How much do I need to live a millionaire lifestyle?
Discussion
Thankyou4calling said:
What about this:
Single guy.
I've a really swanky apartment in a city centre, (not London) it's worth 400k and no mortgage. That costs £600 a month to run (council tax, gas, water, sky TV, insurance etc)
Two cars, a £30,000 DB9 and a Mercedes E250 that's leased at £350 a month. Running costs of those are going to be £500 a month.
I take 4 holidays a year at £2000 a time and spunk £2000 when I'm on each holiday.
I spend £500 a month on eating out, £300 a month on clothes ( bearing in mind I'd have plenty already)
I'll wear a £3000 watch.
I'll pay £30 a month for my I phone, have Waitrose deliver £100 of goods a week.
So, my apartment and car take £430,000 from my million.
If I have a £50,000 job that'll pay all the above ( no mortgage remember) and the £16,000 holidays would be paid from the interest at 3% on the remaining £570,000.
What am I missing?
A millionaire lifestyle.Single guy.
I've a really swanky apartment in a city centre, (not London) it's worth 400k and no mortgage. That costs £600 a month to run (council tax, gas, water, sky TV, insurance etc)
Two cars, a £30,000 DB9 and a Mercedes E250 that's leased at £350 a month. Running costs of those are going to be £500 a month.
I take 4 holidays a year at £2000 a time and spunk £2000 when I'm on each holiday.
I spend £500 a month on eating out, £300 a month on clothes ( bearing in mind I'd have plenty already)
I'll wear a £3000 watch.
I'll pay £30 a month for my I phone, have Waitrose deliver £100 of goods a week.
So, my apartment and car take £430,000 from my million.
If I have a £50,000 job that'll pay all the above ( no mortgage remember) and the £16,000 holidays would be paid from the interest at 3% on the remaining £570,000.
What am I missing?
Thankyou4calling said:
What about this:
Single guy.
I've a really swanky apartment in a city centre, (not London) it's worth 400k and no mortgage. That costs £600 a month to run (council tax, gas, water, sky TV, insurance etc)
Two cars, a £30,000 DB9 and a Mercedes E250 that's leased at £350 a month. Running costs of those are going to be £500 a month.
I take 4 holidays a year at £2000 a time and spunk £2000 when I'm on each holiday.
I spend £500 a month on eating out, £300 a month on clothes ( bearing in mind I'd have plenty already)
I'll wear a £3000 watch.
I'll pay £30 a month for my I phone, have Waitrose deliver £100 of goods a week.
So, my apartment and car take £430,000 from my million.
If I have a £50,000 job that'll pay all the above ( no mortgage remember) and the £16,000 holidays would be paid from the interest at 3% on the remaining £570,000.
What am I missing?
A millionaire would probably buy a much newer DB9m which would cost £90,000. The Depreciation is £1000 a month.Single guy.
I've a really swanky apartment in a city centre, (not London) it's worth 400k and no mortgage. That costs £600 a month to run (council tax, gas, water, sky TV, insurance etc)
Two cars, a £30,000 DB9 and a Mercedes E250 that's leased at £350 a month. Running costs of those are going to be £500 a month.
I take 4 holidays a year at £2000 a time and spunk £2000 when I'm on each holiday.
I spend £500 a month on eating out, £300 a month on clothes ( bearing in mind I'd have plenty already)
I'll wear a £3000 watch.
I'll pay £30 a month for my I phone, have Waitrose deliver £100 of goods a week.
So, my apartment and car take £430,000 from my million.
If I have a £50,000 job that'll pay all the above ( no mortgage remember) and the £16,000 holidays would be paid from the interest at 3% on the remaining £570,000.
What am I missing?
His daily driver is much more likely to be an RS6, or an AMG E63, both of which will also depreciate at about £1000 a month.
Petrol, tax and insurance will be close to another £1000 a month. So, total for cars is about £36,000 a year.
Thankyou4calling said:
What about this:
Single guy.
I've a really swanky apartment in a city centre, (not London) it's worth 400k and no mortgage. That costs £600 a month to run (council tax, gas, water, sky TV, insurance etc)
Two cars, a £30,000 DB9 and a Mercedes E250 that's leased at £350 a month. Running costs of those are going to be £500 a month.
I take 4 holidays a year at £2000 a time and spunk £2000 when I'm on each holiday.
I spend £500 a month on eating out, £300 a month on clothes ( bearing in mind I'd have plenty already)
I'll wear a £3000 watch.
I'll pay £30 a month for my I phone, have Waitrose deliver £100 of goods a week.
So, my apartment and car take £430,000 from my million.
If I have a £50,000 job that'll pay all the above ( no mortgage remember) and the £16,000 holidays would be paid from the interest at 3% on the remaining £570,000.
What am I missing?
Two things. Money and personality.Single guy.
I've a really swanky apartment in a city centre, (not London) it's worth 400k and no mortgage. That costs £600 a month to run (council tax, gas, water, sky TV, insurance etc)
Two cars, a £30,000 DB9 and a Mercedes E250 that's leased at £350 a month. Running costs of those are going to be £500 a month.
I take 4 holidays a year at £2000 a time and spunk £2000 when I'm on each holiday.
I spend £500 a month on eating out, £300 a month on clothes ( bearing in mind I'd have plenty already)
I'll wear a £3000 watch.
I'll pay £30 a month for my I phone, have Waitrose deliver £100 of goods a week.
So, my apartment and car take £430,000 from my million.
If I have a £50,000 job that'll pay all the above ( no mortgage remember) and the £16,000 holidays would be paid from the interest at 3% on the remaining £570,000.
What am I missing?
My view is that a millionaire is someone who, on the event of selling all their assets, would have £1m left in cash AFTER all their associated debt had been paid back - meaning someone with a house worth £1m however with a mortgage of £500k isn't necessarily a millionaire. However as above, being a millionaire doesn't automatically allow you to live a millionaire's lifestyle.
The Daily Mail (sorry!) published an article with a figure of £10m.
http://www.dailymail.co.uk/femail/article-2163454/...
Difficult one though as everyone's view of what a millionaire's lifestyle is will be different!
The Daily Mail (sorry!) published an article with a figure of £10m.
http://www.dailymail.co.uk/femail/article-2163454/...
Difficult one though as everyone's view of what a millionaire's lifestyle is will be different!
I was always told that the definition of "wealth" is more so to do with time.
ie how LONG could you survive without an income.
This is also high dependent on lifestyle.
Personally, a million would go a LONG way, but not on an extravagant lifestyle initially. I'd invest it. All of it.
Reap the rewards later
ie how LONG could you survive without an income.
This is also high dependent on lifestyle.
Personally, a million would go a LONG way, but not on an extravagant lifestyle initially. I'd invest it. All of it.
Reap the rewards later
Edited by DanoS4 on Sunday 19th October 18:57
Thankyou4calling said:
okgo said:
You probably need to multiply the watch, holidays, eating out, clothes by between 5 and 10 then you're probably in the ballpark.
Seriously? You think you'd spend more than £80,000 a year on holidays! £3000 a month eating out and £2000 a month on clothes! Blimey.
Thankyou4calling said:
What about this:
Single guy.
I've a really swanky apartment in a city centre, (not London) it's worth 400k and no mortgage. That costs £600 a month to run (council tax, gas, water, sky TV, insurance etc)
Two cars, a £30,000 DB9 and a Mercedes E250 that's leased at £350 a month. Running costs of those are going to be £500 a month.
I take 4 holidays a year at £2000 a time and spunk £2000 when I'm on each holiday.
I spend £500 a month on eating out, £300 a month on clothes ( bearing in mind I'd have plenty already)
I'll wear a £3000 watch.
I'll pay £30 a month for my I phone, have Waitrose deliver £100 of goods a week.
So, my apartment and car take £430,000 from my million.
If I have a £50,000 job that'll pay all the above ( no mortgage remember) and the £16,000 holidays would be paid from the interest at 3% on the remaining £570,000.
What am I missing?
With the exception of the DB9 - that sounds like a few people I knowSingle guy.
I've a really swanky apartment in a city centre, (not London) it's worth 400k and no mortgage. That costs £600 a month to run (council tax, gas, water, sky TV, insurance etc)
Two cars, a £30,000 DB9 and a Mercedes E250 that's leased at £350 a month. Running costs of those are going to be £500 a month.
I take 4 holidays a year at £2000 a time and spunk £2000 when I'm on each holiday.
I spend £500 a month on eating out, £300 a month on clothes ( bearing in mind I'd have plenty already)
I'll wear a £3000 watch.
I'll pay £30 a month for my I phone, have Waitrose deliver £100 of goods a week.
So, my apartment and car take £430,000 from my million.
If I have a £50,000 job that'll pay all the above ( no mortgage remember) and the £16,000 holidays would be paid from the interest at 3% on the remaining £570,000.
What am I missing?
Thankyou4calling said:
That's my question? Many would think it is, what do you think?
No far from it. Millionaire lifestyle to me is VIP everything, plane, boat. Not tied to a company on PAYE. Fantastic house. Fleet of cars. Money for racing. Oh yeah, and a driver.Disclaimer: Not everything is needed from above, but way above and beyond what you describe. That is not such an uncommon life you describe.
How much do you think it costs to charter a boat in south of France?
Christ, a good room in Monaco in the fairmont starts at 500 euro a night, I doubt the millionaire would want to stay in the cheapest either. Then you have the costs of the hookers, cocaine, champange. I know millionaires who go to val disere and throw champange over their head at thousands a go because that's what they do.
Edited by jakewright on Sunday 19th October 19:09
Thankyou4calling said:
TimJMS said:
Two things. Money and personality.
Hey, don't get personal 
Try and be more personable? Really, a man who comes across as thinking he's made it because he wears a £3k watch? If this wasn't the weekend you'd have been shot down long before I arrived.
Gareth79 said:
A 'millionaire lifestyle', absolutely. A first-class flight to anywhere nice costs more than your entire holiday alone
That's not the case at all. I can fly Emirates First Class to Dubai and stay 5 nights in a Five star hotel for £2000, significantly less if I go business, so your figures are incorrect.Thankyou4calling said:
That's not the case at all. I can fly Emirates First Class to Dubai and stay 5 nights in a Five star hotel for £2000, significantly less if I go business, so your figures are incorrect.
Show me where you get that deal as I fancy some late sun, sounds like fiction to me. Thankyou4calling said:
That's not the case at all. I can fly Emirates First Class to Dubai and stay 5 nights in a Five star hotel for £2000, significantly less if I go business, so your figures are incorrect.
From the UK? Which hotel?that is significantly cheaper than I have ever managed it.
And, for information purposes - is the lifestyle mentioned yours or hypothetical?
TimJMS said:
Sorry.
Try and be more personable? Really, a man who comes across as thinking he's made it because he wears a £3k watch? If this wasn't the weekend you'd have been shot down long before I arrived.
I got the impression that that could have been his hypothetical millionaire lifestyle?Try and be more personable? Really, a man who comes across as thinking he's made it because he wears a £3k watch? If this wasn't the weekend you'd have been shot down long before I arrived.
There seems to be some confusion creeping in over the differences between a Millionaire lifestyle and a Multi Millionaire lifestyle.
The description of the OP's suggested lifestyle is perfectly attainable with a million working for you.
To partake of some of the other, more clichéd and "New Money" pastimes mentioned will require more funds.
The description of the OP's suggested lifestyle is perfectly attainable with a million working for you.
To partake of some of the other, more clichéd and "New Money" pastimes mentioned will require more funds.
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