[Closed] A colleague has just won £1 million!

@solo, why on earth would you split your £1m between 50 bank accounts

because of the limit of protection from bank failure that’s guaranteed by the government/BOE (isn’t it 80k now?)

£85K is the limit for UK bank saving guarantee per individual account so only 12 different back accounts required!

Screw working.. There's so many pastimes and hobbies to fill your time it would be ace.
Modest detached house with workshop..
Enough land to setup some poly tunnels and veg patches.
Maybe a wind turbine and enough solar panels to be self sufficient.
Time would be well filled with surfing, riding bikes, fishing, tinkering around with old cars, having fun with the kids. Million quid should cover it easy.

@MrSmith ok got it now but that's daft in practice. The vast majority of people with millions in the bank keep it in one or two banks. You just pick ones which are not going to go bust. As I said the people I know with that sort of money have it mostly invested in property and shares. Bank just holds the spending cash / dividends / returns from other investments

The Mrs and I have had this conversation and what you do depends on what stage in life you are in.

34 living in surrey

Realistically, without uprooting the family to a much cheaper area a million would mean we could buy a decent 4 bed with a garage and pay off the current mortgage and have less than a hundred grand in the bank. Not able to give up work but able to not worry about things anymore as pay would be pocket money and savings for children.

http://www.rightmove.co.uk/property-for-sale/property-50226218.html

This is on the street I live on now...

Pretty depressing really.

I'd love to win a million - it would allow me to have a cracking house in a lovely area - probably build that myself.
Nice holidays etc etc
I'd have plenty loose change to work part time, but it's not enough to give up my work completely, which would be a really good state to be in!

DrP

[i]Pretty depressing really. [/i]
Something like that. £750K, [i]really?[/i].
I sometimes wonder if the rest of the world laugh at the English and their totally bonkers obsession with trying to afford crazy priced housing.

I reckon I could find a place I'd be happy with for less than £400K
[img] [/img]

Realistically, without uprooting the family to a much cheaper area

But, what would be stopping you from doing that?

Buy a nice house outright somewhere cheap and live reasonably comfortably on the 30k a year Interest from the remainder (or use it to top up a lower paid job that you really enjoy doing)

[quote> http://www.rightmove.co.uk/property-for-sale/property-50226218.html

This is on the street I live on now...

Pretty depressing really.

Well the decor certainly is horrible.

teamhurtmore - Member
what happened to the socialist utopia and putting the money to good causes? This is STW....

If it was a choice that would be an interesting topic. £1 million in your bank or a socialist utopia. 😆

[i]I'd like to see the socialist utopia you could create for £1million! [/i]
Me too, especially when you consider the rental costs for all those choosing to live in London.

I agree, would happily upsticks and move somewhere life is a whole lot more affordable but that would mean wife leaving family behind which would not go down well.

The difference between a million in the south east and anywhere else is becoming a bit more obvious

what happened to the socialist utopia and putting the money to good causes?

meh... the socialists can go buy lottery tickets as easily as I can 😉

DrP

(the ironing being that I never play the lottery. I make my own luck...)

Of course, before they mouthed off at my potentially contentious statement no one bother to ask about my crcumstances.

I live in London, my wifes roots are here, and I have two young kids and I'm not wishing to uproot them. The decent 4 bed we'd like is not too far away from our current address but is circa £500k. The cars we'd like add up to £100k, I'd like to see the kids to university so potentially up to another 100k. So thats £700k already, which at 43 with a 6 yo and 4yo leaves enough for us to invest in out future in addition to the property but not enough to give up work for.

Of course I could uproot the family and all that that means, change schools, move away from family & friends, live up North an probably save £800k instead, its all a matter of choice.

So no, £1m for me would be very nice thanks, but wouldn't change my current lifestyle other than having more security by owning my own (better) home and a nicer vehicle to smooch around the country in, plus some certaintly around the kids education.

I wouldn't be living in monaco or buying or yacht or drinking Crystal every weekend.

[i]I sometimes wonder if the rest of the world laugh at the English and their totally bonkers obsession with trying to afford crazy priced housing.[/i]

Eh? It's no different most places - example:

Somebody up there mentioned the jones.

I sometimes wonder if the rest of the world laugh at the English and their totally bonkers obsession with trying to afford crazy priced housing.

The English are nothing compared to the Spanish 10 years ago - you just have to visit any Spanish town and see the half-built and unsold shells of new housing to see what a real property bubble looks like.

Yep, a million would do me nicely aswell.
Pay off mortgage, wife can pack up work, which means we save the childcare.
Make some sensible investments to put some of it out of temptations way for a few years, maybe even drop down to part time/4 day week at work.

i'd rather cop £100 million on the euromillions but a million would be a life changing sum of money for us.

Also a more interesting graph on that site br is the aus household debt as a % of disposable income.

It peaks at 160%

Big expensive house , big expensive 4x4 and big expensive boat seems to be the order of the day for your early 30s out here.

[i]you just have to visit any Spanish town and see the half-built and unsold shells of new housing to see what a real property bubble looks like. [/i]
I guess you didn't hear about the construction bubble in Ireland then.
But anyway, lets stay on topic folks. I reckon £750K for a house gets the fool it deserves.

I reckon £750K for a house gets the fool it deserves.

Elaborate?

DrP

[i]Elaborate?

DrP [/i]

Don't be lazy. And anyway, stop posting on here and get busy making some more of that luck you are so well known for. If you have any left over, throw it my way.
😉

Agree with Kryton57.. 1m yes please but life changing meaning I could give up work for the next 20 years and live very comfortably./... err Not likely

Would give me better choices rather than keep slogging permenantly in the city!!

Elaborate?

He can't, becuase he can't appreciate not everyone wants to relocate thier family's to the outer reaches of Lancashire for the sake of saving a few pounds, or that some people prefer to cruise around in an expensive Bavarian rep rather than a Landy becuase they drive 50k miles a year and value the comfort and ease it brings to the task.

Albeit some people like to live cheaply, but in both case the money brings a choice which each of us can make how we like, he's more foolish to judge people in the manner he does.

The decent 4 bed we'd like is not too far away from our current address but is circa £500k. The cars we'd like add up to £100k, I'd like to see the kids to university so potentially up to another 100k.

£100K for two kids to uni? Where? Princeton???

Albeit some people like to live cheaply

There's a big difference between living cheaply and wafting your cock out of the window of your Bavarian whip!!!!

[i]wife can pack up work, which means we save the childcare.[/i]

my wife earns more than me.

My kids are 18 and 13. I quite like the idea of my early retirement to do childcare 🙂

i'd rather cop £100 million on the euromillions

Plus on a more serious note exactly what @Kryton says

1000000 pounds would just about be the right price for me to consider doing 50k miles a year in any kind of car for work.

£100K for two kids to uni?

At a guess:

£50k each
Assuming they're not going to uni now, then at least £9k a year tuition, probably at least 10k by then so that's £30k

Then 20k rent, money to live on, etc = £6.6k per year - ie kids not having to take out loans.

I guess you didn't hear about the construction bubble in Ireland then.

No idea if it was worse than Spain, but then I was comparing Spain and England. Not Ireland. Or indeed anywhere else.

£100K for two kids to uni? Where? Princeton???

Well, fees for 2 x three year degrees would be £54,000.

I assume he means to cover rent and basic living expenses too, so at £8k per year that would be £48k for the duration of the course.

I reckon I could manage retirement on £1m from where I am now. Not yet 40 and managed wisely £1m would see me to the end. £40k a year (after tax) for 25 years, increased in line with inflation each year (invested properly), put a bit into private pension for when 25 years is up, cash in work and private pension and dance away into the sun. It'd just be living my current lifestyle which I'm not complaining about other than needing to work, take that out the equation and jobs a good un.

[i] trail_rat - Member

Somebody up there mentioned the jones. [/i]

Yeap, here:

[i] Kryton57 - Member

The decent 4 bed we'd like is not too far away from our current address but is circa £500k. The cars we'd like add up to £100k[/i]

nemesis - Member
£100K for two kids to uni?
At a guess:

£50k each
Assuming they're not going to uni now, then at least £9k a year tuition, probably at least 10k by then so that's £30k

Then 20k rent, money to live on, etc = £6.6k per year - ie kids not having to take out loans.

Yeah, I figured that'd be standard STW response 😉

If my kids can have enough saved by the time they get to uni not to need to then I have no issue with that. I didn't have to work which meant I could do the sports, etc that I wanted and study properly. Easy life compared to many, I know but I don't see it as a negative.

Once out of uni then they'll have to stand on their own two feet.

Are they allergic to work?

I know you're only being partly serious, but I worked full time through 6 years of university and although i'm sure it benefited me in some ways, it certainly didn't help with my ability to focus on my studies and it made me ill on a few occasions, particularly when trying to balance a full time job and exam diets. Still, needs must and all that.

If I have the opportunity to provide for my kids, I'd prefer them to work one or two shifts a week somewhere, to pay for stuff they want and for nights out, and I'd pay all the basic living expenses.

I would follow my dream.

I would hire an office space, with a cupboard in it, and paint the walls, floor and ceiling all white.

I would then pay someone 40k per year, with all the legal breaks, holidays etc to stand there and hold the cupboard door open staring into the white cupboard.

No music to listen to, no seat to sit on, just the job of holding the door open. No phones allowed, just holding that door open, looking at a white wall,under a fluorescent light.

Randomly, I would place either a black square or a black circle directly where they will be looking for a couple of hours, sometimes once a day, sometimes once a month.

I have always wondered how long someone could do this for. I feel 40k would be a fair wage for that role.

In my case yes to the above re Uni.

My numbers have nothing to do with keeping up with the jones or willy waving thanks Solo & Wrecker, they just represent what's I'd like to do with my £1m, and that my choice to make notwithstanding your judgement.

[i]I feel 40k would be a fair wage for that role. [/i]
I suspect you'd get arrested if you tried that stuff!

[quote> http://www.rightmove.co.uk/property-for-sale/property-50226218.html

This is on the street I live on now...

Pretty depressing really.

Indeed. Yet another example of the British obsession with hideous "period" architecture.

Quirrel, first thing they'll want will be a workplace assessment...

...no seat to sit on...

Straight away your experiment is blown when you have to spring for a £1.5K ergonomic office chair, remove the physical stress of enforced, long periods standing and the right people can easily tolerate having their mind numbed almost indefinitely...

As for the other stuff: IMO London Dweller's should either be exempt from this debate or else the "Life changing" sum multiplied by ten for them, as it is the centre of Stupid, overpriced living and utterly out of whack priorities...

Time is the most precious thing we have in this world.

£1 million would mean not having to worry about paying the mortgage and a tidy sum left over. I'd be able to work selectively, my partner could do the same and we'd have all the time we'd like to be able to spend with our family.

So yes, it is a life changing amount if you choose it to be!

As for university, the current generation are fighting for an ever dwindling size of the pie. Who knows if university is even the right choice for them to help them achieve lasting happiness/success?

P.S: I am a not-far-from-London dweller

and that my choice to make notwithstanding your judgement.

nemesis - Member
Yeah, I figured that'd be standard STW response

If my kids can have enough saved by the time they get to uni not to need to then I have no issue with that. I didn't have to work which meant I could do the sports, etc that I wanted and study properly. Easy life compared to many, I know but I don't see it as a negative.

Once out of uni then they'll have to stand on their own two feet.

as it is the centre of Stupid, overpriced living and utterly out of whack priorities...

I love the stw idiocy and "holier than thou based on my own standards and surroundings tainted by my one eyed opinion" these threads being out.

You do know without London you'd be in the shit up there in your woodburning room with a view, don't you?