CORSA NUT
Member
Registered: 3rd Aug 01
Location: Wirral
User status: Offline
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The winnings aren't taxable no but having a million in savings you'll be paying a lot of tax
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John
Member
Registered: 30th Jun 03
User status: Offline
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quote:
Originally posted by CORSA NUT
Most people on here have no idea about what money brings and what effect it has on your life.
I'd have no stress etc??  I can assure you you'd have stress but of a completely different kind.
Money changes your life completely and if you're not willing to change with it, or don't have the mental strength to cope with it you can be back to square one in a worse shape than when you began. Most of the time with far less friends and family around you.
But good luck tonight anyway
Winning money is not stressful.
Stupid people who have no money and don't know how to deal with it will blow it all and end up worse off.
Back to the poor mindset, just blow it on shit. Its not difficult to make some sensible choices.
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CORSA NUT
Member
Registered: 3rd Aug 01
Location: Wirral
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How do you know what's stressful and what's not until you've experienced it exactly?? Until it happens, like most things in life you don't have any idea how you will react
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3CorsaMeal
Member
Registered: 11th Apr 02
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I would buy a plot and build a house through work. Wouldn't go for a super car as pretty much got one already.
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DaSess
Member
Registered: 23rd Jun 13
User status: Offline
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Just checked my ticket, and my alarms set for half 8 in morning ready for my 10 o'clock start (12 hour shift). Think I don't need to say no more on that.
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Jay
Member
Registered: 26th Sep 04
Location: Liverpool
User status: Offline
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I don't wanna check, keep the dream alive ha
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RichR
Premium Member
Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline
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I'd finish the house I'm in now and let my kid sister live there rent free for as long as she likes so approx. £25k
I'd put the deposits down on another 6 flats to compliment the 4 I've already got so £120k plus £30k renovation costs on the flats would leave me with £825k for me.
I wouldn't tell anyone, I'd leave my job, spend a season in mammoth being a snowboard bum and working for peanuts in a bar so it just looked like I'd had a breakdown or early midlife crisis. Then come home with money in the bank, marry the missus, buy a house, live off the rental incomes (less mortgage payments) and send the missus off to work as she earns more than me anyway.
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Carl
Member
Registered: 9th May 04
Location: Jimmy Bennett's la la land.
User status: Offline
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It's easier to make money when you have it. A few good choices and you'd be set for life.
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Russ
Member
Registered: 14th Mar 04
Location: Armchair
User status: Offline
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quote:
Originally posted by LiVe LeE
I'd finish the house I'm in now and let my kid sister live there rent free for as long as she likes so approx. £25k
I'd put the deposits down on another 6 flats to compliment the 4 I've already got so £120k plus £30k renovation costs on the flats would leave me with £825k for me.
I wouldn't tell anyone, I'd leave my job, spend a season in mammoth being a snowboard bum and working for peanuts in a bar so it just looked like I'd had a breakdown or early midlife crisis. Then come home with money in the bank, marry the missus, buy a house, live off the rental incomes (less mortgage payments) and send the missus off to work as she earns more than me anyway.
last bit
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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quote:
Originally posted by AlexSXI
£2k a month isn't a lot of income
Its also taxable.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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quote:
Originally posted by Cavey
Lottery is tax free? Does it accrue tax when put in savings then?
The tax is on the income, so any interest payments which would give you gain on top of the original amount invested.
Not much because with no other income the interest payments would be probably half covered by your tax code, but its not free money.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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£1m would be life changing for me because it would allow me to further grow my business ventures.
No chance I'd be buying fancy stuff with it, soon learnt when I left a salaried job that the more you have, the less you will have.
I could have it spent within a year, and earning back probably 200k pa from that point forward.
Still need some losses like mortgages and car payments to offset the tax, but it would completely and utterly change my life. I'd go from a sole trader invoicing out assistance ad hoc to turning up at work in my RRS and reading the reports from each department about how much they're smashing it that week.
Carry on working - yes.
Having the same attitude to work - no way.
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harrisp
Member
Registered: 15th Dec 07
Location: Derbyshire
User status: Offline
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I'd plan to buy a house,car rental properties etc but tbh I'm shit with money so id end up wasting it probably
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Nath
Member
Registered: 3rd Apr 02
Location: MK
User status: Offline
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quote:
Originally posted by John
quote:
Originally posted by CORSA NUT
Most people on here have no idea about what money brings and what effect it has on your life.
I'd have no stress etc?? I can assure you you'd have stress but of a completely different kind.
Money changes your life completely and if you're not willing to change with it, or don't have the mental strength to cope with it you can be back to square one in a worse shape than when you began. Most of the time with far less friends and family around you.
But good luck tonight anyway
Winning money is not stressful.
Stupid people who have no money and don't know how to deal with it will blow it all and end up worse off.
Back to the poor mindset, just blow it on shit. Its not difficult to make some sensible choices.
Winning money wouldn't stress me out in the slightest.
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Toby
Premium Member
Registered: 29th Nov 05
User status: Offline
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I can honestly the headache of choosing the lambo or the Ferrari each morning would stress me slightly.
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Nath
Member
Registered: 3rd Apr 02
Location: MK
User status: Offline
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Which Omega watch to buy?! This is so stressful!! Which Caribbean island do I visit first?! Argggh. I wish I hadn't win this now.
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Eck
Premium Member
Registered: 17th Apr 06
Location: Lundin Links, Fife
User status: Offline
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I'd give it to Whittie to invest on plus 500.
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Daniel_Corsa
Premium Member
Registered: 21st Apr 04
Location: Wigton, Cumbria
User status: Offline
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Pay of my mortgage, new cars for family, few nice holidays with family / friends, maybe a house to let, keep working but obviously £600p/m better off having no mortgage.
April '06' Corsasport Feature Car  | Aug '08' Total Vauxhall Feature Car | Spring '09' Fast Car Feature Car
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Gaz
Member
Registered: 24th Aug 03
Location: Widnes, Cheshire
User status: Offline
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secure a roof over my families head would be my priority, then I would invest/look to buy a business to sustain an income. £1m is a hell of a lot of money, but money burns quickly.
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tom130691
Premium Member
Registered: 13th Sep 08
Location: Daventry
User status: Offline
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nobody wants to buy corsasport :O
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IvIarkgraham
Premium Member
Registered: 27th Mar 04
Location: Ellesmere Port, Cheshire
User status: Offline
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Gone in a week
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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Could live off the interest semi retired quite easily I think.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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quote:
Originally posted by tom130691
nobody wants to buy corsasport :O
We're talking about making the money last, not spending it on poor investments.
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Dom
Member
Registered: 13th Sep 03
User status: Offline
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quote:
Originally posted by Colin
Could live off the interest semi retired quite easily I think.
I'm not sure how you could. Even at 2% (rate given by Generation; which is a bit high for a current account, most tend to be ~1%), you'll only make around ~£20k a year on a million which is bugger all in the grand scheme of retiring. And most savings accounts, even fixed term, aren't exactly brilliant (3/4% etc) and then you're taxed on it.
Best bet is to invest and hope to quintuple or decuple the million, at which point the interest made every year is enough to reliably retire on.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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You'd probably be able to cut your outgoings though.
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