£1m, cant be bad.

andyscott said:
Even if you never touched the capital you can earn 2k plus a month.

If you did touch the captial, took 2k interest and 3k capital a month for 50yrs that still leaves you 850k capital and an income of 5k a month. plenty to live on.

Thats is based on an instant savings account. Investing 1m would give you access to much higher interest.
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£2k/month = £24k/year = 2.4% interest on £1m. Let's say that's before tax to make things easier.

What instant savings account pays 2.4% interest on an unlimited balance?
 
andyscott said:
Even if you never touched the capital you can earn 2k plus a month.

If you did touch the captial, took 2k interest and 3k capital a month for 50yrs that still leaves you 850k capital and an income of 5k a month. plenty to live on.

Thats is based on an instant savings account. Investing 1m would give you access to much higher interest.
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Errrr... If you start taking £3,000 / month out the capital... You won't then be earning your £2,000 / month interest any more.

Plus £3,000 / month for 50 years is more than the million.

National lottery... A tax on people who are bad at maths.
 
shreds said:
Lots of dreamers but the main winner here is Camelot.

When they set out in this country the top prize was really worth something, now it clearly isn't and they have not significantly upped the prize but have doubled the stake money for Lotto.

They rely on dreamers.........
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Camelot is running on a 5% operating budget. So you are really suggesting that that 5% which includes all their costs is worth more than the other 95%. Sorry, but you are talking nonsense sir.
 
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andyscott said:
2k plus (for just an instant access account) a month is enough for anyone to live on

If you placed in higher interest account would be more
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It wouldn't begin to pay my mortgage. Let alone get my children through school, go on holiday etc. it would require a reduction in living standards. Now once my house is paid off and the children have flown the nest etc then it become a bit more acceptable. However council takes, gas and electricity immediately will take £600/month away. Do I need to go on? Depending on ones circumstances it can be enough it can be more. Heck on benefits you get more a year than what you set your sight on with £2k per month. I'm a little bit more ambitious.
 
a million pounds ,move to wales you can buy the whole bloody country for that :coat:
 
andyscott said:
Even if you never touched the capital you can earn 2k plus a month.

If you did touch the captial, took 2k interest and 3k capital a month for 50yrs that still leaves you 850k capital and an income of 5k a month. plenty to live on.

Thats is based on an instant savings account. Investing 1m would give you access to much higher interest.
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your maths is a little flawed. Ignoring that if you drew 3k a month every month you wouldn't get 2k interest each month and your £1m would last lots less then 50 years. If you have to say pay of a mortgage, or buy a car every 5-6 years then your £1m is not going to last you 50 years. Its not an amount of money to sniff at. I wouldn't turn my nose up at it, but its not enough to allow everyone to give up work forever and live on. It does in large part depend where you are & how old
 
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Reminds me of the old Rabbi who keeps asking God to let him win the lottery and never does, so one day he's in the Synagogue, berating the Lord, how he's a good man, a good Rabbi and still the lord hasn't let him win the lottery...
Suddenly a wonderous light envelopes the Bimah and God's voice says

"Hymie, meet me half way, buy a bloody ticket." :)
 
My mortgage is paid off, wouldn't want a better house yet. About £20k would see the tvr restored to as new. New car for the missus, sort out childrens debts, put youngest through uni.

The rest would go into the savings. We'd travel in hoildays, and when we retire, buy a small place with outbuildings for the studio, garage etc. Somewhere near the sea, Pembrokeshire, devon.
 
If you had a million you can't leave it in one bank as only 80k is guaranteed if they go under and it applies across a group so as only a few aren't owned by each other it is quite tricky to spread it safely.
 
Contrary to pretty much everyone else, if I suddenly came into £1m I'd be over the bloody moon!

My luxury purchase would be about £40k worth of 2nd hand big diesel estate........

Sod the rentals for £500-£700 pcm, seems the money is in holiday lettings.. can get more than that a week!
 
Lynton said:
Contrary to pretty much everyone else, if I suddenly came into £1m I'd be over the bloody moon!

My luxury purchase would be about £40k worth of 2nd hand big diesel estate........

Sod the rentals for £500-£700 pcm, seems the money is in holiday lettings.. can get more than that a week!
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Don't think anyone on here has said they wouldn't be very happy with it! :confused:
 
£1 million isn't a staggering amount, but it's a very nice windfall indeed and most people will never be in this position again. Time is on your side if you're young, and reasonably satisfied with your lifestyle. Have a good holiday, treat yourself to a new car - or whatever - and invest the rest. Let the capital grow for 20 years or more and look forward to a decent retirement.
 
beyond the blue said:
The winner had a visit from Camelot yesterday and they gave her 5K to be going on with untill the rest of the money was released. I'd be over the moon with the 5K:)
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So would i (y)
 
following my earlier post ,i have just been through rhyl ,the whole town is up for sale at just under £1000 grab a bargain ,the only downside being you will be libel for the £3 million pounds a week benefit bill :exit::exit::exit:
 
the black fox said:
following my earlier post ,i have just been through rhyl ,the whole town is up for sale at just under £1000 grab a bargain ,the only downside being you will be libel for the £3 million pounds a week benefit bill :exit::exit::exit:
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Used to go to Rhyl for my holidays in the 70's
 
archangel said:
If I had the one million I would take the half of it and go to northern Ireland and but 4 or 5 house on the coast.then let them out.....you can get a 3 bed for less than 100k and rental income of £520 pcm....better than the interest from the bank
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We have just bought a 3 bed semi brand new for 85k, its with the solicitor at the min. As you say, better than sitting in the bank earning 2%. We are lucky in that I built a bungalow 12 years ago with only a small mortgage which I paid off 7 years ago and have been saving since so able to buy this one mortgage free to rent out.
 
phil_b said:
We have just bought a 3 bed semi brand new for 85k, its with the solicitor at the min. As you say, better than sitting in the bank earning 2%. We are lucky in that I built a bungalow 12 years ago with only a small mortgage which I paid off 7 years ago and have been saving since so able to buy this one mortgage free to rent out.
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Whereabouts did you get that one for? I'm
Looking to buy but can't see things that cheap sadly!
 
A couple of points I've picked up on.

Living off the interest=minimum wage. The issue here is your a millionaire living on minimum wage BUT with higher outgoings. You'll be at home more so your bills will be higher. If your not at home more then your out spending more money being out.
Even if your bills stayed the same surely you'd want to go on more holidays than if your were working

£2K per month being enough for anyone to live off.......Until recently my household bills were £2.5k per month so that wasn't doable.

Unless your getting towards that age anyway. £1million isn't enough to retire. However its enough to carefully invest and slow right down.
 
2K a month is not the minimum wage.

Also that calculation was not touching the capital, if you did touch the capital you could like off more.

1m is enough to retire, its not enough to live a lavish lifestyle ;) massive difference.
 
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andyscott said:
1m is enough to retire, its not enough to live a lavish lifestyle ;) massive difference.
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As I worked out a few days ago, I could continue as I am now for 49 years starting with £1,000,000. As I retire in 15 years, I would still have £694,000 left at retirement (not including any interest). More than most people have when they retire.

If you won £1,000,000 at the age of about 18, it would last you through to retirement if you only drew average wage from it.


Steve.
 
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lawrenceots said:
Whereabouts did you get that one for? I'm
Looking to buy but can't see things that cheap sadly!
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That was in N. Ireland. The town close to me has several large food processing factories and a large population of polish, Lithuanian and latvian workers so rented houses are always in demand. Rent shoild be arojnd £6500 per year and it is in my wifes name so no tax to pay.
 
dejongj said:
It wouldn't begin to pay my mortgage. Let alone get my children through school, go on holiday etc. it would require a reduction in living standards. Now once my house is paid off and the children have flown the nest etc then it become a bit more acceptable. However council takes, gas and electricity immediately will take £600/month away. Do I need to go on? Depending on ones circumstances it can be enough it can be more. Heck on benefits you get more a year than what you set your sight on with £2k per month. I'm a little bit more ambitious.
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Add £2k per month to what you make and it becomes a lovely little windfall. Its what I'd do with a million myself, maybe cut my hours back a bit to allow my more free time in my life and keep my income as present.
 
andyscott said:
2K a month is not the minimum wage.

Also that calculation was not touching the capital, if you did touch the capital you could like off more.

1m is enough to retire, its not enough to live a lavish lifestyle ;) massive difference.
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Didn't say it was. Someone said anyone can live off £2k per month. My household outgoings last year were £2.5k per month just on DD's

Just because "peter" could live off £2k doesn't mean "Paul" could.

But as pointed out if you withdraw you start to lose interest. (kinda like sex)


If you keep working then £1million will make a big difference But if you give up work but keep taking your salary from the interest. I'd wager it'll be a bit boring. especially with all the extra time on your hands but no extra income to enjoy it
 
ST4 said:
Add £2k per month to what you make and it becomes a lovely little windfall. Its what I'd do with a million myself, maybe cut my hours back a bit to allow my more free time in my life and keep my income as present.
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Oh it will be a wonderful windfall and I'd be very very happy with it. I'm merely saying that for me at this moment in time considering age and family it is not enough to retire on and stop working. If that was all there was it would be a retrograde step.
 
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dejongj said:
Oh it will be a wonderful windfall and I'd be very very happy with it. I'm merely saying that for me at this moment in time considering age and family it is not enough to retire on and stop working. If that was all there was it would be a retrograde step.
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Big booster if you have big outgoings, but not enough to retire on for many. I could, probably but after tax its quite a meagre income it would yield. A PT job would suplant it well, or if you are FTE but a bit tight, its a real belt loosener.
 
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