If you won the lottery

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the esk said:
Is a million enough to live on for the rest of your days though @Woolly Blue ?
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Depends on age and circumstances. For someone in their 20's and 30's, no chance.

For us, with no mortgage, kids nearly though uni and already a reasonable amount of unearned income coming in then yea, a million would be plenty. I could easily generate an average of 70 to 100k per annum from a million without taking major risks.

I'd probably still do a bit of work though. I already pick and choose who I work for, so I'm not too sure about that.

She might still have to work though :)
 
Woolly Blue said:
Depends on age and circumstances. For someone in their 20's and 30's, no chance.

For us, with no mortgage, kids nearly though uni and already a reasonable amount of unearned income coming in then yea, a million would be plenty. I could easily generate an average of 70 to 100k per annum from a million without taking major risks.

I'd probably still do a bit of work though. I already pick and choose who I work for, so I'm not too sure about that.

She might still have to work though :)
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7 - 10% per annum, with little risk? I am all ears @Woolly Blue
 
roydo said:
7 - 10% per annum, with little risk? I am all ears @Woolly Blue
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"major risk" rather than "little risk" mate.
A simple mixture of rental income / capital gain and direct investment can give you that sort of return on a seven figure sum.

Avoid investing in pups, take a 3% income yield and an average of 5.5% cap gain gets you there. In good years you reinvest the extra or move some of it into cash. In bad years you drawdown from the money you've put away from the good years. If you've started with a million you can afford not to worry about starting off with three or four bad years.

That's why 90% of high net worth individuals have the choices that most people don't have. Money makes money, always has, always will.
 
Woolly Blue said:
"major risk" rather than "little risk" mate.
A simple mixture of rental income / capital gain and direct investment can give you that sort of return on a seven figure sum.

Avoid investing in pups, take a 3% income yield and an average of 5.5% cap gain gets you there. In good years you reinvest the extra or move some of it into cash. In bad years you drawdown from the money you've put away from the good years. If you've started with a million you can afford not to worry about starting off with three or four bad years.

That's why 90% of high net worth individuals have the choices that most people don't have. Money makes money, always has, always will.
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Is true that. My clients expect me to get that return on a few £000 though! While being petrified of losing the lot. The richer ones I have, couldnt care less. Well not quite, but they are not as fearful. Mainly cos I never take over their entire portfolio, at my insistence.
 

I could make 1 million last for the next 60 years. I don't know what interest I would make say if it was in a 5% interest account. Is that 5% per week or per year? But I would allow some Interest to build up, ask the bank for a mortgage on a property in the region of 250-300k.
I could happily live on the interest alone.


It's never really as accurate as 1,000,000. It could be 1,341,472.00 so what I would do is split up 100k for family. That leaves me with 241k to play around with so a holiday for 2 weeks would be nice. With the other 239k it's play money. You will never go skint if you are thoughtful about it.
 
Just looking at some stuff online of people who are living the life and people who have blown it all;

The Mathers won £12.4m in 2010, below is a link to a video showing their house, reckon my main house would be similar if I won, except the kids rooms wouldnt be decorated in Man City and Man Utd rubbish! :)

https://www.national-lottery.co.uk/life-changing/winner-millionaires-mansion


Then there is this girl, Callie Rogers, won £1.8m in 2003 when she was 16 and blew the lot in a summer with a bad drug habit. Quite sad really she had clearly been taken advantage of and should have had some guidance, but was surrounded by vultures.

http://www.mirror.co.uk/news/uk-news/britains-youngest-lottery-winner-callie-2056741
 
Personally i am a little low key. If i wn the lottery then i would get banquet for 3 or 4 from the chippy and go and buy a PS4 and Xbox 1 the next day with big tvs to go with them and then look to buy a house where it had a big enough room for a games room.

After that kit the kids out in loads of clothes, Perhaps buy a new pair of shoes.

Then go back to work on the monday.
 

I would definitely pack in work.

Give lots of it away to family and friends and then buy as modest as house as I can get with 6 garage spaces for the fleet of hot rods and muscle cars.

I'd use the interest to pay the fuel bills.
 
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