sc0ott
Member
Registered: 16th Feb 09
User status: Offline
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Do you think youll work as hard as you do now if you won all that money?
Knowing you can live off the interest, the moment you get fed up with work youll probably quit.
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Hammer
Member
Registered: 11th Feb 04
User status: Offline
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quote:
Originally posted by James
I'd rather keep working than retire on £30k a year if I won £1m.
Only a retard would sit in their house and live on £30k a year with £1m in the bank.
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A2H GO
Member
Registered: 14th Sep 04
Location: Stoke
User status: Offline
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quote:
Originally posted by Tomnova16
how much did that bag him then?
Not much, about £40 
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A2H GO
Member
Registered: 14th Sep 04
Location: Stoke
User status: Offline
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quote:
Originally posted by Paul_J
interest rates haven't been 5% for quite a while now... plus you get taxed on the money you get from interest unless its in an isa - so not as much 'income as you expect'.
You can get 4.5% on £100k deposit, I'm pretty sure you'd get 5%+ on a mil.
There are also ways around paying full tax.
[Edited on 27-07-2012 by A2H GO]
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James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
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quote:
Originally posted by Hammer
quote:
Originally posted by James
I'd rather keep working than retire on £30k a year if I won £1m.
Only a retard would sit in their house and live on £30k a year with £1m in the bank.
The point I'm trying to make is that I don't think you could retire on £1m unless your lifestyle was quite basic.
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Nath
Member
Registered: 3rd Apr 02
Location: MK
User status: Offline
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No chance I'd retire on £1m. I like my job and it's not stressful in the slightest. 4 day week would do. Live a very nice lifestyle.
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laingyla
Member
Registered: 7th Jan 09
Location: Coedpoeth, Wrexham
User status: Offline
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Sell my house move to Scotland sort me and my family out then sort family out ie mum dad mates and have a mint life
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John
Member
Registered: 30th Jun 03
User status: Offline
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Could buy a village for 1m up here.
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tony2187
Member
Registered: 19th Mar 12
Location: Prescot, Merseyside
User status: Offline
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I would definitely move away from the UK if I won the big one, only place anywhere near me with expensive homes that would match what you would be worth is in Alderley Edge and I dont think I could really have Man Utd players as neighbours, buy a apartment in either Liverpool or Manchester and go move to Florida, maybe even next door to Hulk Hogan, and you can fuck about with guns there, great weather, amazing golf courses, and would be easy to buy/build a crazy go-kart track and use that as a business to keep yourself busy if you fancy a days work now and again. And you could buy some crazy muscle cars to take on your track
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Hammer
Member
Registered: 11th Feb 04
User status: Offline
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quote:
Originally posted by James
quote:
Originally posted by Hammer
quote:
Originally posted by James
I'd rather keep working than retire on £30k a year if I won £1m.
Only a retard would sit in their house and live on £30k a year with £1m in the bank.
The point I'm trying to make is that I don't think you could retire on £1m unless your lifestyle was quite basic.
You're missing my point.
If your plan is to sit with £1 million in the bank and never lift a finger for the rest of your life then yeah you will live a basic lifestyle and achieve nothing.
For those with a brain they would be making in-roads into turning that £1 million into something which generates more money for yourself in the long run. Whatever that may be.
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Nath
Member
Registered: 3rd Apr 02
Location: MK
User status: Offline
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Dealing coke.
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Hammer
Member
Registered: 11th Feb 04
User status: Offline
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One option. With its drawbacks however 
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sc0ott
Member
Registered: 16th Feb 09
User status: Offline
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Human trafficing.
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Nath
Member
Registered: 3rd Apr 02
Location: MK
User status: Offline
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Manufacturing fake 'Beats' headphones.
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Sam
Moderator
Premium Member
Registered: 24th Dec 99
Location: West Midlands
User status: Offline
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If I won £1 million I would probably do this:
1. £250,000 =
- pay the mortgage off on our house
- pay off debts belonging to me/my wife/very immediate family
- completely renovate the house and maybe build an extension too
- rebuild the Cougar's engine and gearbox, respray it and upgrade the suspension/wheels/exhaust etc.
- get a brand new Fabia vRS for my wife
- go on holiday(s)
- buy a camper van
- use the remainder to live on for a bit/have a few quid in the bank for day to day purchases and bills etc.
2. £600,000 =
- buy 4-6 houses/flats (it's cheaper up here  )
- renovate them to a good standard and rent them out unfurnished
- attempt to earn £30k/year gross rent from them (so probably works out to about £26k/year net, with a bit of creative accounting and having to pay out for landlord related things like insurance/upkeep/annual gas safety checks etc.)
Estimated yearly income = £26,000 net
3. £139,080 =
- invest 2x £69,540 in a one year fixed rate savings account, say earning 3.6% gross interest and completely covered by the FSCS in case the bank the money is with goes belly up
Estimated yearly income = £4,172.40 net
4. £10,920 =
- invest £5460 in two ISAs for both of us, earning 3.3% tax free
Estimated yearly income = £360.36 net
So I reckon we could make roughly £30.5k/year net.
Another option would be to just stick £750k into that 3.6% 12 month savings account, but that would only earn £27k gross interest (just under £25k net, if we split the money in two). That's also more riskier IMO as the FSCS compension only pays out £85k in the event the bank went bust.
BTW - yes I was bored when I wrote all this 
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willay
Moderator
Organiser: South East, National Events
Premium Member
Registered: 10th Nov 02
Location: Roydon, Essex
User status: Offline
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Realistically how many of you goons could actually use 1m to turn over more money. Its not just about capital, its about having brains too.
Infact if it was that easily and accessible you'd do it with a grand let alone a million.
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willay
Moderator
Organiser: South East, National Events
Premium Member
Registered: 10th Nov 02
Location: Roydon, Essex
User status: Offline
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quote:
Originally posted by Nath
No chance I'd retire on £1m. I like my job and it's not stressful in the slightest. 4 day week would do. Live a very nice lifestyle.
yah but how long will that fly at work? Nath the millionaire at work, no urgency with his work as he has some serious bank, £20 lunches every day, living like a king on his 4 day working week They would get some other gimp in to do your job for less money and working more hours! bro.
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Sam
Moderator
Premium Member
Registered: 24th Dec 99
Location: West Midlands
User status: Offline
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£20 lunches
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willay
Moderator
Organiser: South East, National Events
Premium Member
Registered: 10th Nov 02
Location: Roydon, Essex
User status: Offline
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Yeah, then like 99% of the population who win >1m you'll get a chip on your shoulder and a stinking attitude like Steve106.
You want me to do what? You dont pay me enough to do that.
And repeat.
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Nath
Member
Registered: 3rd Apr 02
Location: MK
User status: Offline
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quote:
Originally posted by willay
quote:
Originally posted by Nath
No chance I'd retire on £1m. I like my job and it's not stressful in the slightest. 4 day week would do. Live a very nice lifestyle.
yah but how long will that fly at work? Nath the millionaire at work, no urgency with his work as he has some serious bank, £20 lunches every day, living like a king on his 4 day working week They would get some other gimp in to do your job for less money and working more hours! bro.
Granted, the first shit day at work and I'd be wanting out
Genuinely though, I'd keep working. I'm golden boy at my place 
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willay
Moderator
Organiser: South East, National Events
Premium Member
Registered: 10th Nov 02
Location: Roydon, Essex
User status: Offline
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until you get loads of fucking money and loose the plot, its nothing personal Nath its just everyone in this thread needs to turn off their Reality Distortion Field
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Nath
Member
Registered: 3rd Apr 02
Location: MK
User status: Offline
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Fair enough. Absolutely no chance I'd retire anyway.
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Lee_fr200
Member
Registered: 8th May 11
Location: West Yorkshire
User status: Offline
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I wouldn't retire if I won either tbh I enjoy my job, just would give us a lot of security in life
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Marc
Member
Registered: 11th Aug 02
Location: York
User status: Offline
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I usually don't get out ofr bed for less than £1m, so I'd need the whole shebang. #BulgingPortfolio
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Dan
Premium Member
Registered: 22nd Apr 02
Location: Gorleston on Sea, Norfolk
User status: Offline
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If i won 1 million, id invest in property, work still, but probably change jobs.
However, with 100 million + i dont think id be working in the slightest. few million mansion, couple of million ish holiday homes around the world, a jet and a boat. The rest in investments/property etc etc, to generate a good wage.
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