You've won £1m - what do you do?

[Jasandjules]

Pay off mortgage. Buy DB11 Volante. Buy some cheap rentals..

[Mars]

Mortgage first then see how I could invest it to give me a salary that means I'll never have to work again.

[bitchstewie]

Only on PistonHeads is a million quid not life changing

It's not going to let you live on a yacht in Monaco.

For most people used sensibly it means never having to work again unless you chose to.

[thegreenhell]

I'd spend half of it on a slightly bigger house and be mortgage free, buy myself one decent car, maybe a GT3 or something, and then gift whatever was left to family so they could do something similar. Other than that I'd just carry on living and working as normal and not tell anyone.

[Countdown]

Muzzer79 said:

I'm afraid I would be quite boring.

10% max on frivolities - a second car and some home improvements.

Invest the rest. Retire earlier.

More or less exactly the same, except I wouldnt retire. We'd use the extra money for holidays/cars/treating family members and then add it to our pension when we DO retire.

Incredibly boring but hopefully a nice lump sum for the kids when we shuffle off this mortal coil

[98elise]

Mont Blanc said:

Al Gorithum said:

Unfortunately £1m isn't very much nowadays. You'd be lucky to see £50k p/a in interest which won't give you the high life.

Exactly. Which is what I was saying on the 'Inheritance' thread.

Treat it carefully in the right sort of investment, and you might get £50-60k a year as nice top-up to your income, whilst keeping the original sum relatively safe and appreciating.

If you treat £1m like it's some kind of life changing amount or lottery win then you will soon be back to zero.

Very true.

When I was a kid our house cost £3500. £1m would buy you nearly 300 similar houses. That same house today would cost about £280k.1m buys you 3 and a bit similar houses!

You can invest it and get a reasonable passive income, but not life changing (other than not needing to work).

[kiethton]

Cover the house extension that we're planning but can't afford - £300k

Pay for the PGD that the NHS will no longer fund, despite potentially saving them multiples of the cost- £20k

Cover school fees for the current and potentially future child - £££

Allow my wife to stop work - priceless

[NAAHD]

Move to a remote house in the countryside and block out external life. Relocate my business up there and buy all new and quality equipment and be selective about the clients I take and basically semi retire. Get a jaguar f type for the weekends and a newish daily that’s practical for the dog

[gotoPzero]

[ApOrbital]

Keep my mouth shut and put some pink floyd on loud.

[Riley Blue]

I'd have my O/H's health conditions dealt with to give her the best quality of life possible and invest whatever's left to boost my pension - boring, I know but that's how it is.

[Biker's Nemesis]

Fill my car up every week with Super unleaded.

[shirt]

I’d buy the place I’ve been looking at in the Dolomites, renovate it and convert the outbuildings to business premises. I’d restomod my c107, buy a triumph scrambler, and a decent Hifi.

I’d still have half a mill left, so that would be invested to provide some security as I enjoy my new low key lifestyle.

[valiant]

Finally get around to replacing the jet turbines on my Augusta heli.

There's two of the buggers and about a million should cover it.

[Scabutz]

Roofless Toothless said:

Tell nobody.

This. Pay off mortgage, couple of small inconspicuous treats. Save/Invest the rest and carry on like nothings happened.

[Oilchange]

ITBs on my Alfa, an Emira in the garage in my modest coastal pad in Portugal and over half a million to squander…

[Tim Cognito]

One million is about 42 years average uk salary (take home) isn't it? So yes most definitely life changing for most as long as you aren't completely stupid with it.

[nuyorican]

Balls deep until it's gone. Then back to normal. YOLO.

[Lincsls1]

bhstewie said:

Only on PistonHeads is a million quid not life changing

It's not going to let you live on a yacht in Monaco.

For most people used sensibly it means never having to work again unless you chose to.

Finally, some sense.
It absolutely is life changing for most normal average folk. Like me.
'top up your salary with £50k interest per year' FFS.

[Lincsls1]

Tim Cognito said:

One million is about 42 years average uk salary (take home) isn't it? So yes most definitely life changing for most as long as you aren't completely stupid with it.

Exactly.