct me if I’m wrong!
We are both self employed so would continue working in our respective fields.
The rest? Nest eggs for the kids to get on the property ladder. We’d have enough equity in our current home to buy somewhere decent with change.
Decent holidays, go to whatever gig/race/match etc
Oh, and I’d buy a convertible (718 spyder etc) to blast around in, on the way to the airfield studying for my PPL.
Interesting also that this being PH there’s not been much talk about what sort of motorised toy would be bought - more the lack of specifics than anything else!
Personally it would be clear the mortgage (£250k) as that would reduce the stress and hassle considerably.
Trade the Volvo for a vw California or similar, then spend some time touring the uk for a new place to live. Would be the uk as we have a dog and it’s a hassle to live outside the uk now - I might be naive on that. Correct me if I’m wrong!
We are both self employed so would continue working in our respective fields.
The rest? Nest eggs for the kids to get on the property ladder. We’d have enough equity in our current home to buy somewhere decent with change.
Decent holidays, go to whatever gig/race/match etc
Oh, and I’d buy a convertible (718 spyder etc) to blast around in, on the way to the airfield studying for my PPL.
Scabutz said:
pistonchris said:
House's around me sell for 80-100k and rent out for £600-700 a month.
So I would buy 10 house's and live of the income.
Wow, where is this? 80k round here would get you a shed (not London).So I would buy 10 house's and live of the income.
Edited by pistonchris on Monday 27th May 21:36
AmazingGrace said:
Interesting also that this being PH there’s not been much talk about what sort of motorised toy would be bought - more the lack of specifics than anything else!
My sensible head says swap the current Aston Martin V8 Vantage for a newer one, still used I'm not made of money, the why not you're only here once side of me says it's Ferrari 488GTB time, and my heart says 'Alfaholics style' GTA restomod. 
Gassing Station | The Lounge | Top of Page | What's New | My Stuff