How much do I need to live a millionaire lifestyle?

How much do I need to live a millionaire lifestyle?

Author
Discussion

Thankyou4calling

Original Poster:

10,595 posts

172 months

Sunday 19th October 2014
quotequote all
What do you think?

I think you can still do it with a £million.

roboxm3

2,414 posts

194 months

Sunday 19th October 2014
quotequote all
I think there's a big difference between being a millionaire and living a millionaire lifestyle...probably a good few million quid difference...

Sportidge

1,032 posts

236 months

Sunday 19th October 2014
quotequote all
Depending on whose opinion you value, from a quick Google search it seems to be anywhere between £3m and £10m to live a "Millionaire lifestyle".

I think that, depending on where you live and how much you already earn, a million in the bank will keep you in your current living standards for a short to medium period of time, if you give up work and live off the money.

Or a very short term if you're just spaffing it about..... hehe

Even if you continue to work, I wouldn't think that a million would allow you to live the "millionaire lifestyle" for any length of time.... frown

Lozw86

871 posts

131 months

Sunday 19th October 2014
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Not very long. Some would think nothing of spending £50,000 on a night out, £20,000 on a suit to be worn once, £100,000 on a nice watch

Eleven

26,271 posts

221 months

Sunday 19th October 2014
quotequote all
Thankyou4calling said:
What do you think?

I think you can still do it with a £million.
Assuming you mean one million annual income then yes. If you mean £1m capital not a chance.

Thankyou4calling

Original Poster:

10,595 posts

172 months

Sunday 19th October 2014
quotequote all
Lozw86 said:
Not very long. Some would think nothing of spending £50,000 on a night out, £20,000 on a suit to be worn once, £100,000 on a nice watch
Come on, the number people able and prepared to spend those sort of figures aren't living a millionaire lifestyle, that's way beyond what I was thinking.

Moominho

893 posts

139 months

Sunday 19th October 2014
quotequote all
I don't even think I would be able to retire on a million quid. Although you could probably set up a decent business.

GALLARDOGUY

8,160 posts

218 months

Sunday 19th October 2014
quotequote all
I think you'd need a million in disposable funds which you can call upon.

Total assets, ie cars, houses etc to value a million, doesn't make you a millionaire.

FlossyThePig

4,083 posts

242 months

Sunday 19th October 2014
quotequote all
First define "millionaire lifestyle"

My late father defined a wealthy man as someone who could buy whatever he wanted (without borrowing).

BoRED S2upid

19,643 posts

239 months

Sunday 19th October 2014
quotequote all
2 or 3m I would say. 1 spent on houses and cars leaving 2 to invest to give you an income to live on without spending your 2m.

I dare say there are plenty out there who call themselves millionaires but their million is tied up in businesses, stocks and property rather than cash.

Shaolin

2,955 posts

188 months

Sunday 19th October 2014
quotequote all
Whatever the lifestyle you live with £1M is the millionaire lifestyle. It may not however match others expectations which are probably a few decades out.

Thankyou4calling

Original Poster:

10,595 posts

172 months

Sunday 19th October 2014
quotequote all
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?






Tribal Chestnut

2,997 posts

181 months

Sunday 19th October 2014
quotequote all
Prostitutes, say £1500 pcm?

SlackBladder

2,579 posts

202 months

Sunday 19th October 2014
quotequote all
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?
Petrol, insurance etc on the cars, inflation going up quicker than interest rates etc, etc

okgo

37,859 posts

197 months

Sunday 19th October 2014
quotequote all
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?
That's not a millionaire lifestyle is it.

Thankyou4calling

Original Poster:

10,595 posts

172 months

Sunday 19th October 2014
quotequote all
SlackBladder said:
Petrol, insurance etc on the cars, inflation going up quicker than interest rates etc, etc
I've allowed £500 a month for that.

Edited by Thankyou4calling on Sunday 19th October 17:53

Thankyou4calling

Original Poster:

10,595 posts

172 months

Sunday 19th October 2014
quotequote all
okgo said:
That's not a millionaire lifestyle is it.
That's my question? Many would think it is, what do you think?

rufusgti

2,528 posts

191 months

Sunday 19th October 2014
quotequote all
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?

The woman that will have your child then take most of what you own including your pension.

okgo

37,859 posts

197 months

Sunday 19th October 2014
quotequote all
Thankyou4calling said:
That's my question? Many would think it is, what do you think?
You probably need to multiply the watch, holidays, eating out, clothes by between 5 and 10 then you're probably in the ballpark.

Cupramax

10,469 posts

251 months

Sunday 19th October 2014
quotequote all
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?
An excuse to boast about your lifestyle by the sounds of it.