[Closed] Hypothetical millionaires.

Buy a house put the rest in shares job jobbed 20k income next to no tax or expenses is plenty for a comfortable life though even better with 2m between two!

Buy a house somewhere nice but sensible for 250k, pay yourself a 40k salary and pay what you can into a pension tax free and invest. Or air bnb properties buy one and use the income to fund the next one.

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Stick it under the mattress* to use as pocket money.
Sign on.
Enjoy life on the dole.

*is this why you can't sleep?

Problem with the OP's approach, he is effectively buying a business (house rentals) and has to keep running it.

You win £1m in the lottery/casino:church fete etc.
You’re 30-40.

spending £20,000 per annum will get you to 80-90 (not including any monies accrued on the lump sum.)

£20k in 2070 will be worth next to nothing.

You could invest in my startup. I'm writing an app to generate unhelpful yet slightly amusing answers to forum posts, using deep learning and AI.

You d be bored doing nothing after 2 years, i know 2 lottery winne and 1 has gone back to his old life...despite winning way over 10mn.
Use your taxbreaks...11k income, 2k divs, 11k cgt..24k and you dont pay a penny in tax.

Nice mix of property btl, holiday rental, shares, 1mn should net you 50k pa so you can employ someone.

My neighbour won the lottery, bought 10 supercars, now all sold and hes just kept the old 911 he had pre win.

A £50k income should be pretty easy and that's enough for nice life for me. £100k is realistically achievable with some effort. I wouldn't mind if the investments took a bit of work, gives you something to do. Property needn't be that much work if you buy well or get lucky. I have a house to live in I'm happy with so I reckon £700k into btl property, £200k into the stocks market, £100k for me to play with and hope to make £40-£50k

You don’t want to work.

You’re 30-40.

What are you actually going to be doing all da every day for 50 years if not working at all ?

I believe the act of working (interaction, thinking, completing tasks etc,) is actually a positive. Not for 40 hours a week it isn't but to some extent.

£20k in 2070 will be worth next to nothing.

should be enough to keep you in werthers thought 😉

I’d buy a vineyard in SW France not far from Lacanau, live in the shed, work the land, drink the profit, surf the beaches.

Hic *

What are you actually going to be doing all da every day for 50 years if not working at all ?

Year one, training and lots of riding
Year two, EWS and some other events on a world tour living out of a van while away on the road.
Repeat an swap to more fun things as I get older
Basically a series of long holidays with cheap living back in the UK/Tasmania in between.

Sounds great if you can do all that for 50 years on a million pounds.

What are you actually going to be doing all da every day for 50 years if not working at all ?

What I want, when I want.

I believe the act of working (interaction, thinking, completing tasks etc,) is actually a positive. Not for 40 hours a week it isn't but to some extent.

You can do all those things without working.

Paid off house and low living costs in the UK, sensible investments aiming to return about 40k per year
1million - 250k for housing would leave 19 years of 40k income (no income tax to pay on that I assume and no mortgage) from just spending the capital. Add in interest and investment returns from low risk stocks over time and it should provide a decent return.
removing housing costs and the general expense of going to work then I reckon I could do a well planned world tour for 10 years. At that point think of a retirement option that allowed for an active life.
Then scale back as my body complains! Should see me to a normal retirement age and then make some more plans.

I probably wouldn't stop work with a million. It isn't enough for me. Neither does OP, setting up a business:

You don’t want to work.

Buy 3x properties for £200k and then live off the rents.

BTL as a single investment isn't a great idea (eggs, baskets, etc).

If I had to quit work, some capital spends the invest tax efficiently. With risk you can drawdown 3.5-4% per year, indexed without affecting the capital so that's a fair income for not working.

What I'd actually do is buy a more expensive house, couple of other things and then invest the rest. Then go back to work, able to retire significantly earlier than planned.

Surf bum in the cheaper parts of the world.

Million pounds would last a lot longer outside of UK/Europe.

Invest it in a sure-fire moneymaking scheme - open a bike shop 😀

Okay, you'd probably lose it all, but have fun doing it.

You d be bored doing nothing after 2 years

I only said that to remove earnings from a job as a variable. One probably would do something like working doing something you like, but you could just as easy volunteer 5 days a week. I am not suggesting just sitting in a pile of quids like Scrooge McDuck.

I think mikewsmith has the best idea - take a few years off work doing what you want to do while you have the physical ability to still do it.

You d be bored doing nothing after 2 years,

Of course you would if you did nothing but there’s lots of volunteer work out there, bank work too where you can turn in for work if you feel like it or even get a zero hour contract so you’re nit even classed as unemployed. Of course you could just also leave a nice relaxing life filling the days in with hobbies, family or just enjoying life rather than work.

I’d buy a small house or possibly a barge. Fill my days riding, reading, walking the couple of dogs I’d get from a rescue centre,working out, maybe learn some languages, do an OU course and volunteer a bit or work part time as and when I fancied it. I genuinely feel sorry for anyone who would get bored not working. I get bored at work.

Edit - completely disregarded the OP there. I’d just live frugally. £150k on a small house, no car and maybe work a couple of days a week. I earn £30k now, have two kids and Mrs F stays at home with said kids. I could easily live comfortably off one million if it was just me.

I genuinely feel sorry for anyone who would get bored not working. I get bored at work.

How do you make your money last for your life?

you could buy/pay off your mortgage, lets say that uses £200K and invest the rest in funds, you might get £25-£35K a year if you've chosen wisely. try to live off as little as possible and re-invest as much as you can, get that compounding going. get a part time job for paying your basic needs and to stop yourself from going bonkers.

it's not the life of endless luxury, but you'd be pretty comfy.

A modest home in UK, perhaps a modest home somewhere abroad to escape to somewhere warmer during the UK winter, rest gathering interest.

Buying a few properties in UK to rent out would probably be the right answer, but then that would be hypocritical, as currently all the homes owned by landlords are partly responsible for driving up UK house prices for potential first time buyers like myself.

I often play this game....

I like where I live - good area of the country, near family and friends...

Ergo, I wouldn’t have much change from a mil jsut buying a nice house....
So, not truly answering the question...

I’d pay off my mortgage, I’d carry on working but maybe drop a few hours, and then buy a chalet in morzine/Chatel to rent out to friends and possibly strangers.

Having the mortgage paid off mid 30s would be nice... I don’t think I could live to ‘retirement’ on the change of 1 million without a really good investment, or to carry on working...
DrP

I genuinely feel sorry for anyone who would get bored not working.

Buying a few properties in UK to rent out would probably be the right answer, but then that would be hypocritical, as currently all the homes owned by landlords are partly responsible for driving up UK house prices for potential first time buyers like myself.

Don't. I really enjoy my job. Possibly because it's a choice and not a necessity.

The obvious politics aside... I’d buy an apartmenthaus in Austria. Live in one of the apartments, rent the other 3/4 apartments out for ski and summer seasons and live off the income of those and the income from renting my house out in England. Would be able to ski and/or bike every day. Probably sell up in my 70s and live off £1m plus that I’ve sold the property for.

If things got sticky and I needed some income I could come home and do some supply teaching inter season.

In which case it's the sort of thing that you would do if you got a win. It's very different for a lot of people

Tour the world with my totally rubbish band.
I'd also pay to have someone killed. Always wanted to do that.
And get a bidet. Always been my personal definition of "making it"

The thought of being able to buy a house for £250k.

This is what that money gets you round this way:

http://www.rightmove.co.uk/property-for-sale/property-69823979.html

[url= http://www.rightmove.co.uk/property-for-sale/find.html?searchType=SALE&locationIdentifier=REGION%5E346&insId=1&radius=0.0&minPrice=&maxPrice=250000&minBedrooms=&maxBedrooms=&displayPropertyType=&maxDaysSinceAdded=&_includeSSTC=on&sortByPriceDescending=&primaryDisplayPropertyType=&secondaryDisplayPropertyType=&oldDisplayPropertyType=&oldPrimaryDisplayPropertyType=&newHome=&auction=false ]Yeah byt why would anyone live in hampshire[/url]

I genuinely feel sorry for anyone who would get bored not working.

With £1m invested I'd live off the income from the returns plus withdrawing what I needed to, £40k a year would be plenty, leave what ever was left to charity in my will. I'd keep the modest home I have now to return to on occasion. I would do a lot of travelling around NZ & Austriala, USA & Canada and Europe in a camper van going hiking and biking most of the year.

In which case it's the sort of thing that you would do if you got a win. It's very different for a lot of people
That's my point. See the post to which I was responding

Lucky for you then. You could carry on with what you’re doing. I don’t feel sorry for you, it’s the other let’s say 50% of us that work purely out of necessity 😉

I'd assume I'd not make it to 70 and blow the lot. That would probably result in me not making it to 70, job's a good'un

This blog is your friend: [url= http://www.retirementinvestingtoday.com/ ]Retirement Investing Today[/url] - written by a guy who has worked and invested over 10 years or so to get to a point where he can retire and live off the dividends and interest.

If I remember rightly his aim was to reach just over £1m in investments, then retire to a property in Europe with an annual income of £15k-£20k. Well worth a read on a lazy Sunday morning!

I genuinely feel sorry for anyone who would get bored not working.

Exactly, must be very boring sad individuals.

Depends what job they do. Alot of people get a buzz and a huge amount of satisfaction from their jobs and there is probably little outside of their careers that can fill that. Not saying I do, but I know people who do just love what they do.

I feel sad for those who hate their jobs. You spend more time at your place of work than anything, way more than with your family and doing your hobbies, so if you hate your job you basically hate your life and wishing it away to retirement is about as sad as it gets.

I've got a nice balance - don't hate my job, love the industry within I work, will be very ready to retire when that time comes, but for now i'm contented....apart from the usual politics and D-heads you have to suffer within a large organisation. But that is the same with most organisations.

I’d probably keep working, not because I’m a miser or I’m trying to make out £1m isn’t a lot of money, but I’ve had long periods when I didn’t work and didn’t really need to either, but I didn’t like it.

The idea of having the chance to wake up and do whatever you want to do is appealing, but say you wake up and decide right, I’m going to jump on a plane and spend a week or two in Whistler - ask a few friends you remind you that they’ve got jobs and kids and stuff and can’t find £1k right now for a last min flight to Canada so you grump a bit a head of to BPW for the day instead, ride on your own, have lunch on your own etc.

There was a post a few days back when someone was had just found the light at the end of a tunnel (I forget the details but it sounded tough going) and had taken a job driving around old people - I’d happily do that to keep me sane and keep my weekends.

If you’re hell bent on never working again, you need to relocate to somewhere cheaper really, even mainland Europe with it’s more sensible housing market would be easier, but somewhere sunny in Asia would let you live like a king forever more.

so if you hate your job you basically hate your life

Not necessarily. I pretty much hate my job, but it provides for my family and I’m better off than those that hate their jobs and still can’t support themselves or their family. Seeing my kids each night is my reward for a day of shite (most days)

My current property would be rented.

My first and foremost goal would be
I'd pack my bike and me n the Mrs would ride round the world the long way for a few years with my tent etc

All the while my monies invested to take advantage of relevent tax breaks and when your on the road younspend next to EFF all.

Then I'd move to MTB Mecca ( Peebles) and ride my bike and build trails.

I

OH's brother (early 40s) and his wife live in Thailand on the income from a few student lets. They work as diving instructors for spending money. No need for a lottery win they just a few mortgages.

It'd be nice to set up a business with the capital to get it going quickly and not have to grow it slowly, jump straight to the point where you could hire someone to do the day to day stuff and just sit back and do the managing/directing. Something that would be a bit more interesting and rewarding to manage than buy to let. Something scaleable and manufacturing that could grow rather than simply produce an income (which is basically just buying yourself a job).

Put it all on black

You can do all those things without working.

What are all those things called if not 'working' ? People hate work because they hate their job so then assume anyone is not like them is very sad. Odd way of looking at it.

There are all sorts of jobs I would get enjoyment from, they just don't pay enough. I don't mind my job but wouldn't choose it if money didn't come into it. I would however do stuff that is 'work', charity stuff, building a car, working for equality (not missing the irony with my million safely in the bank!) etc,. etc,.

What are all those things called if not 'working' ?

I feel sad for those who hate their jobs. You spend more time at your place of work than anything, way more than with your family and doing your hobbies, so if you hate your job you basically hate your life and wishing it away to retirement is about as sad as it gets.

Assuming we’re talking living till 70-80, and enjoying life .... for the next [b]40-50 years[/b].

I'm out 🙁

Unless a million quid can buy me an elixir.

. I can think of many many other things I'd rather do with the time though if money wasn't a factor. The ones that can't, those are the ones I feel sorry for.

Absolutely rene59.

Plenty ways to interact with society without having a "job" in the conventional sense. And I don't mean sitting down weatherspoons getting pushed.

The only downside/upside would be having the ability to pick and choose who you choose to interact with (to an extent)rather than putting up with Steve in accounts because your paid to. I see this as a downside as bullshit tollerance and dealing with shitty situations/people is something that is part of social skills.

There really is no need for your sympathy. Honestly.

Buy 4 or 5 houses for £200,000 each rent them out. Travel the world in my camper van with my bike and partner. Live cheap off the rent.

First off, buy me and the GF a road bike each, chuck all four bikes on the back of the van. Tour round Europe, riding, eating, walking all with the view to finding somewhere we would like to settle.

Find a property, perhaps Italy or Spain, that is in need of renovation.

40-100k can buy you a house and an awful lot of land on the side of a hill in either of those two countries.

Spend a good few years learning the language whilst renovating,

Money in a mix of funds; high risk, ethical, long term...

Have myself a small workshop making and repairing furniture whilst listening to R4 to get many an income/busy.

Who's offering this 1m?

I reckon I'd just live off it somehow just not become a property Barron (btl). rich getting richer and all that.

Who's offering this 1m?

I’m a homeopathic millionaire.

Set up my eco holiday let business with a sideline in photography tuition/guided trips. All could be done and dusted on that kinda funding without a loan. Nice lifestyle business achieved that could even be sold on at a later date if needed.

Sell the current home and invest that for a pension fund.

(This is the plan anyway - just trying to work out how to fund it atm. I need out the sewage before my health completely gives up on me... which may not be as far in the future as I like to think)

Few houses purchased via offshore shell companies an let thru another set of em and a nice little place in Spain.

Cake an coffee for a couple of euros required for the daily beach run ride .

35p beer in the supermarket.

Happy Daze.

I genuinely feel sorry for anyone who would get bored not working.

I used to worry about that a bit even though I did generally enjoy my work, but after retiring early, I now wonder how I ever held down a full-time job! OK, I'm still doing a bit of work as and when I want, which is sometimes a bit boring but does contribute to social interaction and interesting travel etc.

Probably give quarter to half of it to some sort of MS research, if it was a sum of money likely to make a difference. Other than that, no idea.

first of you would get out of any western countries , you could live like a king in more extoic climates for the rest of your days without investing in stocks or btl.

I know this geezer in Nigeria ..that said if you invest your 1 mill in his company ...not only will you get get your money back plus 5 x more in 10 years time ...you'll also get a cow and a goat and first pick of his daughters to marry...

Do you want the details??

Probably give quarter to half of it to some sort of MS research, if it was a sum of money likely to make a difference. Other than that, no idea.

Sorry, should have said. No charity donations/altruism allowed in this hypthetical.

Good idea for a thread tho. You have £1m to donate to charity. How would you divide it? One lump sum to one charity? Split over several?

[quote=Jamie ]Probably give quarter to half of it to some sort of MS research, if it was a sum of money likely to make a difference. Other than that, no idea.

Sorry, should have said. No charity donations allowed.

I was thinking of it more as an investment in my own future! I think that I'd probably keep working, although probably only 3 or 4 days a week. I enjoy what I do and have no desire to travel. I'd definitely think about getting a personal chef but that'd probably burn money quite quickly.

I'd definitely think about getting a personal chef but that'd probably burn money quite quickly.

I can heat up a pot noodle and only charge £50 a week.

[quote=Jamie ] I'd definitely think about getting a personal chef but that'd probably burn money quite quickly.
I can heat up a pot noodle and only charge £50 a week.

Given my diet you'd be searching for a suitable pot noodle for a while...

Given my diet you'd be searching for a suitable pot noodle for a while...

I'm sure there is a suitably s****y flavour.

It's more than I'll earn in my lifetime so I'd just carry on living like I do now but without having to go to work.

Buy house to live in for £500k.

Buy 2 flats at c£200k each in areas with high volumes of corporate travellers (good clue is lots of chain hotels). Run on AirBnB as serviced accommodation, leveraging all maintenance, upkeep, cleaning etc to get it as passive as possible.

Spend £100k on treating family, close friends etc and having a really good "year one" to celebrate.

I'd also pay to have someone killed. Always wanted to do that.

That is an absolutely shocking thing to even think, let alone say. The only thing I can think of that would make it worse is if you'd just spent the last hour drawing up a top ten list of the people you'd have bumped off. Then divided that list into famous people who need to be eliminated, and people you know that just really annoy you!

yourguitarhero - Member

I'd also pay to have someone killed. Always wanted to do that.

I know someone who'll do that for a few grand. You want the details? 😆

I personally never play this game. Funny though, those saying you'd get bored not working. I was out of work a little while ago for nearly a year and never got as bored as I do at work doing the same shite every day! Getting up at the same time 5 days a week and living for the weekend... there is nothing more boring than that!!

I personally never play this game.

Thank you for gracing us with your presence. I know this must be hard for you 8)

I'd keep working, but I'm lucky to enjoy my work and like nearly all the people I work with. Plus of course the wife would probably kill me within a week of being under her feet all the time!