Just for Fun - If you won 1 Million

PasturesNew

Until it actually happens you don't really know how it'll knock you for six ... making you unsure of your choices and decisions. But I think I'd:

£400k - buy a house
£10k - furnish that house and get it decorated
£10k - buy a car
====
£580k remaining.

Take £20-25k "living/spending money" per year .... and not really be overly bothered about where the money was saved/invested so long as it lasted me about 20-25 years.

If I outlived my expectations, I'd downsize the £400k house and buy a £250k equivalent house, freeing up £150k at today's values to continue spending.

I'd eat more pies too ..... and sweeties.

SailorSam

PasturesNew wrote: »

Until it actually happens you don't really know how it'll knock you for six ... making you unsure of your choices and decisions. But I think I'd:

£400k - buy a house
£10k - furnish that house and get it decorated
£10k - buy a car
====
£580k remaining.

Take £20-25k "living/spending money" per year .... and not really be overly bothered about where the money was saved/invested so long as it lasted me about 20-25 years.

If I outlived my expectations, I'd downsize the £400k house and buy a £250k equivalent house, freeing up £150k at today's values to continue spending.

I'd eat more pies too ..... and sweeties.

Hey Pastures if you're spending £400k on a house, that should be big enough that you'll have room for me to move in with you.

enthusiasticsaver

I would gift £500k to friends, relatives and charity and invest £250k and use the remaining £250k as capital account for holidays, new furniture, car as it needed replacing etc etc. Couple of cruises or long haul holidays each year for next 10 years. I would also give up work now rather than waiting until next December.

Pincher

Arranged for Lasting Power of Attorney.
Already over £1,000 spent due to changes.

Putting in a cinema with buried 4K UHD capable HDMI cables.

Getting alarm system and cameras installed.
Don't forget the panic button near the front door.
If someone tries to force their way in, punch it.

As putting in a Panic ROOM will probably cost £250k,
I will wait till I win £10million.

At £100million, I was thinking my own Pyramid, Pharaoh style.
At £1billion, I would put the pyramid in Holland Park.

Ray_Singh-Blue

I think it's a good question to ask from time to time.

The "gold standard" in my mind is an answer like SailorSam's. He has his finances so dialled in, that winning a million would not affect his lifestyle and he would give it away. Nice.

I'm not there. However - if I won a million pounds, I'd try structure my finances so they were like SailorSam's. Then, if I won a second million, I could happily give that million away.

First I'd pay off the mortgage. The remainder I would use to boost my portofolio of shares, bonds and cash.

I'd continue to work part time because I quite like my work. I'd work perhaps two days per week on average. The rest of the time I'd travel, get outdoors, spend time with friends and family, listen to music, read. So kind of a mirror image of my lifestyle now.

I don't think the cost of my lifestyle would change much. I'd supplement my reduced earnings by drawing down up to 4% of that portfolio each year. Aged 55 I'd start drawing a pension too. At some point I might hang up the work boots & then just live on that 4%, plus the pension if I was over 55.

Nice thought experiment

adindas

This thread is just a waste of space, bandwidth, waste of time ...
MSEs should focus on how to save money, how to make money.

Ifs, and do nothing, just make people end up nowhere, worse you might get mental illness ....

For truly MSEs, Is it not better the time dedicate to how to save money, how to make money. ...

Ray_Singh-Blue

Yes but Adindas have you heard the saying "don't just DO SOMETHING- stand still" ? Meaning that sometimes it is better to think, than to do.

In your post above you say that if you won a million pounds you would buy a new flat in central London and let it. Why would you do that? Would it serve a particular purpose in your life's journey?

I found this thinking useful, because I think I'd carry on as now- except would use the million to work less days. So that's kind of helpful, it affirms that my current lifestyle is sound if perhaps a little work-heavy.

On the other hand if someone felt they would immediately stop work and move to Spain, maybe there's more of a disconnect & why are they not looking at rearranging their life to live in Spain now?

Towser

I've got stuff to do with it but definitely set up my own charity store and make money for charities. I love chazzers. I just dislike the people managing them especially the ones who don't sort by size. It makes my blood boil.

JohnRo

If you won 1 Million

More of the same, which already includes giving to charity.

mikb

Sleazy wrote: »

I'd buy bread with seeds on

Very MSE :money:!

That way, you can keep some of the seeds, plant them, and have an ongoing supply of bread! :rotfl: