You've won £1m - what do you do?
Discussion
I'd spend half of it on a slightly bigger house and be mortgage free, buy myself one decent car, maybe a GT3 or something, and then gift whatever was left to family so they could do something similar. Other than that I'd just carry on living and working as normal and not tell anyone.
Muzzer79 said:
I'm afraid I would be quite boring.
10% max on frivolities - a second car and some home improvements.
Invest the rest. Retire earlier.
More or less exactly the same, except I wouldnt retire. We'd use the extra money for holidays/cars/treating family members and then add it to our pension when we DO retire.10% max on frivolities - a second car and some home improvements.
Invest the rest. Retire earlier.
Incredibly boring but hopefully a nice lump sum for the kids when we shuffle off this mortal coil
Mont Blanc said:
Al Gorithum said:
Unfortunately £1m isn't very much nowadays. You'd be lucky to see £50k p/a in interest which won't give you the high life.
Exactly. Which is what I was saying on the 'Inheritance' thread. Treat it carefully in the right sort of investment, and you might get £50-60k a year as nice top-up to your income, whilst keeping the original sum relatively safe and appreciating.
If you treat £1m like it's some kind of life changing amount or lottery win then you will soon be back to zero.
When I was a kid our house cost £3500. £1m would buy you nearly 300 similar houses. That same house today would cost about £280k.1m buys you 3 and a bit similar houses!
You can invest it and get a reasonable passive income, but not life changing (other than not needing to work).
Cover the house extension that we're planning but can't afford - £300k
Pay for the PGD that the NHS will no longer fund, despite potentially saving them multiples of the cost- £20k
Cover school fees for the current and potentially future child - £££
Allow my wife to stop work - priceless
Pay for the PGD that the NHS will no longer fund, despite potentially saving them multiples of the cost- £20k
Cover school fees for the current and potentially future child - £££
Allow my wife to stop work - priceless
Move to a remote house in the countryside and block out external life. Relocate my business up there and buy all new and quality equipment and be selective about the clients I take and basically semi retire. Get a jaguar f type for the weekends and a newish daily that’s practical for the dog
I’d buy the place I’ve been looking at in the Dolomites, renovate it and convert the outbuildings to business premises. I’d restomod my c107, buy a triumph scrambler, and a decent Hifi.
I’d still have half a mill left, so that would be invested to provide some security as I enjoy my new low key lifestyle.
I’d still have half a mill left, so that would be invested to provide some security as I enjoy my new low key lifestyle.
bhstewie said:
Only on PistonHeads is a million quid not life changing
It's not going to let you live on a yacht in Monaco.
For most people used sensibly it means never having to work again unless you chose to.
Finally, some sense.It's not going to let you live on a yacht in Monaco.
For most people used sensibly it means never having to work again unless you chose to.
It absolutely is life changing for most normal average folk. Like me.
'top up your salary with £50k interest per year' FFS.
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