How to spend it

[MitchT]

Invest in my tech start-up!

Alternately, ask yourself what you'd do if you'd been skint all your life but had just won the lottery. What have you always wanted to do but not been able to because of lack of money, or lack of time, or a combination of both. If you're soon going to have plenty both on your hands, now's the time to live the dream.

As for the dream, only you can decide what that is. For me, I'd just buy a house overlooking a beach in Cornwall and split my time between painting pictures, writing music, keeping fit and lying on the beach, safe in the knowledge that it wouldn't matter if my creative exploits made me a living. I'd also go on pan-European road trips in a Ferrari Testarossa.

[Esceptico]

Caddyshack said:

TheJimi said:

Caddyshack said:

TheJimi said:

raceboy said:

Caddyshack said:

A lottery win of £2-3m would not allow many people to retire and continue spending at their normal rate.

And this just highlights the different ends of the financial spectrum, I'd give myself another 30 years life left if I'm lucky, so £2m again just left in a binbag in the spare room would allow me over £66k a year, comfortably more than my households combined annual income, so yes, I could very easily retire tomorrow with a £2m nest egg and see an UPGRADE to my financial position, and don't consider myself to be anywhere near the poverty line.

You and the vast, vast majority of people in Britain.

It's the same every time we get a thread on the topic, you get PH'ers wading in, taking about how £x million wouldn't even touch the sides. The reality is that there's a very small number of people for whom £2-3m wouldn't be a massive life changer.

I am sure it is the same every time as PH contains a massive split of different pockets of life, I have no doubt at all that 2-3m would not touch the sides for quite a few of the posters, just look at the likes of Flemke and Toomanycars....£2m would barely run their lives for a year.

I am not rich based on what I see around me and I could not give up my income in exchange for £2m, I would burn it far too quickly...more is the pity.

It was your statement - "A lottery win of £2-3m would not allow many people to retire and continue spending at their normal rate."

I disagree, I think many could retire on that, it's the few who couldn't.

Maybe so. I arrange mortgages for people so I guess I see a certain level of affluence or they would not be buying a house in S. England. Perhaps I would have been more accurate to have said "most of the people that I meet and see their current financial position intimately could not retire if I gave them £2-3m if they expected to continue with the same lifestyle and spend at the current rate"

Just the term millionaire for the majority of it's use in history would suggest someone who did not work and had a lavish lifestyle, now millionaire in that sense is probably only a trainee millionaire until they are well in to multiples of millions.

Median, household, disposable income in the U.K. is around £30,000. So £3 million represents a 100 years of spending for the median household. So for at least half the households in the UK, £3 million would be plenty of money to maintain their current lifestyle.

Yes for those people in the top 1%-5% with median incomes in six figures then surviving on £3 million would definitely crimp their lifestyle.

I know every other person on PH is a powerfully built director, whose friends are also powerfully built directors, but perhaps they need to spend a bit of time with the rest of the population to get a reality check.

[ben5575]

red_slr said:

Flight on Virgin Galactic would be smack bang at the top of my list. Maybe not your thing, but I would be on that like a fat lad on chips.

Next I would be speaking to the people at the Four Seasons. Arrange one of their special packages where you get your own jet and then fly around a few of their really nice hotels for a few months - of course including a couple of weeks on their yacht the FS Explorer which is based out of Landaa Giraavaru in the Maldives. If it were me I would bring a few mates along - just for a laugh.

After that, probably buy a few Ferraris. Toe them round Europe for a bit. Some long weekends at the 'ring burning tyres and brakes. I would also do the F1 car drive at Paul Ricard - private day (or 3) of course. No riff raff or w@nker youtubers.

Once I was bored of all that, probably head off to Japan. Take one of the rarris with me - because I can. That should keep me entertained for a year or two. Lots to do, most of weird.

I reckon the above - with a smattering of F1 races, weekends with straight 10s (not the same one of course), a few nice holidays and what not would take me 5 years and a couple of mil.

I am just £1.99M short now

See this is why I don't understand people who are bored after coming into money. There's so much to do.

Oh and have we had the stay the fk away from private planes and helicopters yet? They seem particularly effective at killing rich people and their families...

[danny0001uk1]

I'm 35 I'd retire on a million! Pay mortgage of use the rest as a yearly wage until I get my pension

[red_slr]

ben5575 said:

red_slr said:

Flight on Virgin Galactic would be smack bang at the top of my list. Maybe not your thing, but I would be on that like a fat lad on chips.

Next I would be speaking to the people at the Four Seasons. Arrange one of their special packages where you get your own jet and then fly around a few of their really nice hotels for a few months - of course including a couple of weeks on their yacht the FS Explorer which is based out of Landaa Giraavaru in the Maldives. If it were me I would bring a few mates along - just for a laugh.

After that, probably buy a few Ferraris. Toe them round Europe for a bit. Some long weekends at the 'ring burning tyres and brakes. I would also do the F1 car drive at Paul Ricard - private day (or 3) of course. No riff raff or w@nker youtubers.

Once I was bored of all that, probably head off to Japan. Take one of the rarris with me - because I can. That should keep me entertained for a year or two. Lots to do, most of weird.

I reckon the above - with a smattering of F1 races, weekends with straight 10s (not the same one of course), a few nice holidays and what not would take me 5 years and a couple of mil.

I am just £1.99M short now

See this is why I don't understand people who are bored after coming into money. There's so much to do.

Oh and have we had the stay the fk away from private planes and helicopters yet? They seem particularly effective at killing rich people and their families...

When I say Four Seasons private jet maybe you have not seen it.... but its quite something



Something else I would do, visit the top circuits in the world. Drive some decent cars at them. SF90 or something equally stupid quick. FXX etal.

Laguna Seca
Bathurst
Suzuka
Tsukuba
Indy

Do all the Porsche Winter driving courses for something different.

[Caddyshack]

Esceptico said:

Caddyshack said:

TheJimi said:

Caddyshack said:

TheJimi said:

raceboy said:

Caddyshack said:

A lottery win of £2-3m would not allow many people to retire and continue spending at their normal rate.

And this just highlights the different ends of the financial spectrum, I'd give myself another 30 years life left if I'm lucky, so £2m again just left in a binbag in the spare room would allow me over £66k a year, comfortably more than my households combined annual income, so yes, I could very easily retire tomorrow with a £2m nest egg and see an UPGRADE to my financial position, and don't consider myself to be anywhere near the poverty line.

You and the vast, vast majority of people in Britain.

It's the same every time we get a thread on the topic, you get PH'ers wading in, taking about how £x million wouldn't even touch the sides. The reality is that there's a very small number of people for whom £2-3m wouldn't be a massive life changer.

I am sure it is the same every time as PH contains a massive split of different pockets of life, I have no doubt at all that 2-3m would not touch the sides for quite a few of the posters, just look at the likes of Flemke and Toomanycars....£2m would barely run their lives for a year.

I am not rich based on what I see around me and I could not give up my income in exchange for £2m, I would burn it far too quickly...more is the pity.

It was your statement - "A lottery win of £2-3m would not allow many people to retire and continue spending at their normal rate."

I disagree, I think many could retire on that, it's the few who couldn't.

Maybe so. I arrange mortgages for people so I guess I see a certain level of affluence or they would not be buying a house in S. England. Perhaps I would have been more accurate to have said "most of the people that I meet and see their current financial position intimately could not retire if I gave them £2-3m if they expected to continue with the same lifestyle and spend at the current rate"

Just the term millionaire for the majority of it's use in history would suggest someone who did not work and had a lavish lifestyle, now millionaire in that sense is probably only a trainee millionaire until they are well in to multiples of millions.

Median, household, disposable income in the U.K. is around £30,000. So £3 million represents a 100 years of spending for the median household. So for at least half the households in the UK, £3 million would be plenty of money to maintain their current lifestyle.

Yes for those people in the top 1%-5% with median incomes in six figures then surviving on £3 million would definitely crimp their lifestyle.

I know every other person on PH is a powerfully built director, whose friends are also powerfully built directors, but perhaps they need to spend a bit of time with the rest of the population to get a reality check.

The median £30k dispoable income "person" does not often get in a position to get a lump sum £10m though is the point I had made, most are already in the 5% and therefore already have the expectations of life and outgoings / lifestyle. As you agree, it would crimp their lifestyle.

I am not sure of the benefit of having that reality check...I prefer my reality. (yes, joke and troll comment but some truth in it)

[Caddyshack]

ben5575 said:

red_slr said:

Flight on Virgin Galactic would be smack bang at the top of my list. Maybe not your thing, but I would be on that like a fat lad on chips.

Next I would be speaking to the people at the Four Seasons. Arrange one of their special packages where you get your own jet and then fly around a few of their really nice hotels for a few months - of course including a couple of weeks on their yacht the FS Explorer which is based out of Landaa Giraavaru in the Maldives. If it were me I would bring a few mates along - just for a laugh.

After that, probably buy a few Ferraris. Toe them round Europe for a bit. Some long weekends at the 'ring burning tyres and brakes. I would also do the F1 car drive at Paul Ricard - private day (or 3) of course. No riff raff or w@nker youtubers.

Once I was bored of all that, probably head off to Japan. Take one of the rarris with me - because I can. That should keep me entertained for a year or two. Lots to do, most of weird.

I reckon the above - with a smattering of F1 races, weekends with straight 10s (not the same one of course), a few nice holidays and what not would take me 5 years and a couple of mil.

I am just £1.99M short now

See this is why I don't understand people who are bored after coming into money. There's so much to do.

Oh and have we had the stay the fk away from private planes and helicopters yet? They seem particularly effective at killing rich people and their families...

Jeremy Clarkson said that God invented Helicopters to help re-distribute the wealth amassed by one person.

[Electronicpants]

Get remarried and have a couple of kids, it's like a passive income in reverse, the rate my wife and children burn though cash is sometimes quite breathtaking.

[GT3Manthey]

Electronicpants said:

Get remarried and have a couple of kids, it's like a passive income in reverse, the rate my wife and children burn though cash is sometimes quite breathtaking.

Oh mate, welcome to my world !

[CustardOnChips]

You could blow the lot on a week at Centre Parcs during school holidays.

[Electronicpants]

CustardOnChips said:

You could blow the lot on a week at Centre Parcs during school holidays.

Pancakes for everyone!

[J4CKO]

CustardOnChips said:

You could blow the lot on a week at Centre Parcs during school holidays.

Lol

Steady on...

[Caddyshack]

J4CKO said:

CustardOnChips said:

You could blow the lot on a week at Centre Parcs during school holidays.

Lol

Steady on...

Have you seen the cost of the tree house units, it's about £6k a week or more....I was wondering where they kept the hookers!

[CustardOnChips]

Caddyshack said:

J4CKO said:

CustardOnChips said:

You could blow the lot on a week at Centre Parcs during school holidays.

Lol

Steady on...

Have you seen the cost of the tree house units, it's about £6k a week or more....I was wondering where they kept the hookers!

Even more if you want one of the Lodges on the lake at Elveden. Mental, yet they are always booked up.

[SpartacusF]

Thanks all, got some helpful stuff here and some leftfield ones. I clearly haven't lived! Life, or time, overseas is a thing I'd always half dreamt of, so yes, now is the time. I tried flying - I get the safety thing and everything certified but not conducive to diy/tinkering and I was bored. Another family is biologically impossible, phew, I could have been tempted otherwise. A couple of chums have done that in their late 50s and are loving it. Coke 'n hookers is a recurring theme, not my bag but sounds like lots of fun, though I must look into the dating game, I'll search for a PH thread.

As to the threads about median pay and how much is enough, we all adapt and most of us on here will have had hard times. I'm OK with our tax regime redistributing some of this. The CGT bill doesn't bear thinking about.

[Shnozz]

SpartacusF said:

As to the threads about median pay and how much is enough, we all adapt and most of us on here will have had hard times. I'm OK with our tax regime redistributing some of this. The CGT bill doesn't bear thinking about.

Would you not qualify for entrepreneur's relief? Or Business Asset Disposal relief or whatever its now called?

[SpartacusF]

Shnozz said:

Would you not qualify for entrepreneur's relief?

That was taken away a couple of years ago, now it only applies to the first million. (You used to pay only 10% tax on the first 10 mil of a business sale, so 'only' paid £1m tax. Now it is CGT at 20% for nine and 10% for one, or £1.9m).

[SCEtoAUX]

First thing I'd do is get the brakes fixed on the Land Rover.

[diametric123]

OP

I’m slightly ahead of you (cue haters to start hating...) but my thoughts:

- obviously if this is your sole source of wealth you need to work out if you want recurring income or happy to just spend it all

- if you want income then your choices are capital markets, investment property or a trading business

- Personally I do all three because it gives me maximum opportunity to still work but with near 100% control of my time

- depending on where you live (I’m in London) then a town place and a country / overseas place will easily consume half the capital

- after that I’m a big fan of experiences over assets

- respecting PH I would suggest 2-3 toys is more than enough, as the logistics gets complex after that. My end-game is to have just one car for each purpose (touring, going fast, Classic etc)

- travel is our big thing: have a list of 25 things to do over time and working our way through it

Just quickly for the haters - I grew up with zero money - I stopped judging and started learning from more successful people early on and it worked well for me

OP - fundamentally recognise the gift you’ve created for yourself and wake every day with a smile!

[gmaz]

I'd get a house designed and built to exactly my requirements, using all the passivhaus technologies to make it as eco-friendly as possible.