Discussion
Mr MXT said:
Not a life of luxury, with everything you want at a whim...
Just after £60k a year interest or so?
You might even get a little more with that with some decent advice. Just after £60k a year interest or so?
For most people on an average wage, that would do very nicely. You could live comfortably with out ruining your life.
If you had a job you liked you could keep working to keep your mind occupied and earn more than the boss
RemainAllHoof said:
Define luxury! Personally, my needs are not great. Sure, I wouldn't mind a Patek or a V8 Vantage but not that bothered. I'd just buy the houses on either side of me, knock them down to make the land bigger and enjoy life. 
I'd not change my car. £2 million in the bank and a £600 car on the drive
. I'm going to New York, first class on the QM2 when the Atlantic is at full throttle before I blow my millions on cars and ladies on the nightA million would allow a reasonable income off a few properties and sensible investments. Sure it won't pay for a helicopter, but it would provide a comfortable income and allow time to do a few other things.
A six figure win would clear the mortgage enough to certainly let me think about changing career to a 'lifestyle' type job, ski seasons, crewing sailing boats etc rather than getting stressed making someone else money for a living...
A six figure win would clear the mortgage enough to certainly let me think about changing career to a 'lifestyle' type job, ski seasons, crewing sailing boats etc rather than getting stressed making someone else money for a living...
Edited by CPB31 on Wednesday 4th May 18:50
£2,000,000
- £350k decent size property in a decent area with a double garage paid outright, no mortgage
- £12,000 E38 750il, last of the line V12 awesomeness
-£10,000 E39 540 Manual track day car, stripped out but still road legal
-£35,000 Aston Martin DB7 GT
-£50k to help out close family members
About £35-40k a year interest after tax, add another £12k or so on there for having a stress free enjoyable job, basically £1k per week spending money. I doubt my balance would ever go below £1.4-1.5 million. I'd live a relatively normal life really I think and certainly would not divulge into how much I have.
- £350k decent size property in a decent area with a double garage paid outright, no mortgage
- £12,000 E38 750il, last of the line V12 awesomeness
-£10,000 E39 540 Manual track day car, stripped out but still road legal
-£35,000 Aston Martin DB7 GT
-£50k to help out close family members
About £35-40k a year interest after tax, add another £12k or so on there for having a stress free enjoyable job, basically £1k per week spending money. I doubt my balance would ever go below £1.4-1.5 million. I'd live a relatively normal life really I think and certainly would not divulge into how much I have.
SteveS Cup said:
With £2,000,000 surely you'd be able to buy enough flats, rent them all out and live of the rental income?
£2M, and get 10 £200k flats, rent them out about £700 a month, for £7k each year, then if you paid your tax as you would a salary, you'd end up with £4,600 a month, or £55k ish net a year (sorry very rough figures, and not sure on what tax you pay as a professional landlord).Possibly have to pay 10% to a management firm, down to £49,500, add some extra costs for maintenance......
Seems like allot of work for not much return. Decent fund manager should be able to get a bit more than that for you, but not too much, maybe 7% real return, so £140k a year.
To have a real good time with no work and some nice toys, I recon on needing more than £8M.
To be honest though, I'd still do some sort of work, to young to retire, I'd need something to get me out of bed in the morning, just have make sure it was fun work on my terms though
Mr MXT said:
Idly musing on life at the moment and wondering how much of a lotto win you'd need to quit work and live a life of leisure.
Do you think £2 million would do it?
For a life of leisure I'd need a fair bit more than 2 million, closer to 5 I'd say (but then for me leisure would be Scuba diving in Truk Lagoon/Ningaloo Reef etc which is expensive, and on top of the parachuting in Florida a couple of times a year)..Do you think £2 million would do it?
Gassing Station | The Lounge | Top of Page | What's New | My Stuff