CORSA NUT
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Registered: 3rd Aug 01
Location: Wirral
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Yeah true Nath....
I can't see £2 million lasting anyone 40+ years though unless they really did there homework.And after blowing a load on all these cars and houses etc it wouldn't even be that much.Hence the £2 million not being that much 
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Nath
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Registered: 3rd Apr 02
Location: MK
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You dont even know what kind of house I'd buy or what I earn for a living so now you're just guessing 
£2m + normal job could easily last a lifetime.
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CORSA NUT
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Registered: 3rd Aug 01
Location: Wirral
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I didn't mean you Nath!
And yes it COULD last a liftime IF you had your head screwed on.The fact is though until you did have that kind of cash you don't know how you would react.Saying and doing things are totally different.
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Nath
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Registered: 3rd Apr 02
Location: MK
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Furry muff.
There's not a chance in hell I'd spend £2m on cars and homes, that much I do know.
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DaNnY_LaD
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Registered: 30th Nov 05
Location: Walkden,Manchester
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2million..
Jesus you could just live of the weekly interest..
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ed
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Registered: 10th Sep 03
User status: Offline
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About £150 a week at the moment... You'd have to do something a bit more clever than stick it in a bank account and expect to live off of the interest.
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Nath
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Registered: 3rd Apr 02
Location: MK
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quote:
Originally posted by DaNnY_LaD
2million..
Jesus you could just live of the weekly interest..
If you worked alongside that you'd be good for ages. Monthly wage plus £600 for free.
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CORSA NUT
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Registered: 3rd Aug 01
Location: Wirral
User status: Offline
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How much is the interest on 2 mill?? £150 a week???
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DaveyLC
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Registered: 8th Oct 08
Location: Berkshire
User status: Offline
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quote:
Originally posted by CORSA NUT
How much is the interest on 2 mill?? £150 a week???
You are so far off it hurts 
At 2% you could be earning £40k + per year.. thats just over £3k a month before tax.
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MarkM
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Registered: 11th Apr 01
Location: Liverpool
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quote:
Originally posted by DaveyLC
quote:
Originally posted by CORSA NUT
How much is the interest on 2 mill?? £150 a week???
You are so far off it hurts
At 2% you could be earning £40k + per year.. thats just over £3k a month before tax.
Which would be enough to pay your mortgage monthly as normal and live a high standard of life including a a couple of nice cars. You would also have the benefit of the lump sum sitting there should you ever need it.
I would start my own firm too I think and still work.
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Ojc
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Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
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If you couldn't survive on 2million and the interest you are doing something wrong.
Once you have paid for your house, as long as your sensible like he had been as that is a perfect sized house you won't need to work again IMO.
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DaveyLC
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Registered: 8th Oct 08
Location: Berkshire
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My mate got £1.7 million (not lottory) about 5 years ago, he bought a £300k house on a interest only mortgage so he could leave the big lump sum in the bank giving him a monthly income and paying the mortgage.
His mortgage follows the base rate so when interest is low his mortgage is almost non-existant but he doesnt make much money and visa-versa
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
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Unless you touched lucky with the rates I don't understand why you would have a loan and savings at the same time.
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MarkM
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Registered: 11th Apr 01
Location: Liverpool
User status: Offline
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quote:
Originally posted by Ian
Unless you touched lucky with the rates I don't understand why you would have a loan and savings at the same time.
Because interest from savings may be enough to pay the mortgage and earn you an income. It also means you have not dipped into the money so it's still there should you ever need it.
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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People do it, 99% of footballers buy their houses mortgaged even though they have the cash sat their to buy if they wanted - I know my Dad used to advise a lot of footballers/general rich people and their are reasons that it is much more beneficial to do this.
I expect its because a decent advisor could get a % return on that lump sum you'd of spent on the house that covers the mortgage interest rate.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
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The only reason I could think of is that the savings rate is higher than the mortgage rate. Which at the moment I don't think it would be, unless having millions makes things any different.
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Daimo B
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Registered: 20th Mar 00
User status: Offline
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 @ people arguing about what they'd do if they won/
You haven't, he has, so stop arguing, there is nothing to argue.
Everyone would do their own thing with their own money. No-one can argue with you for what YOU want to do with it, should you have won (again of which i remind you all, you haven't......).
Oh, talking of which, Euro lottery, I got a ticket here, bet i won nothing, again....
Cosmo should do a CS lottery. Comeon, share the wealth n all that.
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DaveyLC
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Registered: 8th Oct 08
Location: Berkshire
User status: Offline
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quote:
Originally posted by Ian
Unless you touched lucky with the rates I don't understand why you would have a loan and savings at the same time.
Because you earn more interest on the bigger lump..
My mate gets back X amount a month but only say one 5th of that covers the mortgage, so what ever is left is disposable income and for bills, yes when the rates are low he doesnt have as much disposable income but when the rates are higher he has LOADS of money to spunk.
For most people your income stays the same and your mortgage payments fluctuate but if your income IS interst your mortgage payments are always the same fraction of your income, so say while the rates are as low e.g 0.5% your income might be £1k / month and your mortgage £100 but if the rates go up and your interest income becomes £3k your mortgage will still be roughly the same fraction of your income so you end up with more disposable income unlike job bloggs on a fixed income who ends up with less.
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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quote:
Originally posted by Ian
The only reason I could think of is that the savings rate is higher than the mortgage rate. Which at the moment I don't think it would be, unless having millions makes things any different.
I think it depends what you are going to do with the lump sum. At the moment if it was a toss up between mortgage or just savings account then you're probably best paying the mortgage down. If its another sort of investment then the % return could be much higher and well worth doing.
Both have their benefits imo.
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CORSA NUT
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Registered: 3rd Aug 01
Location: Wirral
User status: Offline
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quote:
Originally posted by DaveyLC
quote:
Originally posted by CORSA NUT
How much is the interest on 2 mill?? £150 a week???
You are so far off it hurts
At 2% you could be earning £40k + per year.. thats just over £3k a month before tax.
I didn't exactly research it first Davey..it was in responce to the lad who posted before 
Anyway i think we should have a CS lottery???
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