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  • FIRST POST
    • paulbrighton2018
    • By paulbrighton2018 3rd Aug 18, 7:07 AM
    • 32Posts
    • 175Thanks
    paulbrighton2018
    lottery- whats the minimum win, you would quit job for?
    • #1
    • 3rd Aug 18, 7:07 AM
    lottery- whats the minimum win, you would quit job for? 3rd Aug 18 at 7:07 AM
    Taking into account current age, paying off any mortgage, laving a reasonable income for rest of your life (and inflation!)
    formerly known as skintpaul.
Page 1
    • MovingForwards
    • By MovingForwards 3rd Aug 18, 7:15 AM
    • 422 Posts
    • 511 Thanks
    MovingForwards
    • #2
    • 3rd Aug 18, 7:15 AM
    • #2
    • 3rd Aug 18, 7:15 AM
    500,000 would be enough to buy a place, pay debts off, get out the rat race and get a job working PT instead. I would welcome the work/life balance. Leaving enough money to retire early ie 55.

    Not strictly what you asked but 'retiring' now would be too soon.
    • maisie cat
    • By maisie cat 3rd Aug 18, 7:49 AM
    • 609 Posts
    • 728 Thanks
    maisie cat
    • #3
    • 3rd Aug 18, 7:49 AM
    • #3
    • 3rd Aug 18, 7:49 AM
    I'd say enough to pay off the mortgage and debts if you have any. I'd then get a P/T job, for most of us the mortgage is the largest outgoing of >1000 a month (in the south east anyway)
    • grannybiker
    • By grannybiker 3rd Aug 18, 8:50 AM
    • 10,930 Posts
    • 1,036,209 Thanks
    grannybiker
    • #4
    • 3rd Aug 18, 8:50 AM
    • #4
    • 3rd Aug 18, 8:50 AM
    We'd calculated a sum using similar criteria.
    Paying off own and children's mortgages / buying them a house.
    Lumps sum to grandchildren (In Trust) and few favourite charities.
    Salary for me and Mr GB for the next 10 years. (Could be longer if you're younger!)


    We were quite surprised how low this figure was, so added a bot ore on for holiday/s of a lifetime.
    Worse things will have happened in the world today...
    "The only thing that really matters, it to love and to be loved."
    • lukgs7
    • By lukgs7 3rd Aug 18, 9:49 AM
    • 705 Posts
    • 8,081 Thanks
    lukgs7
    • #5
    • 3rd Aug 18, 9:49 AM
    • #5
    • 3rd Aug 18, 9:49 AM
    Anything less than 1M is not worth quitting the job for me.

    With ever increasing inflation, it is always safe to have extra extra savings.
    Winning isn't everything, it's the only thing

    Never never give-up
    • mjm3346
    • By mjm3346 3rd Aug 18, 10:49 AM
    • 39,113 Posts
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    mjm3346
    • #6
    • 3rd Aug 18, 10:49 AM
    • #6
    • 3rd Aug 18, 10:49 AM
    The estimated 50,000 second prize is unlikely to be enough for anyone to give up all other forms of income so the jackpot (odds of over 45,000,000 to one) is the only actual lotto prize from the balls draw that would really be enough for most people.

    (The 1,000,000 prize in the lotto raffle has odds of 7,000,000/14,000,000
    to one upwards for Wed/Sat draws, the odds getting significantly longer as jackpots roll over)
    Internet goodness 25660
    • atarisrocks
    • By atarisrocks 3rd Aug 18, 1:06 PM
    • 557 Posts
    • 3,044 Thanks
    atarisrocks
    • #7
    • 3rd Aug 18, 1:06 PM
    • #7
    • 3rd Aug 18, 1:06 PM
    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
    • KITTYKOMP
    • By KITTYKOMP 3rd Aug 18, 10:57 PM
    • 184 Posts
    • 555 Thanks
    KITTYKOMP
    • #8
    • 3rd Aug 18, 10:57 PM
    • #8
    • 3rd Aug 18, 10:57 PM
    funnily enough, we were talking about this at work today. Think it was at least 2 million...
    • Marg2k8
    • By Marg2k8 4th Aug 18, 8:02 AM
    • 4,871 Posts
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    Marg2k8
    • #9
    • 4th Aug 18, 8:02 AM
    • #9
    • 4th Aug 18, 8:02 AM
    As I'm close to retiring anyway, 500,000 would make me seriously consider, but as I don't buy a lottery ticket anyway, that's not a decision I will ever have to make.

    • jonesMUFCforever
    • By jonesMUFCforever 4th Aug 18, 10:45 AM
    • 25,382 Posts
    • 12,595 Thanks
    jonesMUFCforever
    I think for me anything over a quarter of a million and I would be off!
    What goes around - comes around
    give lots and you will always receive lots
    • smitchy73
    • By smitchy73 4th Aug 18, 12:05 PM
    • 1,763 Posts
    • 3,252 Thanks
    smitchy73
    I think i'd be too bored if I gave up work, and while kids are still at school, keeping feet on the ground would be more important, but if I had to put a figure on it - 5m, in reality though if I won 1m it would be seriously worth considering, pay off mortgage, debts and a nice car, a few nice investments for later years/events.
    2015/16 - 200 High Street Vouchers/Vodafone Prize pack+Beats Headphones(600)
    Thanks to all the comp posters.
    • NBLondon
    • By NBLondon 6th Aug 18, 9:09 AM
    • 2,361 Posts
    • 11,813 Thanks
    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...
    Womble #7 - Running Total 28.12 $4.28 6.64 S//0.10 (10 Ukrainian kopiyki) Bds$0.10 A$0.25 NZ$0.55 C$0.91 S$0.20 zl0.12 (Polish zloty) LB0.22 (Bulgarian lev) ISKr5.0 DKr1.0 CHF0.60 R0.10 (Rand not Rupees) KD0.05 (Kuwaiti dinar) MDL0.25 (Moldovan leu) YUM 1.0 (Yugoslav dinar)
    • sleepyjones
    • By sleepyjones 6th Aug 18, 11:38 AM
    • 4,300 Posts
    • 326,041 Thanks
    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.
    *Good Luck * Be Lucky * Stay Lucky*
    • pumpkin89
    • By pumpkin89 6th Aug 18, 11:42 AM
    • 185 Posts
    • 349 Thanks
    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
    • By Smellyonion 6th Aug 18, 11:54 AM
    • 136 Posts
    • 86 Thanks
    Smellyonion
    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
    Originally posted by atarisrocks

    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
    • By pumpkin89 6th Aug 18, 11:58 AM
    • 185 Posts
    • 349 Thanks
    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
    • By sleepyjones 6th Aug 18, 12:00 PM
    • 4,300 Posts
    • 326,041 Thanks
    sleepyjones
    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.
    Originally posted by pumpkin89
    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.
    *Good Luck * Be Lucky * Stay Lucky*
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