You've won a million pounds, what next?

Swissy

Swissy

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So you check your lottery ticket and you've won a million quid, what's the first thing you do?

What do you spend it on?

I would give all my daughters and family half leaving me with 500k, i would then definitely go on a spending spree, flash car, camera and house, round the world cruise, help my favourite charities etc.

Without a job i think i would quickly get bored though.
 
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Swissy said:
So you check your lottery ticket and you've won a million quid, what's the first thing you do?
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Buy another 500 "tickets" for a bigger win :thumbs:
 
Swissy said:
i would then definitely go on a spending spree, flash car, camera and house, round the world cruise, help my favourite charities etc.

Without a job i think i would quickly get bored though.
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If you spent like that, you'd soon need a job anyway.

Me? First thing I'd do is work out how to maximise income from it so I have security into pld age.

Boring, I know.
 
I would spend no more than an extra £2000/month increasing with inflation roughly. And the extra spending could be in investments etc
 
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Swissy said:
So you check your lottery ticket and you've won a million quid, what's the first thing you do?

What do you spend it on?

I would give all my daughters and family half leaving me with 500k, i would then definitely go on a spending spree, flash car, camera and house, round the world cruise, help my favourite charities etc.

Without a job i think i would quickly get bored though.
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Well half a million quid wouldn't do a spending spree and allow me to be unemployed until retirement :(
In fact a million would be a struggle at current interest rates (that is, I don't think it'd cover both our salaries without eating into the capital greatly).

It's sad really because when the national lottery was launched, it was enough to buy a mansion and retire. Now our local mansion is up for £2mill and a warning it'll take another 5 to make it habitable.
 
Phil V said:
It's sad really because when the national lottery was launched, it was enough to buy a mansion and retire.
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It seems this weds is 24.8 million, I think that would keep me in a manner to which I could become accustomed to :D
So they add another 10 numbers to the draw and the prize fund starts to go through the the roof, due to the massive decreased chance of winning. :(
 
Million quid is ok if you invest it in assets that are going to grow faster than inflation. There's no capital gains on cars so what a shame I'd have to get some classics to squirrel away :)
 
Yes Phil i remember when the lottery first launched the jackpot was usually in the tens of millions if not more, every week, peanuts nowadays.
 
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I'd treat my family, which is small so that's a bonus:D I'd then try and make the remaining money work for me so that I would only have to work a 4 day week.
 
Pay off every debt.
Fulfill every obligation.
Freedom.
Happy to keep working if needs be.
 
Buy 6 or 7 100k houses to let out, buy a nice camper van and set off, live off the rent and whatever money I had left. £1,000,000 is more than enough for me. Obviously, I would have a bunch of nice white lenses in the van :)
 
Same as Swissy. I'd give half away to family, pay off the mortgage (don't have any other debts) then move to Greece. :cool: I don't have that many years left on this earth (relatively speaking) so will spend what I do have left sunning myself, eating out & having the odd :beer:
 
Probably relocate away from somerset, perhaps bristol or london - thought about relocation before until i start looking at how much more expensive property prices are compared with somerset. Have no real interest in material possessions like fancy cars but it would allow me to spend more on decent aged cigars.
 
I would be marching straight down to the big house and waving that wad right under the upper class twonk's nose until he sells me my parents' house (part of the estate, my Nan was the cook in the big house) which I will then gift to them, then I will buy myself something small out of the way. Then I will be speaking to Mr Toyota about a WRC spec GT86 to make commuting more enjoyable.
 
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A million is still a lot of money but it will not last if you spend it on depreciating 'product'. There are some assets to be had in classic/rare cars but many have merely implied value. In other words the reality is they are only valuable IF someone is prepared to pay what you want.

Another factor is your age. If you are 20 years old then you have an expectation of 50 more working years ahead of you. So the million in readies now may allow you to take a less stressful lower paid job and, carefully invested, themillion should buffer the difference and grow the principal sum.

If you are rapidly approaching or are in old gitdom (like me), and are comfortable already, then you can be as daft and outrageous as you want. I am working my way to do just that.

£1,000,000 sounds a lot but....

History can be sobering. A few on here will remember this....

https://en.m.wikipedia.org/wiki/Viv_Nicholson
 
I'd splurge on a few things, but invest the bulk of it.

Possibly get Hendrick motorsports to send over one of their sprint cup cars, that's be a hoot on a UK circuit :D.
 
Pay off all debts.

Find a financial advisor or two (e.g. financial advisor plus a stock broker and/or pensions advisor) Find an accountant. Listen and take heed of their advice. Spend less than you earn (in unearned income now your circumstances have changed).

All boring stuff but it will probably mean your new found wealth will last longer.

I'm assuming the OP's asking this hypothetically but if you have won then Many Congratulations!!
 
For me if I won £1,000,000 I'd give 10% to £100,000 to each of my sisters to do with as they wish, be that clear debt or just enjoy it, I'd put £200,000 into a semi secure investment account something that could achieve reasonable returns, I'd keep £150,000 back for general indulgence, I'd invest £250,000 into rental property and the final £200,000 I'd invest into my DJ business with my partner to really take us to the next level, that's the full million spent, with little to no extravagance, but the majority of it spent in such a way that over time I'd see a ROI and a decent monthly income such that I could still enjoy a better than average lifestyle

Ricardodaforce said:
I'd say goodbye to the UK forever.
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You know I cannot help but wonder for someone which such a downer on the UK why did you come back to the UK from Spain :( I love this country and while I could envision living in other parts of the world for periods of time I'd always still want to live in the UK as my main residence..
 
I'm sure I read somewhere a lot of lottery winners end up bankrupt and the bankruptcy rate is much higher than the general population. I could do with a large win to show how it's possible to hang onto it :)
 
Give up work there's so much I would do with the extra spare time I'd have if I didn't have to work
Happy with what I have but would go on safari a lot :D
 
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Was only talking about this to my wife the other day........ here goes...

1) Pay off mortgage (around £165K)
2) Invest in 3 properties around £150K each and rent them out to provide £1500-£2000 per month income (give or take)

That would leave around £385K so would possibly consider investing in another property or spend £100K or so extending/renovating my own home

I wouldn't be able to make a massive impact to the lives of my immediate family but I'd want to at least treat them to a nice holiday and perhaps clear down any "expensive" outstanding debts.

Then the usual nice holiday, a couple of new cars but I'd stick to fairly modest ones so that running costs are manageable.

That'd take me do to around £200K which I'd probably just sit on, maybe buy a nice new camera and glass of the "L" variety, possibly go part time in my day job as the rental properties would supplement my income (and I think my attitude at work with £200K behind me might change a little ;) :LOL: )
 
viv1969 said:
Pay off every debt.
Fulfill every obligation.
Freedom.
Happy to keep working if needs be.
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That's called retirement Ruth
I have no debts
I have fulfilled all my obligations
I have freedom to do as I please daily
I don't need to work as I get paid to stay at home .
Don't knock it .it will happen even to you eventually :wave:
 
border_all said:
Spend £50k get best interest I could on balance draw £1k week and do more traveling
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I have no debts, house paid off. I'd buy my retirement place now and use as a holiday house/let until the family ties mean I could move there.
I would probably give up work and become a full time student.
 
the black fox said:
That's called retirement Ruth
I have no debts
I have fulfilled all my obligations
I have freedom to do as I please daily
I don't need to work as I get paid to stay at home .
Don't knock it .it will happen even to you eventually :wave:
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Where did I knock it?:thinking:
I don't currently crave retirement.
 
viv1969 said:
Where did I knock it?:thinking:
I don't currently crave retirement.
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It's all in determining what is 'retirement' for each individual.

For me it was about not working to survive but I achieved that 10 years ago. So I spent a few years handing over my business to my kids.

I still do some community work but my next 'retirement' project has begun. Motorhome time, originally planned for Scotland but now at least 9 months in Ireland doing.... whatever I feel like, each day, answerable to.... me, myself and I.

So, for me, I don't crave a chair by a fire waiting for death.... I want some new adventures..... so I agree with your sentiment! Carpe Diem
 
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dejongj said:
Pay off our mortgage.

PS. Can I win 80M please?
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Hi, back at ya :) ! or should I say
01101000 01101001 00100000 01100010 01100001 01100011 01101011 00100000 01100001 01110100 00100000 01111001 01101111 01110101 00100000 00111010 00101001
 
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No mortgage any more, no debts, so have a place to live and income to support my lifestyle, so yep I'd just waste it on luxuries I don't really need, but
would buy because I can (y):D
 
TBF £1m isn't enough for me to retire at the grand old age of 34. I would pay off mortgage and other debts. Give some towards family on both sides for them to do whatever they wish. I'd keep working but having paid off debts would mean I'd increase my monthly disposable income by around 3x, so I could just save up more, do more stuff. Both me and the missus wants new cars. She wants a chelsea tractor and I would love an M3 or maybe an S4.

Other than that, regular holidays at least three times a year.
 
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Hello

I have just won 100 million pounds and need to share my luck. Please send me your bank details and name address and a copy of your birth certificate and I will deposit 1 million.pounds in your account within 28 days

Best wishes

Sir Twice Knightly.......
 
Hugh Jarse said:
Hello

I have just won 100 million pounds and need to share my luck. Please send me your bank details and name address and a copy of your birth certificate and I will deposit 1 million.pounds in your account within 28 days

Best wishes

Sir Twice Knightly.......
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Would you like me to send you £5K to cover the solliciter fees?
 
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