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Say you'd just won the lottery or inherited a million pounds from a rich aunt to spend on what you want.
What would you buy? Would you invest or just spend the money straight away? Would you still work in your current job/go to uni etc?
Of course, a million isn't as much as it was, would it be enough to realise your life's dream? Or perhaps you wouldn't want the money anyway?
I think the first thing I'd do would be to buy a bigger house. 3 bedrooms (well, 2 and a study room) is too small for us and as my daughters get older they'll want separate rooms. At the current rate it's probably half the money gone already.
We'd then take a proper holiday, as we haven't had a holiday that didn't involve visiting family and DIY since the year 2000. I might put a bit aside to develop my website further and the other site I write for too, to help them out.
Last, but not least, I'd ensure that some of our money went to help local charities or individuals that we know, but I'd need to find a way to do it anonymously.
What would you buy? Would you invest or just spend the money straight away? Would you still work in your current job/go to uni etc?
Of course, a million isn't as much as it was, would it be enough to realise your life's dream? Or perhaps you wouldn't want the money anyway?
I think the first thing I'd do would be to buy a bigger house. 3 bedrooms (well, 2 and a study room) is too small for us and as my daughters get older they'll want separate rooms. At the current rate it's probably half the money gone already.
We'd then take a proper holiday, as we haven't had a holiday that didn't involve visiting family and DIY since the year 2000. I might put a bit aside to develop my website further and the other site I write for too, to help them out.
Last, but not least, I'd ensure that some of our money went to help local charities or individuals that we know, but I'd need to find a way to do it anonymously.
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We've got houses like that (and bigger) in the Woodbury area. It's a pretty exclusive area and the prices reflect that, but I'd prefer to live a bit nearer to civilization than out in the sticks just to have a big house.
This one is one of the higher end houses in that area.
There are some lovely houses near to our primary school that would be ideal, all around that £400k-£600k mark and all big enough for our needs. Our 3 bedroom end terrace house is currently around £160k.
This one is one of the higher end houses in that area.
There are some lovely houses near to our primary school that would be ideal, all around that £400k-£600k mark and all big enough for our needs. Our 3 bedroom end terrace house is currently around £160k.
Put it into 13 different bank accounts and live off the interest.
Or if I was going to spend it in one foul swoop, I'd probably buy a piece of super dilapidated property, then renovate and sell it. Rinse and repeat. I'd probably put the rest in the bank for future surgical procedures etc.
Or if I was going to spend it in one foul swoop, I'd probably buy a piece of super dilapidated property, then renovate and sell it. Rinse and repeat. I'd probably put the rest in the bank for future surgical procedures etc.
Alfonse wrote:
Put it into 13 different bank accounts and live off the interest.
Why 13?
Put it into 13 different bank accounts and live off the interest.
Why 13?
Anyway to answer the question.
I was going to say I'd buy a house but seeing as my partner owns her own it's a bit pointless. I'd open a restaurant, there's little point in trying to live off the interest with rates so low so you might as well try and invest it somewhere.
I was going to say I'd buy a house but seeing as my partner owns her own it's a bit pointless. I'd open a restaurant, there's little point in trying to live off the interest with rates so low so you might as well try and invest it somewhere.
Nin wrote:
Why 13?
I would have guessed for the Financial Services Compensation if the bank goes under. 85k across 13 accounts = 1,105,000.
Why 13?
I would have guessed for the Financial Services Compensation if the bank goes under. 85k across 13 accounts = 1,105,000.
Exactly. I think most banks protection for up to 80k. Situation may be entirely different if you're a millionaire. I have no idea
I actually wouldn't do anything that mad TBH. I would pay off our mortgage, definitely bin off my job and go and do something that I actually enjoyed. Wouldn't move house, would just pay someone to finish off the one we've got, had to do loads of work to it and it's still not finished. Currently in the middle of a rather optimistic landscape gardening project (started 2 years ago) which I'm intent on getting finished within the next month, had to do pretty much everything myself and it's still cost a fortune. It would be really good to be able to do things such as help family members through Uni, buy their first homes etc. as things like this are going to be pretty hard unless circumstances change drastically in the coming years. Would look to invest some but would steer well clear of buying Facebook shares.... or joining Facebook...... or watching that boring as hell Facebook movie again......
If I won the million(s) by the lottery I would take care of myself and my family (pay off mortgages etc) and some emergency money and then donate the majority to charities.
If it was from a dead relative I would still give some to charities, but would invest the rest.
I guess I would feel better spending a dead rich relatives money than the money from millions of poor families who dream of winning the lottery and improving their lives. I can just see them now, like Charlie Bucket looking for that golden ticket.
If it was from a dead relative I would still give some to charities, but would invest the rest.
I guess I would feel better spending a dead rich relatives money than the money from millions of poor families who dream of winning the lottery and improving their lives. I can just see them now, like Charlie Bucket looking for that golden ticket.
Just what is it with this "and I would give the rest to charities lark?"
Just delve into the concept of charities a little further and don't be so pompous, sanctimonious and naive!
Just delve into the concept of charities a little further and don't be so pompous, sanctimonious and naive!
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