If you won £1,000,000 Friday
Discussion
louiebaby said:
£1,000,000 isn't enough to retire on and live off the interest.
.
Me and my workmates had this discussion the other day, and came to the same conclusion. Also had the discussion with the mrs..
I’d do as most did. Sell the current home and get somewhere bigger, with a tidy chunk of land to afford the space I’d need to store various projects/ have a decent sized garage.
She’d want her horse too so a nice size bit of land is a must, luckily living in Wales there’s no end of space
I would give up my current job and go back to college/uni to retrain in the Motorsport engineering/mechanics trade. Something I’ve wanted to do for a long time now, but the mortgage and other bills mean it’s still just a dream.
As for cars and toys, I’d keep it simple.
Something fun but sensible for daily – Focus RS or the like
A sunny day cruiser – TVR or similar, not massively exotic tho need to keep the running cost down
She’d have her Lotus Elise.
We’d need something for pulling the horse trailer – Disco or something.
And then I’d need the off road beater to keep up my rally interests. A Forester or similar for Marshalling, 4x4, useful for hauling the gear but still fun to drive round a stage.
Then there’d be the Rally car itself, sensibly it will be something like a 205, insensibly and ex McRae Focus WRC
Then there’d be the projects - Mk1 Escort, Nissan 2000GT-R, S1 Defender, and others. I change my mind so often! Something to tinker away with over time.
Not that much thought has gone into it clearly
Edit - forgot to add, this should all come in around or under 500k. The rest then sits in the bank gathering little bits of interest here and there. We live off her wages as she’s in the job she loves and is decently paid to support me through uni
Like i said its not enough to retire off, but will allow us to live comfortably for a few years at least. The biggest bonus being Mortgage free!
Edited by TankRS on Tuesday 15th May 12:16
Ah, I’ve thought about this subject a lot!
250K on a house, 50K on cars, bank the rest and proceed to live on the interest (should get 5% per annum, so after tax it’d probably work out at circa £1,300 per month which would do me fine as it’s a fair bit more than my current take home pay!). My missus is self employed (musician) and she enjoys her work so she has said that she'd like to keep working... but I would buy her a MK2 Jag or Volvo Amazon estate as these are her dream cars and do a nice restoration on it for her.
I’d also buy cheap or maybe classic cars, do a bit of work on ‘em, then sell for a small profit which would provide a bit of beer money.
I have fairly cheap and simple tastes so (as I wouldn’t have to pay rent) 1300 quid per month would do me fine.
250K on a house, 50K on cars, bank the rest and proceed to live on the interest (should get 5% per annum, so after tax it’d probably work out at circa £1,300 per month which would do me fine as it’s a fair bit more than my current take home pay!). My missus is self employed (musician) and she enjoys her work so she has said that she'd like to keep working... but I would buy her a MK2 Jag or Volvo Amazon estate as these are her dream cars and do a nice restoration on it for her.
I’d also buy cheap or maybe classic cars, do a bit of work on ‘em, then sell for a small profit which would provide a bit of beer money.
I have fairly cheap and simple tastes so (as I wouldn’t have to pay rent) 1300 quid per month would do me fine.
mrmr96 said:
Here's some: There's no tax to pay on lottery winnings.
I was thinking about the interest or if I was able to buy an annuity or other investment.I only have a tiny mortgage so I'd like it to fund a lifestyle not the exchequer, having said that my current plan is to sell everything I own at 60 and go on a mental piss up
£250-300k or so on a house with a double garage and enough garden space to grow some veg.
£300k on a couple of flats to rent out
£100k in the bank for playing with
£100k in a high interest account of some sort
£50k to my folks so they can get a new kitchen
£50k split between brother and sister so they can get themselves something nice
£10k on a very sorted turbo mx-5 for summer
£20k on a fast estate - legacy spec B/GTB (modified) or RS4
That leaves me £70k to spend turning my FTO into a 4wd Evo engined rocket, probably only need £20-30 so the rest could be spent on coke an hookers.
Then I'd go back to work, though possibly cutting down to 4 days a week.
£300k on a couple of flats to rent out
£100k in the bank for playing with
£100k in a high interest account of some sort
£50k to my folks so they can get a new kitchen
£50k split between brother and sister so they can get themselves something nice
£10k on a very sorted turbo mx-5 for summer
£20k on a fast estate - legacy spec B/GTB (modified) or RS4
That leaves me £70k to spend turning my FTO into a 4wd Evo engined rocket, probably only need £20-30 so the rest could be spent on coke an hookers.
Then I'd go back to work, though possibly cutting down to 4 days a week.
£50k on a new kitchen and extension on the house.
£40k for a GT3 (however, after this weekend's SS they are quite common now).
£250k on a BTL house near me.
The rest would be put by for some great family holidays. I'd also put a new hood on the MX5, the split on the rear window looks quite tatty.
£40k for a GT3 (however, after this weekend's SS they are quite common now).
£250k on a BTL house near me.
The rest would be put by for some great family holidays. I'd also put a new hood on the MX5, the split on the rear window looks quite tatty.
Couldn’t really retire on it so I’d probably:
First thing, pay off my loan (only 5k left but it needs paying anyway).
Pay off parents mortgage (not allot left) and their loans cc etc (makes their life much easier) would probably buy them the RX450h they are want too (current RX300)
Pay off my brothers debts and buy him a car.
Buy myself a house, nothing flash 2/3 bed semi/detached with a decent garage in a nice area, up north around 180-200k
Go to Fiat and place an order for a brand new Twin-Air Panda (with all the options that I want) for a nice daily runabout.
Buy the rest of the bits I want for my 06 Mustang GT
Buy a drag car of some sort plus trailer and tow vehicle (Used Diesel F250 pickup probably)
I’d put the remainder in the bank.
Then carry on as I was before just with no debs and a race car
First thing, pay off my loan (only 5k left but it needs paying anyway).
Pay off parents mortgage (not allot left) and their loans cc etc (makes their life much easier) would probably buy them the RX450h they are want too (current RX300)
Pay off my brothers debts and buy him a car.
Buy myself a house, nothing flash 2/3 bed semi/detached with a decent garage in a nice area, up north around 180-200k
Go to Fiat and place an order for a brand new Twin-Air Panda (with all the options that I want) for a nice daily runabout.
Buy the rest of the bits I want for my 06 Mustang GT
Buy a drag car of some sort plus trailer and tow vehicle (Used Diesel F250 pickup probably)
I’d put the remainder in the bank.
Then carry on as I was before just with no debs and a race car
Probably blow half of it moving house, somewhere a bit out of town with plenty of garden and garage/shed space.
Pay off my sisters mortgage.
New bike (Multistrada or Super Tenere probably)
New bike (KTM Exec or similar to do some enduro/green laning on)
New bike (CBR6 or similar as a track bike)
New car for the mrs, I'd probably keep mine but hers needs replacing
Bank/invest the rest in a mix of low and medium risk stuff.
Interest on the remaining few hundred £k wouldn't be staggering but living without a mortgage would make a big difference to my fincances
Pay off my sisters mortgage.
New bike (Multistrada or Super Tenere probably)
New bike (KTM Exec or similar to do some enduro/green laning on)
New bike (CBR6 or similar as a track bike)
New car for the mrs, I'd probably keep mine but hers needs replacing
Bank/invest the rest in a mix of low and medium risk stuff.
Interest on the remaining few hundred £k wouldn't be staggering but living without a mortgage would make a big difference to my fincances
£500k on a city pad for living, £200k on a seaside pad (or possibly one in Europe) for weekend breaks, £100k on a couple of cars (Gallardo spyder & CLS AMG) and £150k invested and £50k on kitting out the houses and buying new road, track and mountain bikes.
Doesn't actually look like much when you look at it like that
Doesn't actually look like much when you look at it like that
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