you have a £5 million lottery win, now how Old Style are you?

studentphil

If you did not need to save every penny would you still OS money save?

Pink.

Hi Phil,

We have an older thread on this subject, so I'll merge yours with it as it helps to keep all the replies together.

Pink

BrandNewDay

£5mil isn't all THAT much money.... meaning, you could blow through it pretty quick if you don't have a plan.

I think we'd live off the interest. Ideally, nothing would change for one year, while we considered our options. We wouldn't put any money into SAVINGS, but we wouldn't spend any more, either. At 4%, there would be £200k in interest, pre-tax. Now THAT'S a nice income! At that point, I'd be ready to make a move. Would we stay in this area? What sort of house would we want? I'd probably gradually start spending more money... we may or may not buy a house that first year, but we'd start looking. Ideally, we'd pay cash for a house, which means it would still be relatively modest (I don't think we'd want to pay much more than £200k) My husband is someone who just HAS to get up in the morning and go to work. We may well stay with this area and his current job, since he likes it so much. Buying a comfortable house (four bedrooms, snug and warm, in a good location) would probably be our major goal. We'd have an economic little car that was easy on gas for DH's commute. I think within three years, we'd have bought the house and car we wanted and have moved in and gotten all the upgrades. I wouldn't waste much money on expensive furnishings, as we've got small children.

Anyway, we'd probably live on the interest, and, at some later point in our lives, start cannibalizing the principal, maybe splash out in our old age on luxeries that are best enjoyed when the kids are grown.

hazzie123

Firstly I`d phone in work and tell them to stick their job where the sun dont shine.

I would pay off my mortgage and other debts,also pay my ex husbands debts off too.I would pay a decorator to come and finish the house off(I always start a room but never quite finish it).Then live here until I found the house I wanted then sell this one.

Would give the ex a million to get him started up on his own properly.
Set up trust funds for the kids,but they could only get the cash when they turn 21.
Pay for a private tutor for my son for extra school work(he`ll hate me for this)

Buy a nice 5 bedroom house with a massive back garden in which I`d have a little veg patch.

Buy two cars,an audi a8 and corvette.

I would invest in property and have a few houses scattered accross the country.

Go touring america for six months then have 2 luxury holidays every year.

I`d still shop at asda and buy smart price beans but would buy better quality meat and veg.

I`d have a cleaner in once a week for a good deep clean.

I would still make my own bread and would still do cooking from scratch.

I`d like a sexy young fit gardener who would come in the summer to oogle over.

I`d buy a shed load of clothes.

I`d still dye my own hair and not waste money at the hairdressers.

Cover my bed in £20 notes and have nookie with that gardener on it!

It defo would change me and my outlook on life.

escroooge

£5m win

i'd buy Hugh Fernley-Wittingstalls place, pay him to visit to do the cooking and send some money to Florence Llewellyn-Bowen to get a hair cut.

nicki_2

nicki wrote:

I'd

• see both lots of family "right"
• pay off our £11,000 worth of debts (that does include £4k+ of student loans belonging to OH)
• buy a house in the town where my OH works (They start at £65,000 for a "in need of upgrading" but mainly £100,000+) so we no longer had to rent and overhaul it to our needs including building a walk in pantry, seperate laundry room (with tumble drier :j and dishwasher :j), standalone fridge, freezer and a large chest freezer, a seperate office with built in units and broadband.
• invest £3k in ISAs for both me and OH, max out DD's savings account (£5k) and buy some premium bonds
• buy a new car for OH
• learn to drive then buy myself a car
• Then MAYBE, just maybe me and OH might get married and actually pay for his extended family to stay in a hotel so we can get married where we want to and not just somewhere that is convienient for accomodation reasons! But the wedding still wouldn't be fancy, I'm constantly threatening that we'll get married in a registry office in jeans and t-shirt :rotfl:They still think I'm joking

I wouldn't change much of our lifestyle though except actually not lay awake at night worrying about money and maybe treating ourselves to a full board fortnight in Disneyland Florida, bring DD home to her grandparents and then on to Paris and Zurich for a week each for just OH and me I love the oldstyle way of living too much to give it up completely even if I am only 26 !

Okay, this is now 18 months old and only a couple of things have changed :rotfl:

• Debts have gone up but not by much and we have made a MAJOR dent in them anyway which has made up for some spending we have done
• I've just been mooching through rightmove at houses in OH's place of work town and I have found my dream home....save the interior decor....but it costs £895,000 :eek: We'd have to win the lottery to afford that house! PLUS it's only 5 bedrooms so I'd have to get creative as I would want 3 guest bedrooms (big extended family), plus a study/craft room although it does come with a swimming pool :cool:

nicki_2

escroooge wrote:

£5m win

i'd buy Hugh Fernley-Wittingstalls place, pay him to visit to do the cooking and send some money to Florence Llewellyn-Bowen to get a hair cut.

:rotfl::rotfl:

Horasio

Sometimes I would like someone else to cook for me and someone to clean for me, both to my standard of course and invisibly, coming home to a clean house when you have been out is the best feeling. Basically a good housekeeper/PA for the days I want to free of running the house and getting a life outside the home.

I don't like wasting money, so would still hang on to some of my old ways but like a break from it now and again.

Of course, I would like the usual nice house and car but would still want them to economical and fun. I would like to own other properties in areas of the world I enjoy visiting - the USA for one!

I have this dream to run a holistic retreat in the country.

Crazychik

Hi -
Hmmm - to win £5mil is a hefty decision what 2 do, I dont want to be too greedy, just £250,000 would suit me, realisticly
But if it has to be £5mil - I would make sure that charaties close to my heart will have a fare share.
I dont have much debt myself - but I would make sure those closest to me would be taken care off - open up trust funds for DS & DD and make sure their future's are secured.
I would buy my council house (which used to belong to my grandparents for nearly 40yrs) so its a house which is very special to me. Completely gut it out AND extend (I apologise now to DLB if it ever happend for the noise).
I would deffinately pack up work - OS - wouldn't change much cooking wise - Ive always enjoyed home cooking and will continue with it. Would get in a cleaner and gardener though.
I would make sure more family holidays are on the agenda. And when they have fled the nest - I would like to tour China, India and America.
Im not a materialistic person and can do without the latest new gadgets. But I guess my OH would want those things.
As long as I have fun, have my health and no more money worries - I'll be happy.

nearlyrich

Answering the question S_P asked earlier, we are not short of money as such just like to get good value for it, you can only spend it once and the more I look after it the earlier I can retire. So yes I would still be Old Style to a certain extent.

However if the question was the one posed at the begining of the thread, ie if I won £5 million I would stop work and travel the world in style and I would invest some of the money in my family and friends.