Do you need to live like a millionaire to enjoy having a million iin the bank……..why does your spending have to change just cause you have cash

I wonder how many lottery millionares are still millionares…

I could retire with £1M, the wife would have to keep working mind 😉

Pay off mortgage, no need for child care costs. Sensible investment should yeild more than my current take home. So more income and less outgoings. Might not be living the millionaire jet set lifestyle, but an improvement on current lifestyle.

I think you may need more than money to start a successful bike company.

I’m with wwaswas on that. What’s the best way to make a million in the bike industry – start with two. Mostly because I’d just spend it on shiny things.

Unless you already have that kind of cash, a million will see you right for a long time, ie Life.

Handled properly and sensibly it would make a massive difference – House without a mortgage? Tick!
Nice car? Tick!
Buffering up Pensions/retirement income? Tick!

If you have those sorted your ready to relax.

And bestest bike garage ever…!

Of course it won’t get you a millionaires lifestyle for long, but you’d be comfortable doing whatever you wanted for a few years

It would certainly change my direction in life

House in France, not far from the Alps, build a woodworking shed, ride when I wanted to, skiing and snowboarding in winter

That would do me

Buy house in hilly part of the world, part time job to keep you sane. I could happily live off that for the rest of my days

Probably right jambo but an idiots always an idiot regardless of the cash in the bank 😉

Awesome. A million quid would be significantly life changing for me and the misses. If anyone doesn’t think it’s much money feel free to chuck it our way.

Id keep working, as i quite like my job and id be bored out my tits otherwise. It would be nice to think that everything i earn from now on is cash i can spunk up the wall without a care and i could leave whenever i get bored.

besides, i imagine that 1 million buys considerably better looking hookers and better quality coke…

If this story is true. Then yes, good luck to the winner. I hope they get what they want from the win.
🙂

1million might not be enough to live a millionaires lifestyle but it would mean a change in lifestyle for the majority of us I suspect. It’d probably mean a low wage job riding my bike somewhere sunny for me 🙂

Errr…. yes. It is.

no it isn’t. it certainly wouldn’t stop me working (but then i love my job) i would either spend none of it and take the interest or it would buy a reasonable property in a ‘middle class’ area of london

i guess if you lived in the north on the minimum wage it would make a lot more difference.

this was either foolish or an ideal way to spend your millions, depends on your outlook
http://en.wikipedia.org/wiki/Michael_Carroll_(lottery_winner)

I’d put it straight into a high interest goverment bond saving account for 10 years. The income would be between £50-90k per year (pre tax) making a very nice additional income. Buy another (additional) house and rent it out, and keep on going.

Money makes money.

EDIT – I also wouldn’t leave my job.

MrSmith – Member

Errr…. yes. It is.

no it isn’t. it certainly wouldn’t stop me working (but then i love my job) i would either spend none of it and take the interest or it would buy a reasonable property in a ‘middle class’ area of london
Presumably you’d still continue to argue online though 😉

I also wouldn’t leave my job.
Oh, I most definitely would… And I don’t even know what job you do.

There’s some boring people on here!

£1,000,000 and you’dive your current house a lick of paint?

Buy a very nice house, and a nice car (Jag estate/Range Rover, not Aston/Ferrari), spend a few months doing all the things on my (fun) to do list.

Stick the other half in safe-ish investments and you’d still be getting a return of £50k/year, more than enough to give you the choice of living a ‘millionaires’ lifestyle and working, or being on permenant holliday.

Heck, even if you invested it all and made no imediate lifestyle purchases you’d get £100k a year out of something as simple as buy to let, or stick it all in as deposits on 80% LTV mortgages and you’d be making £300k a year after you’ve paid the interest!

Some of you must be realy rich if that sort of money isn’t life changeing!

I’d leave my job, I’m not saying how much I earn but why would I spend 40 hours a week earning less than my bank ballance would in interest just in a high street savings account?

no it isn’t.

eh? if you have a million in the bank you are a millionaire & qed live a millionaires lifestyle

Mr Smith.

You would take a golden ticket to total financial freedom and spend it on a semi in Twickenham?

Good for you.

I think I’m happier with my dream, cheers all the same.

+1 Kryton57

I was idly contemplating this the other day, and concluded that I’d probably stay in my current job until we’ve finished the project.

In financial terms, I’d still be some way behind every board member and probably behind several of the tier 2 directors at my current shop.

Not all of us hate work….

I’d put it straight into a high interest goverment bond saving account for 10 years. The income would be between £50-90k per year (pre tax) making a very nice additional income

Can you show me these government savings that are paying 5-9% gross interest?

if you have a million in the bank you are a millionaire & qed live a millionaires lifestyle

Depends what you mean by a millionaire lifestyle. If it’s never working and spending your time on permanent holiday then yes. If it’s buying ferraris and private yachts, then no.

Buy a very nice house

a three bedroom thirties semi round the corner from me went for over £500,000 a few months back.

I think people don;t understand quite what some of the South East is like for property.

And, no I wouldn’t move somewhere cheaper for housing just to get a bigger house, we like living here, my wife has a good job (and so do I) and the kids like it here too.

Some of you must be realy rich if that sort of money isn’t life changeing!

Well, with all due respect. I think you’ll find that the coke, booze and hookers gets a little boring, after a while.

Edit;
Buy a very nice house
What? and then hand the rest of your winnings over in council tax.
Nooo way.

It wouldn’t even buy you an average sized house in the nice London boroughs….

If (when) I win the lottery, the last place I’d want to live is London!

This would do

http://www.rightmove.co.uk/property-for-sale/property-47521687.html

A million should be worth around £30,000 pa (index-linked) for the rest of your life: obviously retirement would depend on outgoings and commitments (large mortgage, 3 young kids and non-working spouse might be tough) but a lot of people don’t earn that much and get by ok.

Wwaswas & Southerners in general. You need your heads checking, round the corner from me. (wouldn’t splurge like that myself but for those wanting to drop the cash on property)

http://www.rightmove.co.uk/property-for-sale/property-46220233.html

With a million pounds I’d buy a small stone cottage somewhere in the middle of nowhere and never stress about anything ever again.

a million could bring in 40k gbp gross income via smart property investment, plus any capital appreciation of course.

With no debt & 2-3 nice investments you could dabble in a few other investments, shares, currencies etc.

I’d be v happy with it…isn’t the avg retirement pot in UK c 25k I seem to remember.

Well it’s £1M tax free. Or about £1.5M post tax. 50yrs work at current average earnings.

Its enough to give most people financial security for life and flexibility to do what they wish. I’d certainly not be working as hard and cycling more.

I think people don;t understand quite what some of the South East is like for property

i think they understand there are considerably nicer places to live for a lot less money and better quality of life….

Can you show me these government savings that are paying 5-9% gross interest?

Brazil, Russia, India, Turkey and Singapore are all offering 10Y bonds with interest rates between 5.7 and ~13% dependent upon investment value, and source.

You’re taking a risk with all of them, but it’s not like you need to invest it all in one place.

has she started looking a everyone suspiciously yet? that’s more money than I’ll earn in my whole life.

Not a massive amount of Money these day’s is it.

ahhh, stw gold.

20 years at 50k per year?
Yeah crap amount of money

Yeah, and starting off with the interest on 1 million around @ 50k-ish a year? Tricky one. I think with my extravagant spending, I’d definitely have to continue working. Maybe even do a bit of over time. 🙄

What chambord said, up north or north west in scotland.

Although id have a decent workshop near by to keep me occupied when not cycling 🙂

Between now and my planned retirement age, I am likey to earn roughly £422500, before tax.

A million quid (is it tax free?) would be completely life changing.

She is one lucky lady.

Bikingcatastrophe – Member

But the key thing that a lot of people don’t seem to appreciate is that having £1m does not open a gateway to living life like a millionaire. There is a distinction between the two.

I don’t think anyone has said that the door would be open to them living like a millionaire.
Most people would be happy just to have the security of knowing that the house is paid for and they have some money in the bank to open opportunities.
No pressure to have to stay in a job you don’t like, you could just leave and re-train. Do something you’ve always wanted to do, set your own business up, go travelling for a while. It would definitely give you options.

i think they understand there are considerably nicer places to live for a lot less money and better quality of life….

I suspect that largely depends on how you define ‘quality of life’, though.

It’s all about compromise (even if you have a million quid in the bank) and, currently, we’re happy with the balance we have for us and our children between cost of living, location and ‘lifestyle’. It might not suit everyone but it suits us and a million quid would be nice and all that but it wouldn’t fundamentally change how we lived our lives for the next 10 years or so.

20 years at 50k per year?
Yeah crap amount of money

Yeah, and starting off with the interest on 1 million around @ 50k-ish a year? Tricky one. I think with my extravagant spending, I’d definitely have to continue working. Maybe even do a bit of over time. 🙄

I’d carry on working, however that’s not to say it’d be bloody difficult – I’m sure that the “Don’t fancy working today” days would increase ten fold because I’d be comfortably well off.

i think they understand there are considerably nicer places to live for a lot less money and better quality of life….

about 20 million people seem to think differnetly otherwise they would all be moving north to the land of opportunity and cheap property.

A quick bit of maths suggests I could pay myself £30k a year, with 2% rise each year to account for inflation, save the rest at 4% interest rate and have over £10m in the bank after 60yrs. I could quit my job and live off an income significantly higher than I currently earn for the rest of my life. I could afford to learn to drive and buy a car though I’m not sure I’d bother moving as I like my house already. £1m will go a long way if you’re not an ostentatious idiot.