Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: Amigo on 26 February 2011, 21:12:08
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If you were to win a million smackers on the lotto could/would you stop work? It may sound a forgone conclusion but do the maths. Living in London or Sussex like i used to no way, it would'nt last long. Living where i do now in Lincolnshire it'd certainly go much further here but would'nt last forever. I've got some ideas but what would you do? :-/
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IT would help but, sadly not enough to stop work on.
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I would stop.
I am perhaps older than some (but not as much as others....) and a nice little cottage in a bit of land not so far from where I am would do nicely, thanks very much. Bank/invest the rest and get by as required on the pension thats already coming in.
No intention of being an international jetsetting playboy, just enough to comfortably see out my days (with my life partner, I hasten to add) and leave a few shillings behind for the sprogs.
Not much to ask, is it?
Please?
;D
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Depends on a lot of factors really guy for myself it would have to be at least two or three before i could really consider giving up work properly.
Or put another way give up work and live like a rich guy. 1 million at my age and never work agin just would'nt hack it :'(
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^^^sounds about right Broocie. :y
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I'd stop in a flash. £50,000 a year for over 20 years? Makes me laugh when people say it isn't enough to stop full time work.
I'd go sightseeing again.
So many places so little time.
£100,000 would do me. Someone else can have the rest. :y
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i think i'd stop work because i'm lazy, but i dont think you can live such a lavish lifestyle with £1m anymore
how long would it take you to earn a million in your current lifestyle?
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i think i'd stop work because i'm lazy, but i dont think you can live such a lavish lifestyle with £1m anymore
Who needs to be lavish?
Bet you are reasonably happy as you are (with standard debts of a person of some years i.e. mortgage/car load/credit cards - delete/add as required) and would only need those debts eliminated to keep you as you are.
Its the greed of human nature that wants to spend the monies and 'get on' in the world....
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Of course it depends on where you are in life right now. Young and penniless, no, middle aged and comfortable, yes, ancient and horny :-[, deffo. ;D
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Of course it depends on where you are in life right now. Young and penniless, no, middle aged and comfortable, yes, ancient and horny :-[, deffo. ;D
Kinda sums it up really. ;D ;D
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I would stop.
I am perhaps older than some (but not as much as others....) and a nice little cottage in a bit of land not so far from where I am would do nicely, thanks very much. Bank/invest the rest and get by as required on the pension thats already coming in.
No intention of being an international jetsetting playboy, just enough to comfortably see out my days (with my life partner, I hasten to add) and leave a few shillings behind for the sprogs.
Not much to ask, is it?
Please?
;D
So would i :y
Buy a modest property that i wanted (don't particularly like the property/area i live in at the moment).With modest living i'm sure i could survive the rest of my days...without being 'short' :y
Probably different if you have a young family to support......
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I've been told that if you banked a million in a high intarest a/c the interest alone would equate to 2 grand a week.
This was only mates drunken chat some time ago but is this true & if not how much would it make?
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I've been told that if you banked a million in a high intarest a/c the interest alone would equate to 2 grand a week.
This was only mates drunken chat some time ago but is this true & if not how much would it make?
Do they still exist? The highest I've seen is a cash ISA paying 6%, and you can only put a few grand in that.
Two grand a week would equate to £100,000 ayear, or 10%. If you paid tax at the higher rate (which you would) you'd need to pay 40% of that in income tax.
Tell your mate to go easy on the hard stuff. ;D
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a few good investments you could certainly retire but with high risk investments comes risk.... at my age i would be living on what i live on now and then have a steady investment plan for say 800,000 you have a leaway with the banks for an easy 7 percent and then what more do you need?? a lavish lifestyle not but a better one than you have for know for sure!!
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Guy is there something you want to tell us?!!!!!!!!!!!!!!
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a few good investments you could certainly retire but with high risk investments comes risk.... at my age i would be living on what i live on now and then have a steady investment plan for say 800,000 you have a leaway with the banks for an easy 7 percent and then what more do you need?? a lavish lifestyle not but a better one than you have for know for sure!!
On £800,000 that would amount to £56,000 and you'd still have to pay tax at the higher rate on £20,000 of it.
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well if you can't live on that rent free e.t.c then you have a champagne lifestyle
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well if you can't live on that rent free e.t.c then you have a champagne lifestyle
Agree. But it makes you realise how little you can make without touching your capital.
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don't forget inflation!
5% a year inflation will start to eat into your lifestyle before long.
assume you've got 40 years left, won't be much left to leave to your kids.
alternatively,
put 50% deposits down on 10 flats at 60k each. (30k deposit)
mortgage (repayment) is around 200 pcm (at 5% interest)- goes to 400 for a 15% interest rate.
rent them out at 650pcm
pay a management company to deal with all the paperwork, at 10% of the rent.
10% towards insurance/maintenance.
gives minimum 1200pcm (at 15% mortgage interest - 3200 pcm at 5%)
and the rents go up with inflation.
plus you'll still have 700K left in the bank to splash out on luxuries.
in 20 years, the mortgage will be paid off.
that'll be another 2k-4k per month of income.
plus whatever the price of the flats increase by.
you (and your family) will be comfortable for eternity
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don't forget inflation!
5% a year inflation will start to eat into your lifestyle before long.
assume you've got 40 years left, won't be much left to leave to your kids.
alternatively,
put 50% deposits down on 10 flats at 60k each. (30k deposit)
mortgage (repayment) is around 200 pcm (at 5% interest)- goes to 400 for a 15% interest rate.
rent them out at 650pcm
pay a management company to deal with all the paperwork, at 10% of the rent.
10% towards insurance/maintenance.
gives minimum 1200pcm (at 15% mortgage interest - 3200 pcm at 5%)
and the rents go up with inflation.
plus you'll still have 700K left in the bank to splash out on luxuries.
in 20 years, the mortgage will be paid off.
that'll be another 2k-4k per month of income.
plus whatever the price of the flats increase by.
you (and your family) will be comfortable for eternity
yep that's areal investment it's certainly what i'd do i have two flats for my retirement already no insurance plan but all going well..........