lottery- whats the minimum ££ win, you would quit job for?

NBLondon

I remember doing the sums a while back and concluding that 1.5 to 2 £M is enough to live on - keeping up the current lifestyle without needing to work. 2.5 to 3 £M would be needed for the lifestyle we'd rather retire to. 5 or 6 £M would be indulgent but we'd adjust somehow...

sleepyjones

If you won £1 million you could take £250k, pay off debts / mortgage, go on a holiday and stick the rest in a 3% savings account and make £22k ish a year in interest ... a lot of people can live off that, especially when you don't have a mortgage / rent to pay (not in London, obviously) ... guess it depends if you want to go out and buy a £500k house, 2 Ferarri's and a gold plated toilet or would be happy where you are.

pumpkin89

If you won £1 million you could take £250k, pay off debts / mortgage, go on a holiday and stick the rest in a 3% savings account and make £22k ish a year in interest ... a lot of people can live off that (not in London)

But if you had the £1 million, would you actually do that, or would you buy a nicer house, take more holidays etc. and continue to work? For me, if I wasn't working I'd want more holidays, entertainment etc. otherwise I'd get bored, so I'd actually need a higher income than I currently have.

Smellyonion

atarisrocks wrote: »

5 million as current live in London as 2 bed terrace houses are £500k around here and I'm only 3 miles into the M25.

That would be £1m for a house and £80k a year to live on if I lived to 80

Would you need 80K a year to live on if you have no mortgage?


2k a month with no mortgage would be plentiful to most. It seems like a modest amount but that's 500 a week to spend. You could holiday every month, buy nice things, drive a nice car etc.


This is also backed up by research that found that after earning £50k gross individually, your happiness no longer improves. That's the peak of the happiness curve.


50k Gross is 3k take home a month minus the mortgage leaves 2k.

pumpkin89

50k Gross is 3k take home a month minus the mortgage leaves 2k.

Except 1k mortgage doesn't buy a 500k property, so it depends entirely on where you live!

sleepyjones

pumpkin89 wrote: »

But if you had the £1 million, would you actually do that, or would you buy a nicer house, take more holidays etc. and continue to work? For me, if I wasn't working I'd want more holidays, entertainment etc. otherwise I'd get bored, so I'd actually need a higher income than I currently have.

Yeah, I think with £1 million, I would stay where I am and be happy not working, probably get a new bathroom / Kitchen, maybe build a wee single storey extension onto the back, but I wouldn't go "mad". I often holiday in Europe, so generally it's pretty cheap ... I'll go to Krakow or Prague or something, not really interested in a 6 month driving holiday in the US, or 4 weeks in barbados ... doesn't really appeal to me so I think I could live pretty in-expensively and enjoy life with under a million.

Buy a nice campervan and drive about for a bit, I'd be happy as Larry.