What would you do with £10k, £20k, £50k, £100k, £500k

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  • pennystretcher
    pennystretcher Posts: 458 Forumite
    First Anniversary Combo Breaker First Post Mortgage-free Glee!
    edited 11 January 2018 at 7:35PM
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    capital0ne wrote: »
    Question I asked my colleagues at work.
    What would you do with £10k, £20k, £50k, £100k, £500k
    Answers I got were:
    £10k - holiday or new car
    £20k - holiday, new car and maybe do something to their home
    £50k - big family holiday. new cars, help kids
    None could make anything different wuth very large sums of money, but one striking theme was no one mentioned investing or contributing into their pension?- - -
    Quite an eye opener, but to be honest to me it wasn't really unexpected.

    I'm not surprised you got that kind of answers. In the past I have mentioned that I am overpaying my mortgage and the responses I got were along the lines of "but you have to enjoy your life now" or "I can't afford to pay any extra" followed by 'last week/month I bought X/Y/Z' and that X/Y/Z is a luxury item bought on a whim and without price comparison etc.... :rotfl: ...I'll drink a toast to them after I stop working and they keep complaining about having to work... :D
  • Mnd
    Mnd Posts: 1,699 Forumite
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    Up to 50k I would use to complete my wife's early retirement bridge..but I would be getting my Nissan leaf or similar as well
    No.79 save £12k in 2020. Total end May £11610
    Annual target £24000
  • chucknorris
    chucknorris Posts: 10,786 Forumite
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    pennystretcher wrote: »
    I'm not surprised you got that kind of answers. In the past I have mentioned that I am overpaying my mortgage and the responses I got were along the lines of "but you have to enjoy your life now" or "I can't afford to pay any extra" followed by 'last week/month I bought X/Y/Z' and that X/Y/Z is a luxury item bought on a whim and without price comparison etc.... :rotfl: ...I'll drink a toast to them after I stop working and they keep complaining about having to work... :D

    My response would have been very different (I never understand why people like you can't see this):

    My mortgage is only about 1%, but my dividend income is about 4%, it would be insane for me to pay off my mortgage. Additionally if you don't have £100'sk invested (I do) the dividend income is tax free.
    Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop
  • economic
    economic Posts: 3,002 Forumite
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    chucknorris wrote: »
    My response would have been very different (I never understand why people like you can't see this):

    My mortgage is only about 1%, but my dividend income is about 4%, it would be insane for me to pay off my mortgage. Additionally if you don't have £100'sk invested (I do) the dividend income is tax free.

    Right before i quit my last job i released equity from my property (just over a year ago). Borrowing at 1.5% fixed for 2 years, is a no brainer. I invested the money in the stock market.

    My ltv is around 45% which i think is still a bit low since i am only 34, but to get the best rates the max ltv would have been 60% anyway so not much difference.
  • justme111
    justme111 Posts: 3,508 Forumite
    First Post First Anniversary Combo Breaker I've been Money Tipped!
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    Ray_Singh-Blue wrote: »
    Assuming you are female... are you available to give my wife lessons?:money::heart2::D

    about shed or about beaity ?:D
    You may not want me to do it - I often envy women who have spending on their appearance as a priority.
    The word "dilemma" comes from Greek where "di" means two and "lemma" means premise. Refers usually to difficult choice between two undesirable options.
    Often people seem to use this word mistakenly where "quandary" would fit better.
  • pennystretcher
    pennystretcher Posts: 458 Forumite
    First Anniversary Combo Breaker First Post Mortgage-free Glee!
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    chucknorris wrote: »
    My response would have been very different (I never understand why people like you can't see this):

    My mortgage is only about 1%, but my dividend income is about 4%, it would be insane for me to pay off my mortgage. Additionally if you don't have £100'sk invested (I do) the dividend income is tax free.
    Some of my OPs came from interest from savings or money I have made from selling some of my shares. I decided paying off mortgage was the way to go for me rather than to re-invest at this point of time.
  • chucknorris
    chucknorris Posts: 10,786 Forumite
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    pennystretcher wrote: »
    Some of my OPs came from interest from savings or money I have made from selling some of my shares. I decided paying off mortgage was the way to go for me rather than to re-invest at this point of time.

    But if your shares make more money than you save from not paying the mortgage interest, then you could pay your mortgage off quicker. Unless of course your mortgage rate is higher, in which case that would be the rationale for not doing so.
    Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop
  • movilogo
    movilogo Posts: 3,186 Forumite
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    If I get £500k suddenly, half of the amount I shall give away to MSE forum members. :D
    Happiness is buying an item and then not checking its price after a month to discover it was reduced further.
  • chockydavid1983
    chockydavid1983 Posts: 713 Forumite
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    Only half? Seems a bit stingy...
  • greendoor665
    greendoor665 Posts: 126 Forumite
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    10k, 20k or 50k - most of the money would go into investments, towards a future property purchase. A mix of ISA and unwrapped investments which I'd plan to bed & ISA later on. I might bring forward a few planned future purchases such as new computer, laser eye surgery, a nice tailored suit etc but wouldn't be spending it all. So in the short term it wouldn't really change my life at all but it would help me buy a property when the time comes.

    I plan to move to another area of the country eventually but am staying where I am for work reasons at the moment (good salary & benefits, good training package). Therefore I wouldn't buy a property immediately even though 50k might make that feasible together with my existing savings.

    100k - I'd still invest most of the money but I'd probably treat myself on a couple more things at this point. A newer (but not new) car for example. I'd be in a good position to be able to buy a decent property as soon as I make my planned move.

    500k - At this level, the reasons I am staying in this area become a bit pointless as most of them can be overcome with money, or the time that money brings. I'd probably quit my job and move where I want to right now. I'd be able to buy a property outright and have money left over.

    I would get another job, maybe part-time, and complete my qualification, (as there is a 3 year minimum experience requirement to become qualified and I only have 2 years), but once that is done I would like to do some travelling, and some kind of volunteering or giving back in some way. Maybe I would do this before completing my qualification actually but the temptation might be not to go back...
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