How much would you need...
Thread Starter
Scooby Regular
Joined: Apr 2004
Posts: 1,739
Likes: 0
From: All over...so who needs a car!
How much would you need...
...to win on the lottery to be able to give up work and live comfortably for the rest of your life...?
Just wondered really! Hardly ever do anyway but sometimes dont buy a lotto ticket purely because of the fact its 'only' a million pound jackpot, which is stupid really, still a hell a lot of money!
So could you live comfortably on say a million pound win??
What sort of annual income could you generate from that?
*By 'comfortably' i mean a good sized house, a couple of holidays a year, average family saloon car...
nothing too extravegant just a comfortable, debt/stress free lifestyle...
Just bored and contemplating what could happen!
Just wondered really! Hardly ever do anyway but sometimes dont buy a lotto ticket purely because of the fact its 'only' a million pound jackpot, which is stupid really, still a hell a lot of money!
So could you live comfortably on say a million pound win??
What sort of annual income could you generate from that?
*By 'comfortably' i mean a good sized house, a couple of holidays a year, average family saloon car...
nothing too extravegant just a comfortable, debt/stress free lifestyle...
Just bored and contemplating what could happen!
Scooby Regular
Joined: Oct 2004
Posts: 39,688
Likes: 0
From: Never do names esp. Joey, spaz or Mong
It will be different for everyone. Some people earn £150K a year, others as little as £30K, so it might range from £1 million for some and £10 million for others 
Scooby Regular
Joined: Mar 2005
Posts: 960
Likes: 0
Reckon me and the Mrs could live on, roughly, £50K a year? I'm 35 so say another 40 years ahead of me, roughly?
£2M win in order to give up work & live reasonably comfortably with a nice house, nice car, couple of hols a year.
£2M win in order to give up work & live reasonably comfortably with a nice house, nice car, couple of hols a year.
Thread Starter
Scooby Regular
Joined: Apr 2004
Posts: 1,739
Likes: 0
From: All over...so who needs a car!
Originally Posted by oobster
Reckon me and the Mrs could live on, roughly, £50K a year? I'm 35 so say another 40 years ahead of me, roughly?
£2M win in order to give up work & live reasonably comfortably with a nice house, nice car, couple of hols a year.
£2M win in order to give up work & live reasonably comfortably with a nice house, nice car, couple of hols a year.
You'd be earning interest on that 2million though dont forget....
5% would give you the £50k a year on just £1million... your just being greedy
Scooby Regular
Joined: Jun 2001
Posts: 8,021
Likes: 0
Originally Posted by oobster
Reckon me and the Mrs could live on, roughly, £50K a year? I'm 35 so say another 40 years ahead of me, roughly?
£2M win in order to give up work & live reasonably comfortably with a nice house, nice car, couple of hols a year.
£2M win in order to give up work & live reasonably comfortably with a nice house, nice car, couple of hols a year.
Trending Topics
Scooby Senior
Joined: Mar 2003
Posts: 16,293
Likes: 0
From: Next door to the WiFi connection
Originally Posted by wez_sti
Hardly ever do anyway but sometimes dont buy a lotto ticket purely because of the fact its 'only' a million pound jackpot, which is stupid really, still a hell a lot of money!
plus the amount of people extra who play your more likely to share the £10m between 4 people and finish with less than you would have if you played last week Anyway, onto the question. Personally I'd be over the moon with enough cash to pay off my mortgage. Any extra is a bonus, enough to make me retire though, I dont think I would. I reckon Id get a job at McDonalds with the least amount of responsibility I could want. Walk out of the job if need be knowing I have enough cash to sit around and not worry about it. I think anything about £1mil would be enough for me to retire
Scooby Regular
Joined: Mar 2005
Posts: 960
Likes: 0
Originally Posted by wez_sti
You'd be earning interest on that 2million though dont forget....
5% would give you the £50k a year on just £1million... your just being greedy
5% would give you the £50k a year on just £1million... your just being greedy
Scooby Senior
Joined: Nov 2001
Posts: 6,566
Likes: 0
From: Scotchland
Remove your mortgage (if you've still got one) from the equation and you wouldn't really need that big a win to be comfortable. Round about the 1M should be enough for most.
But not my Wife - we'd need 8M - every 5 years or so.
But not my Wife - we'd need 8M - every 5 years or so
.
Guest
Posts: n/a
Don't forget you have to pay TAX on interest? Where can you get 5%+ AFTER tax?
Then you have to work it back. Pay off the mortgage and any other debts you have and then have enough to generate, say, 50K a year after tax. *IF* you got 3% after tax you'd need 1.7 mill roughly. So, on that basis, 2mill and I'd be off ....
You'd have to be very careful though that, as you weren't at work, that you didn't start to spend too much. I mean, you'd have plenty in the bank right? So what's another £35K on a car ...... hmmmm. Self restraint would be called for up to a point ...
Dave
Then you have to work it back. Pay off the mortgage and any other debts you have and then have enough to generate, say, 50K a year after tax. *IF* you got 3% after tax you'd need 1.7 mill roughly. So, on that basis, 2mill and I'd be off ....
You'd have to be very careful though that, as you weren't at work, that you didn't start to spend too much. I mean, you'd have plenty in the bank right? So what's another £35K on a car ...... hmmmm. Self restraint would be called for up to a point ...
Dave
Thread Starter
Scooby Regular
Joined: Apr 2004
Posts: 1,739
Likes: 0
From: All over...so who needs a car!
Originally Posted by oobster
wez - would you get a guaranteed 5% on an investment of £1M?
no idea to be honest mate! my knowledge of finances/investments is p1ss poor!
as reflected in my bank statements!
Scooby Regular
Joined: Oct 2002
Posts: 983
Likes: 0
From: London Town
Originally Posted by davegtt
See the misses is the other way around, she'll play the lottery if its a rollover. Wasnt last weeks normal £5mil jackpot enough to tempt you into playing? plus the amount of people extra who play your more likely to share the £10m between 4 people and finish with less than you would have if you played last week
plus the amount of people extra who play your more likely to share the £10m between 4 people and finish with less than you would have if you played last week
Scooby Senior
Joined: Mar 2003
Posts: 16,293
Likes: 0
From: Next door to the WiFi connection
Originally Posted by Ted Maul
maybe I'm wrong but if its a rollover then you've got say £4m already in the pot before anyone starts buying tickets, so your odds of winning are higher as there is 'free money' already in there. (this only works if you didn't buy a ticket for the week when no one won...)
Scooby Regular
Joined: Oct 2004
Posts: 2,684
Likes: 0
From: If you're not braking or accelerating you're wasting time.
There was a programme a week ago about a young couple with one young kid who won £1.8m.
They came to the conclusion they would have to carry on working to maintain a 'reasonable' life-style.
Mind you they where going to spend £700k on a house & she had a fetish for designer handbags at about £500+
& said her business was going to be to to sell them on Ebay but she seemed to be paying top dollar for them & I didn't actually see her selling any.
They were recent winnwers so I don't know the outcome.
Amazing how little £1.8m will get you these days...still have to be very careful not to loose it all.
They came to the conclusion they would have to carry on working to maintain a 'reasonable' life-style.
Mind you they where going to spend £700k on a house & she had a fetish for designer handbags at about £500+
& said her business was going to be to to sell them on Ebay but she seemed to be paying top dollar for them & I didn't actually see her selling any.
They were recent winnwers so I don't know the outcome.
Amazing how little £1.8m will get you these days...still have to be very careful not to loose it all.
Scooby Regular
Joined: Aug 2005
Posts: 4,291
Likes: 0
if you have more than half a liquid million, you are considered a high net worth individual. With the right broker, it's a whole different investment league.
Not even going to a hedge fund, you'll be able to get 10-15% gross return without too much exposure.
Not even going to a hedge fund, you'll be able to get 10-15% gross return without too much exposure.
Guest
Posts: n/a
Originally Posted by legb4rsk
There was a programme a week ago about a young couple with one young kid who won £1.8m.
They came to the conclusion they would have to carry on working to maintain a 'reasonable' life-style.
Mind you they where going to spend £700k on a house & she had a fetish for designer handbags at about £500+
& said her business was going to be to to sell them on Ebay but she seemed to be paying top dollar for them & I didn't actually see her selling any.
They were recent winnwers so I don't know the outcome.
Amazing how little £1.8m will get you these days...still have to be very careful not to loose it all.
They came to the conclusion they would have to carry on working to maintain a 'reasonable' life-style.
Mind you they where going to spend £700k on a house & she had a fetish for designer handbags at about £500+
& said her business was going to be to to sell them on Ebay but she seemed to be paying top dollar for them & I didn't actually see her selling any.
They were recent winnwers so I don't know the outcome.
Amazing how little £1.8m will get you these days...still have to be very careful not to loose it all.
Dave
Guest
Posts: n/a
Depends - i could easily get through a 10 million win in a year and have a lot of fun. Being sensible though One million could easily last me a lifetime with no mortgage to pay. I'd buy one or two classic cars that i'd keep forever and just live the same comfy lifestyle that i do now.
Scooby Regular
Joined: Jan 2001
Posts: 5,582
Likes: 0
Originally Posted by ChefDude
if you have more than half a liquid million, you are considered a high net worth individual. With the right broker, it's a whole different investment league.
Not even going to a hedge fund, you'll be able to get 10-15% gross return without too much exposure.
Not even going to a hedge fund, you'll be able to get 10-15% gross return without too much exposure.
Scooby Regular
Joined: May 2006
Posts: 1,548
Likes: 0
From: I have ad blocked my rep - so dont waste your time!
Originally Posted by Deep Singh
Which brokers can offer 10-15% return with low risk exposure?
10% with a balanced portfolio.......low risk would be VERY lucky to push 10% and should assume 6%
Scooby Regular
Joined: Sep 2003
Posts: 8,677
Likes: 0
From: At the diesel pump...
We worked this out on a quiet night shift.
I'd need £2m or greater. Its not that daft or greedy when you take out the money for a house, car, debts, etc. Once those have gone, then you can look at return investment on whats left.
I'd need £2m or greater. Its not that daft or greedy when you take out the money for a house, car, debts, etc. Once those have gone, then you can look at return investment on whats left.
Originally Posted by lightning101
It will be different for everyone. Some people earn £150K a year, others as little as £30K, so it might range from £1 million for some and £10 million for others
Scooby Regular
Joined: Oct 2001
Posts: 2,223
Likes: 0
From: X5 and MCS JCW country....London :)
Originally Posted by hutton_d
Don't forget you have to pay TAX on interest? Where can you get 5%+ AFTER tax?
Then you have to work it back. Pay off the mortgage and any other debts you have and then have enough to generate, say, 50K a year after tax. *IF* you got 3% after tax you'd need 1.7 mill roughly. So, on that basis, 2mill and I'd be off ....
You'd have to be very careful though that, as you weren't at work, that you didn't start to spend too much. I mean, you'd have plenty in the bank right? So what's another £35K on a car ...... hmmmm. Self restraint would be called for up to a point ...
Dave
Then you have to work it back. Pay off the mortgage and any other debts you have and then have enough to generate, say, 50K a year after tax. *IF* you got 3% after tax you'd need 1.7 mill roughly. So, on that basis, 2mill and I'd be off ....
You'd have to be very careful though that, as you weren't at work, that you didn't start to spend too much. I mean, you'd have plenty in the bank right? So what's another £35K on a car ...... hmmmm. Self restraint would be called for up to a point ...
Dave
