£4.5 million - enough to not have to work again?
Discussion
OK, so assuming 4.5m, and you give up your lifetime career and therefore skillset.
You'll invest, whether bored or otherwise, you'll invest the pot.
With or without IFAs support, mistakes will be made, even small ones will feel 'big', so you'll up your risk level to try and recover.
With 'easy' 20-30% losses achieved in most asset classes, wiping out 1m from capital base will occur, sooner or later.
Throw in costs of lawyers, accountants, etc never previously needed. Tax can be assumed at 50% (blended average)....and soon the large pot has shrunk, costs are higher, and tax rates eating 50% of gains and earnings.
If yu get there quickly or by luck, and want to stop your career...take a year to read read read, learn skillset about risk, asset allocation, asset classes, etc....then decide if still need some IFA, even as a 2nd opinion.
4.5m could quickly become 6.0m....but in 18 months could easily go sub-3.0
BA
You'll invest, whether bored or otherwise, you'll invest the pot.
With or without IFAs support, mistakes will be made, even small ones will feel 'big', so you'll up your risk level to try and recover.
With 'easy' 20-30% losses achieved in most asset classes, wiping out 1m from capital base will occur, sooner or later.
Throw in costs of lawyers, accountants, etc never previously needed. Tax can be assumed at 50% (blended average)....and soon the large pot has shrunk, costs are higher, and tax rates eating 50% of gains and earnings.
If yu get there quickly or by luck, and want to stop your career...take a year to read read read, learn skillset about risk, asset allocation, asset classes, etc....then decide if still need some IFA, even as a 2nd opinion.
4.5m could quickly become 6.0m....but in 18 months could easily go sub-3.0
BA
red_slr said:
456GT said:
red_slr said:
If you read Mr Money Moustache forums (finance / early retirement forum)
....
This is life-changing stuff, one of the most useful blogs I've read in a long while.....
Thank you, sir!
Centurion07 said:
It's 50% now, isn't it?
Was reduced to 45%https://www.gov.uk/income-tax-rates/current-rates-...
swatches said:
Centurion07 said:
It's 50% now, isn't it?
Was reduced to 45%https://www.gov.uk/income-tax-rates/current-rates-...
Jon39 said:
Easy, unless you become involved with big boats, or racing cars.
However, always keep in mind Mr. Warren Buffett's quote, about cash and cash equivalents.
Try not to worry too much, about your inheritance tax liability.
Rule no 1. Never lose money.However, always keep in mind Mr. Warren Buffett's quote, about cash and cash equivalents.
Try not to worry too much, about your inheritance tax liability.
Rule no 2. Never forget rule number 1.
Warren Buffett.
fido said:
Hoofy said:
If the latter why not start a business with a small amount of that savings?
To be fair, if you are challenged by what to do with your life if £4.5m arrives in your current account - then working for yourself would be a mammoth leap in to the unknown.
I run two businesses and a charity. Therefore, I would be happy to take on the challenge of receiving £4.5m into my account. I accept BACS.
If losing any is a problem I just don't get why you would do anything with it apart from perhaps try and find a decent interest account (which I agree won't amount to much).
Why not just buy a few property's for a modest income (but still more than most of the population) and enjoy the (hopefully) rent and capital gain, and leave an asset for the family.
Like I said earlier if you assume he's going to live for 30 more years that's 90k a year in your pocket to spend on coke, hookers and possibly haribos. Not bad.
I do have to laugh on here, 99.9% of the worlds population could only dream of having that much money at any age.
Why not just buy a few property's for a modest income (but still more than most of the population) and enjoy the (hopefully) rent and capital gain, and leave an asset for the family.
Like I said earlier if you assume he's going to live for 30 more years that's 90k a year in your pocket to spend on coke, hookers and possibly haribos. Not bad.
I do have to laugh on here, 99.9% of the worlds population could only dream of having that much money at any age.
trowelhead said:
red_slr said:
456GT said:
red_slr said:
If you read Mr Money Moustache forums (finance / early retirement forum)
....
This is life-changing stuff, one of the most useful blogs I've read in a long while.....
Thank you, sir!
robt350c said:
Planning for the future and an unstable job future....
No Wife , No children , No life , Live at home with mother , don't have a need for a majorly expensive lifestyle - say £50-60 per week.
Worse case scenario that starting work is not a future option, would this be enough to live from comfortably - age 16?
Funds held in a mixture of large jars and coin stacks.
Thoughts appreciated in advance.
?No Wife , No children , No life , Live at home with mother , don't have a need for a majorly expensive lifestyle - say £50-60 per week.
Worse case scenario that starting work is not a future option, would this be enough to live from comfortably - age 16?
Funds held in a mixture of large jars and coin stacks.
Thoughts appreciated in advance.
SkrrSkrr said:
p1stonhead said:
He could just as easily gone to a casino and put it on black. No difference and gambling is not relevent to planning for retirement.
All investments are a gamble Some investments are gambles (and the one's you are talking about are gambles - I'm actually curious whether you genuinely know what you are talking about or whether your comments are just internet b/s); some investments are actually just investments.
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