If you won £1,000,000 Friday
Discussion
Pixel Pusher said:
Meh, details, just look at that kitchen floor!
Great for those slides you used to do as a kid in the school hall when you did that little twist from your knees onto your arse and made your trousers shiney.
Ahhh....jumpers for goal posts....
Completely O/T but I attempted to slide on my kitchen floor earlier today, not on my knees, but, stood upright....my wrist is now f*cked.Great for those slides you used to do as a kid in the school hall when you did that little twist from your knees onto your arse and made your trousers shiney.
Ahhh....jumpers for goal posts....
I'd probably spend it in a similar manner to the OP. House and a couple of nice cars sorted. The rest can go in investments. Most likely look into buying businesses or property to do up. 1 Million would be hugely beneficial, and although something like 45 million would be nice, I'd be worried about ruining myself with that amount, and things like security need to be considered more.
pay off all my debts/mortgage and those of close family members
first class return flights for my parents to come visit me
an investment grade 50s/60s classic car, to drive and own forever
a good 5 figures worth of analogue hifi
a few crates of very old rum
a sizeable deposit on a decent flat in a european capital
that would take care of the full amount but i really wouldn't be complaining.
first class return flights for my parents to come visit me
an investment grade 50s/60s classic car, to drive and own forever
a good 5 figures worth of analogue hifi
a few crates of very old rum
a sizeable deposit on a decent flat in a european capital
that would take care of the full amount but i really wouldn't be complaining.
- A nice trendy appartment in the upmarket end of Clifton, Bristol - for use as a city bolthole away from home in the country.
- Gen2 Viper GTS and a big Ford dually as daily drives, just to annoy the ecomentalists
- Pilot school training so I can get my dream job when the money eventually runs out
- A vintage plane such as a Dak or a Tiger Moth for a little weekend pleasure flying
Any left over can be spent on more wheeled toys
- Gen2 Viper GTS and a big Ford dually as daily drives, just to annoy the ecomentalists
- Pilot school training so I can get my dream job when the money eventually runs out
- A vintage plane such as a Dak or a Tiger Moth for a little weekend pleasure flying
Any left over can be spent on more wheeled toys
To those who reason that you couldnt retire look at it a different way.
If you want a 700k house, 458 and a big holiday, no, obviously you couldnt retire. However my last point was 'beer money - beer lifestyle'.
The average UK wage is probably around 30k - take home? About 23k i think (havent been in UK for a few years to know the tax. But every month you have about 2k.
The average UK mortgage is around 150k and lets say the average rent or mortgage payment is perhaps 1k. I'm guessing but follow the gist of this.
That means you only have 1k to live on after main expense is paid.
Now if you won 1m then you could pay off your 150k mortgage, lets say 20k on other debt, 50k on new cars and 50k on doing your house up, holidays, possessions. This comes to 270k which leaves 730k in the bank.
With 730k you can achieve 3% as a minimum, 5% if you go abroad. so lets call a middle ground of 4% = 29,200 per annum. Almost the same as you receive in gross wage now.
However, you dont now have a mortgage debt of 1k per month, so the entire c.2,400 take home is yours to keep for bills. You have new cars but if you want to change in 3 years then you can lease one from the 2400, want a holiday then from the 2400. Its just like a wage...obviously.
And you still have your 730k, so theres your retirement pot.
People who say there is no capital appreciation? Well kind of but you're presuming you spend all 2400 per month.
Its totally doable but its all about beer money - beer lifestyle.
p.s 50k gets you a BMW M3 and a Ferrari 355 Spyder. Not exatly shabby and probably way out of your current working league.
If you want a 700k house, 458 and a big holiday, no, obviously you couldnt retire. However my last point was 'beer money - beer lifestyle'.
The average UK wage is probably around 30k - take home? About 23k i think (havent been in UK for a few years to know the tax. But every month you have about 2k.
The average UK mortgage is around 150k and lets say the average rent or mortgage payment is perhaps 1k. I'm guessing but follow the gist of this.
That means you only have 1k to live on after main expense is paid.
Now if you won 1m then you could pay off your 150k mortgage, lets say 20k on other debt, 50k on new cars and 50k on doing your house up, holidays, possessions. This comes to 270k which leaves 730k in the bank.
With 730k you can achieve 3% as a minimum, 5% if you go abroad. so lets call a middle ground of 4% = 29,200 per annum. Almost the same as you receive in gross wage now.
However, you dont now have a mortgage debt of 1k per month, so the entire c.2,400 take home is yours to keep for bills. You have new cars but if you want to change in 3 years then you can lease one from the 2400, want a holiday then from the 2400. Its just like a wage...obviously.
And you still have your 730k, so theres your retirement pot.
People who say there is no capital appreciation? Well kind of but you're presuming you spend all 2400 per month.
Its totally doable but its all about beer money - beer lifestyle.
p.s 50k gets you a BMW M3 and a Ferrari 355 Spyder. Not exatly shabby and probably way out of your current working league.
Justayellowbadge said:
There are plenty on here, and in the general population, who could liquidate everything and end up with a bar free and clear. Very few do, choosing jnstead to keep working.
Odd that, if it's so easy.
Generally they've worked for it so their chance to earn more is there and also they've not built just a career but probably their own company/brand and are therefore not willing to let go if they can earn more.also it took many years to get there so the sense of letting it go isnt there.Odd that, if it's so easy.
For the average joe who is employed, doesn't run a business and simply collects his wage and will never get anywhere near a million quid lump sum probably has little to continue busting their nuts for apart from a pay cheque.
Pommygranite said:
To those who reason that you couldnt retire look at it a different way.
If you want a 700k house, 458 and a big holiday, no, obviously you couldnt retire. However my last point was 'beer money - beer lifestyle'.
The average UK wage is probably around 30k - take home? About 23k i think (havent been in UK for a few years to know the tax. But every month you have about 2k.
The average UK mortgage is around 150k and lets say the average rent or mortgage payment is perhaps 1k. I'm guessing but follow the gist of this.
That means you only have 1k to live on after main expense is paid.
Now if you won 1m then you could pay off your 150k mortgage, lets say 20k on other debt, 50k on new cars and 50k on doing your house up, holidays, possessions. This comes to 270k which leaves 730k in the bank.
With 730k you can achieve 3% as a minimum, 5% if you go abroad. so lets call a middle ground of 4% = 29,200 per annum. Almost the same as you receive in gross wage now.
However, you dont now have a mortgage debt of 1k per month, so the entire c.2,400 take home is yours to keep for bills. You have new cars but if you want to change in 3 years then you can lease one from the 2400, want a holiday then from the 2400. Its just like a wage...obviously.
And you still have your 730k, so theres your retirement pot.
People who say there is no capital appreciation? Well kind of but you're presuming you spend all 2400 per month.
Its totally doable but its all about beer money - beer lifestyle.
p.s 50k gets you a BMW M3 and a Ferrari 355 Spyder. Not exatly shabby and probably way out of your current working league.
And every year, inflation of, say, 3% (after all, we're just guessing at the numbers, aren't we?) will erode your income by 2.1%, so by year two, you'll be needing to eat into your remaining capital just to stand still. On that basis, the whole lot would be gone in 30 years. If you want a 700k house, 458 and a big holiday, no, obviously you couldnt retire. However my last point was 'beer money - beer lifestyle'.
The average UK wage is probably around 30k - take home? About 23k i think (havent been in UK for a few years to know the tax. But every month you have about 2k.
The average UK mortgage is around 150k and lets say the average rent or mortgage payment is perhaps 1k. I'm guessing but follow the gist of this.
That means you only have 1k to live on after main expense is paid.
Now if you won 1m then you could pay off your 150k mortgage, lets say 20k on other debt, 50k on new cars and 50k on doing your house up, holidays, possessions. This comes to 270k which leaves 730k in the bank.
With 730k you can achieve 3% as a minimum, 5% if you go abroad. so lets call a middle ground of 4% = 29,200 per annum. Almost the same as you receive in gross wage now.
However, you dont now have a mortgage debt of 1k per month, so the entire c.2,400 take home is yours to keep for bills. You have new cars but if you want to change in 3 years then you can lease one from the 2400, want a holiday then from the 2400. Its just like a wage...obviously.
And you still have your 730k, so theres your retirement pot.
People who say there is no capital appreciation? Well kind of but you're presuming you spend all 2400 per month.
Its totally doable but its all about beer money - beer lifestyle.
p.s 50k gets you a BMW M3 and a Ferrari 355 Spyder. Not exatly shabby and probably way out of your current working league.
And you're only 'earning' the national average all that time, assuming that it doesn't outstrip inflation itself...
Doofus said:
Pommygranite said:
To those who reason that you couldnt retire look at it a different way.
If you want a 700k house, 458 and a big holiday, no, obviously you couldnt retire. However my last point was 'beer money - beer lifestyle'.
The average UK wage is probably around 30k - take home? About 23k i think (havent been in UK for a few years to know the tax. But every month you have about 2k.
The average UK mortgage is around 150k and lets say the average rent or mortgage payment is perhaps 1k. I'm guessing but follow the gist of this.
That means you only have 1k to live on after main expense is paid.
Now if you won 1m then you could pay off your 150k mortgage, lets say 20k on other debt, 50k on new cars and 50k on doing your house up, holidays, possessions. This comes to 270k which leaves 730k in the bank.
With 730k you can achieve 3% as a minimum, 5% if you go abroad. so lets call a middle ground of 4% = 29,200 per annum. Almost the same as you receive in gross wage now.
However, you dont now have a mortgage debt of 1k per month, so the entire c.2,400 take home is yours to keep for bills. You have new cars but if you want to change in 3 years then you can lease one from the 2400, want a holiday then from the 2400. Its just like a wage...obviously.
And you still have your 730k, so theres your retirement pot.
People who say there is no capital appreciation? Well kind of but you're presuming you spend all 2400 per month.
Its totally doable but its all about beer money - beer lifestyle.
p.s 50k gets you a BMW M3 and a Ferrari 355 Spyder. Not exatly shabby and probably way out of your current working league.
And every year, inflation of, say, 3% (after all, we're just guessing at the numbers, aren't we?) will erode your income by 2.1%, so by year two, you'll be needing to eat into your remaining capital just to stand still. On that basis, the whole lot would be gone in 30 years. If you want a 700k house, 458 and a big holiday, no, obviously you couldnt retire. However my last point was 'beer money - beer lifestyle'.
The average UK wage is probably around 30k - take home? About 23k i think (havent been in UK for a few years to know the tax. But every month you have about 2k.
The average UK mortgage is around 150k and lets say the average rent or mortgage payment is perhaps 1k. I'm guessing but follow the gist of this.
That means you only have 1k to live on after main expense is paid.
Now if you won 1m then you could pay off your 150k mortgage, lets say 20k on other debt, 50k on new cars and 50k on doing your house up, holidays, possessions. This comes to 270k which leaves 730k in the bank.
With 730k you can achieve 3% as a minimum, 5% if you go abroad. so lets call a middle ground of 4% = 29,200 per annum. Almost the same as you receive in gross wage now.
However, you dont now have a mortgage debt of 1k per month, so the entire c.2,400 take home is yours to keep for bills. You have new cars but if you want to change in 3 years then you can lease one from the 2400, want a holiday then from the 2400. Its just like a wage...obviously.
And you still have your 730k, so theres your retirement pot.
People who say there is no capital appreciation? Well kind of but you're presuming you spend all 2400 per month.
Its totally doable but its all about beer money - beer lifestyle.
p.s 50k gets you a BMW M3 and a Ferrari 355 Spyder. Not exatly shabby and probably way out of your current working league.
And you're only 'earning' the national average all that time, assuming that it doesn't outstrip inflation itself...
F458 said:
Looking at these replies it seems that the advice from PH is that investing in property is THE best investment from now till the end of time!! Can't believe how many want to 'pay off mortgages' and 'pay for a property outright' - there is probably not a better time to borrow money, how long are interest rates going to be at 0.50% for?
You can borrow large sums for 3% p/a with a decent deposit! Why pay off your mortgage unless it is at a v high rate currently, even if it was then use some of the £1M to reduce your current high rate by providing a larger deposit with it. Why is there so much confidence in the housing market? where can you all see house prices going in the next 5/10/20 years? Do you know something I don't?
Surely the answer is invest the £1M in a diversified portfolio which does not include JUST property and either rent a nice house or get a cheap mortgage on one.
By 'paying off the mortgage' and 'buying houses for cash' you are putting all your eggs in one basket and not maximising your capital.
The trouble is with this argument is that that you cant take long term investment decisions based on current interest rates. I'd also love to know where you can borrow 3% money against anything other than your primary residence and obviously if it's your primary residence you borrow against it's not tax efficient.You can borrow large sums for 3% p/a with a decent deposit! Why pay off your mortgage unless it is at a v high rate currently, even if it was then use some of the £1M to reduce your current high rate by providing a larger deposit with it. Why is there so much confidence in the housing market? where can you all see house prices going in the next 5/10/20 years? Do you know something I don't?
Surely the answer is invest the £1M in a diversified portfolio which does not include JUST property and either rent a nice house or get a cheap mortgage on one.
By 'paying off the mortgage' and 'buying houses for cash' you are putting all your eggs in one basket and not maximising your capital.
I'd invest it in property because it's a pretty good self-indexing investment if bought in the right areas and provides decent capital appreciation as well as an income. Though I'd be buying in this case for the income. I've also already got plenty of other investments elsewhere so the property investment is actually a diversification.
Well, I'm only 19 so I couldn't (and wouldn't) want to retire.
It would give me the ability to get a start in my industry without having to worry too much about the horrific wages, and I would intend on working my whole life anyway. As would the OH.
A mil would give me:
400K- to buy and do up a house. Probably not 'dream home' level (not around here anyway), but it would do for 20 years or so.
This would do- http://www.primelocation.com/uk-property-for-sale/...
Or this (more parking)- http://www.primelocation.com/uk-property-for-sale/...
Or- http://www.primelocation.com/uk-property-for-sale/...
50K- 12K MINI Cooper S Convertible. http://www.pistonheads.com/sales/3825610.htm
28K Porsche 997 Vert. http://www.pistonheads.com/sales/3875950.htm
0.5K Volvo 245GL (tip runs, the dog etc... plus I love old Volvos. I want an orange one like my granddad had). -
http://www.carandclassic.co.uk/car/C301544
7K Mercedes 350SL - http://www.carandclassic.co.uk/car/C289140
2.5K Mini Cooper. - http://www.carandclassic.co.uk/car/C301593
40K- 20K each to my mum and dad.
200K- student let. My landlord makes almost 25K a year out of me and my housemates, and certainly doesn't spend that on fixing it.
150K- start property developing with the OH (his career choice).
Remaining 160K in the bank.
It would give me the ability to get a start in my industry without having to worry too much about the horrific wages, and I would intend on working my whole life anyway. As would the OH.
A mil would give me:
400K- to buy and do up a house. Probably not 'dream home' level (not around here anyway), but it would do for 20 years or so.
This would do- http://www.primelocation.com/uk-property-for-sale/...
Or this (more parking)- http://www.primelocation.com/uk-property-for-sale/...
Or- http://www.primelocation.com/uk-property-for-sale/...
50K- 12K MINI Cooper S Convertible. http://www.pistonheads.com/sales/3825610.htm
28K Porsche 997 Vert. http://www.pistonheads.com/sales/3875950.htm
0.5K Volvo 245GL (tip runs, the dog etc... plus I love old Volvos. I want an orange one like my granddad had). -
http://www.carandclassic.co.uk/car/C301544
7K Mercedes 350SL - http://www.carandclassic.co.uk/car/C289140
2.5K Mini Cooper. - http://www.carandclassic.co.uk/car/C301593
40K- 20K each to my mum and dad.
200K- student let. My landlord makes almost 25K a year out of me and my housemates, and certainly doesn't spend that on fixing it.
150K- start property developing with the OH (his career choice).
Remaining 160K in the bank.
Cheib said:
F458 said:
Looking at these replies it seems that the advice from PH is that investing in property is THE best investment from now till the end of time!! Can't believe how many want to 'pay off mortgages' and 'pay for a property outright' - there is probably not a better time to borrow money, how long are interest rates going to be at 0.50% for?
You can borrow large sums for 3% p/a with a decent deposit! Why pay off your mortgage unless it is at a v high rate currently, even if it was then use some of the £1M to reduce your current high rate by providing a larger deposit with it. Why is there so much confidence in the housing market? where can you all see house prices going in the next 5/10/20 years? Do you know something I don't?
Surely the answer is invest the £1M in a diversified portfolio which does not include JUST property and either rent a nice house or get a cheap mortgage on one.
By 'paying off the mortgage' and 'buying houses for cash' you are putting all your eggs in one basket and not maximising your capital.
The trouble is with this argument is that that you cant take long term investment decisions based on current interest rates. I'd also love to know where you can borrow 3% money against anything other than your primary residence and obviously if it's your primary residence you borrow against it's not tax efficient.You can borrow large sums for 3% p/a with a decent deposit! Why pay off your mortgage unless it is at a v high rate currently, even if it was then use some of the £1M to reduce your current high rate by providing a larger deposit with it. Why is there so much confidence in the housing market? where can you all see house prices going in the next 5/10/20 years? Do you know something I don't?
Surely the answer is invest the £1M in a diversified portfolio which does not include JUST property and either rent a nice house or get a cheap mortgage on one.
By 'paying off the mortgage' and 'buying houses for cash' you are putting all your eggs in one basket and not maximising your capital.
I'd invest it in property because it's a pretty good self-indexing investment if bought in the right areas and provides decent capital appreciation as well as an income. Though I'd be buying in this case for the income. I've also already got plenty of other investments elsewhere so the property investment is actually a diversification.
it does make me laugh when people moan about the value of their house not rising as much or as fast as they would hope. when you buy a house to live in, i would have thought its primarily for security and not becuase its an an asset that might appreciate in value? if it does go up in value then its a bonus surely?? its a greed mentality. i appreciate buying to let as an investment or buying to fix, repair and sell on is slightly different but people dont buy anything else and expect it to rise in value quite like their houses...
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