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Tuvra
Original Poster
3,536 posts
94 months
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A guy near to me won the Euro Millions "raffle" before Xmas and scouped a cool £1m, he went running to the press bragging how he was going to buy a Gallardo, turn it in to £10m etc. Hes a shady character and has since been nicked for beating up his OH and carrying canabis etc. Friday there will be 18 further millionaires made so I was chatting with SWMBO about it, shes asked "what would be the very first thing you would buy if you won £1m?" my instant response was "A £70k GTR, £30k X5 & £50k Audi RS6 and then a house for £625k, I would bank the rest and carry on as I was".  This stunned her, she couldn't get her head around the fact that I would spunk 15% of my win on cars and a further 62.5% on a house almost instantly, I went on to explain that I would have everything I wanted without any monthly repayments and my business would keep the remaining £225k ticking over (and hopefully growing) for the rest of our lives (we are 25 & 23). She explained that she thought I was a reckless show off? Obviously it depends where you live in the country (£1m may not buy a house as above in some parts of the country), your lifestyle , family, time of life, savings, job, earnings, career etc. So if you did win "just" £1m, what would you do with it?
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Biker's Nemesis
22,697 posts
77 months
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Robb F
3,836 posts
40 months
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Stick it in the bank and carry on as I am. I would be able to finally start my big powered supra project though 
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ewenm
24,438 posts
114 months
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It would fund our current house move and widen the choice of properties significantly.
Then work becomes a way to fund life rather than a way to fund the mortgage. I wouldn't spank a load on cars immediately as that would depend on the house purchase (garage space, driveway space etc).
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LukeBird
17,047 posts
78 months
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House and cars as well and then take a few weeks off work to drive across in Europe in my newly acquired metal.
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illmonkey
6,131 posts
67 months
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Money clip?
Probably buy a nice house and bank the rest. While £1mil is a chunk of cash, its not going to get me a boat in Monaco harbor.
I'd just improve my lifestyle, bigger house, nicer holidays etc.
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Butter Face
5,702 posts
29 months
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250k bungalow, an M3 and a boxster for the missus. Get a less stressful job and the rest in the bank.
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louiebaby
5,338 posts
60 months
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£1,000,000 isn't enough to retire on and live off the interest.
It is enough to set you up in a nice family house, and let you do a job you enjoy to keep things ticking over. For this reason I would prefer to see 45 people get £1m than 1 person get £45m in the big roll-overs and so on.
It is also what I'd do. A nice house with a wee bit of land, couple of fresh cars, and then carry on life with a little more financial security than I have now. Sounds good to me.
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NiceCupOfTea
21,943 posts
120 months
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- pay off mortgage
- nut & bolt rebuild on Saab
- silly car (TVR/Atom/Westie)
- violin for Mrs.NCoT
- horn for me
Invest the rest!
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A lex
8,840 posts
102 months
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Id pay my mortgage off, spunk about 100k on 2 or 3 nice cars (2nd hand FFRR, 2nd hand AMV8 and Caterham probably), invest 100k somewhere interesting and bank the other 200k for a rainy day.
Unless you are old or have very cheap taste 1mil is not enough to retire on IMO. The main difference for me (and I imagine many others) would be the mortgage free lifestyle.
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DanDC5
6,918 posts
36 months
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Buy a house outright, nothing massive but somewhere I know would be big enough for when I eventually bother with a Mrs and all this family nonsense. And then treat myself to a couple of cars. More than likely a Nissan GTR and an Exige S. Bank the rest, get a bit of interest every month of what was left on top of my wages. Job done.
Oh and probably have a bit of a piss up to celebrate.
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Bohally
812 posts
16 months
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Pay off the plastic first. Not sure how much that would leave to play with 
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Tuvra
Original Poster
3,536 posts
94 months
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A lex said: The main difference for me (and I imagine many others) would be the mortgage free lifestyle.  To be honest, the house above would be my choice of house right the way up to the point where I won £10m+, its only the car values that would rise if the win was larger
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ewenm
24,438 posts
114 months
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One thing I definitely wouldn't do would be to tell the press.
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fido
9,384 posts
124 months
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Buy a £1.2 million house in Wandsworth.
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Justin Cyder
6,097 posts
18 months
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Come in to work Monday morning, jump on the phones and give one or two of my customers some straightforward advice.
Then leave the office, head round the estate agents, pick up a new pad, making sure it had a decent garage and at least one suitable sound proofed room for guitars & amps.
Next stop, the local vw restorers, pick up a late splitty with a flat six & all the toys. Head off to Europe for a while, then come back & carry on as before after picking up a 205 gti for a nut & bolt ground up.
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Odie
3,650 posts
51 months
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buy a small-ish sail boat, something comfortable to live on but can be sailed single handed.
Sail around a bit for 6-12months, med, caribbean etc. See what happens, try not to spend too much of the million, but have fun, see the world and enjoy the money.
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doogz
18,670 posts
56 months
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Buy next door. Convert my house into the garage/toyroom/workshop. Stick the rest in the bank
Keep working, I like what I do, and it pays alright, the money that would have otherwise gone into the mortgage, goes on cars.
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Sheets Tabuer
12,144 posts
84 months
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Take sound financial advice to limit my tax liabilities.
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Soir
1,882 posts
108 months
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£100k to family (£50k wifes, £50k mine)
£60k R8
£30k Q7
£500k house
£100k invest
£210k Bank
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