CHR1S Posted October 10, 2014 Posted October 10, 2014 What would you do? Blow it, invest it, donate it? I know id give up work for certain!
Miscbrah Posted October 10, 2014 Posted October 10, 2014 With that sort of money I could almost afford the deposit on a very small flat. 4
Joanne Posted October 10, 2014 Posted October 10, 2014 I'd buy my town... cheapest in the country!! Good ol' Burnley. No really... I'd buy a nice detached house, or build my own. Then slam the rest in the bank and live off the interest. I think I'd keep working, but maybe reduce the hours. You need to keep in touch with people. I'd probably build a couple of little granny flats on the land that our house is on for g'parents to live in too. Yeah. 1
zag Posted October 10, 2014 Posted October 10, 2014 I'd buy a Tesla Model S so i didnt have to pay for petrol any more. I'd buy a resonable size house (you don't get much for a million round here) I'd carry on working just as I was. 1
synaesthesia Posted October 10, 2014 Posted October 10, 2014 For just a million, I'd certainly keep working. I'd outright buy a house and car, put £100k in each of the kids' trust fund and buy a second house to let out. The rest would be saved/invested. 1
localzuk Posted October 10, 2014 Posted October 10, 2014 (edited) In school or personal? Personal - house, learn to drive and get a car, finally set up my own business, give some money to a friend, via a trust, to help rescue dogs. School - rewire the school, with more sensible routing and modern cabling. Centralise as much as possible (eliminating as many of the little cabinets as possible). Expand redundancy on servers/core so we have 2 power circuits there, 2 core switches, etc... Edited October 10, 2014 by localzuk 1
tmcd35 Posted October 10, 2014 Posted October 10, 2014 40 years wages at £20k per year plus a spare 200k to pay off all existing debts including mortgage and have a little spare as a slush fund. Of course that doesn't take into account either inflation or interest. That said, I'd quit work and spend the next 40 years doing something I really enjoy and maybe see if I can generate a little extra income from it. 1
SovietRussia Posted October 10, 2014 Posted October 10, 2014 I would keep working but i imagine the headlines 'Millionaire keeps working on your taxes' Stick it in the bank and thats about it. 2
JRowley Posted October 10, 2014 Posted October 10, 2014 I would buy property for cash and then rent it for an income. Super dull but it would pay more than I get now so that's something at least. 1
CHR1S Posted October 10, 2014 Author Posted October 10, 2014 £1m isnt much? ooook lol I would buy 5/6 £80k properties and get them returning £500 p/m, buy a nice detached house somewhere and start working on making my next million. @Joanne just to be a spoilsport, you can only deposit £85k in a regular bank, anything over is not protected and if said bank goes bump your out of luck! Also, how would you protect it against inflation?
witch Posted October 10, 2014 Posted October 10, 2014 Initially - invest it for an income but actually it might not be enough as I would want to give my children a substantial sum each as well as a bit for my in-laws and siblings, as well as a chunk to charity I would do up the house I have - if money was no object I might change rooms around and move walls etc. I wouldn't move I don't think - it isn't enough money to get anything better around here - my house is worth quite a lot as it is. Personally if I had lots of money I would travel - it's all I have ever really wanted to do. I think I need around £4 million though 1
strawberry Posted October 10, 2014 Posted October 10, 2014 Buy my house, Buy a sporty Audi, invest enough to give me 30k a year to live on. I wouldn't give up my job but I would sport a slightly more carefree attitude to people and my workload. Fairly sure i'd start wearing slippers to work and would have a fountain in my office though. 1
E_G_R2 Posted October 10, 2014 Posted October 10, 2014 They say 1M not a lot these days but i'd like to road test that idea!!!
featured_spectre Posted October 10, 2014 Posted October 10, 2014 I would buy an earth ship house with plenty of land to grow enough to live from, and have my own small holding. I'd still work, but reduced house (say 10am till 2pm), and live frugally and enjoy life 1
Miscbrah Posted October 10, 2014 Posted October 10, 2014 £1m isnt much? ooook lol I would buy 5/6 £80k properties Location: Birmingham
JRowley Posted October 10, 2014 Posted October 10, 2014 Location: Birmingham You don't have to buy property near you to make an income from it!
Miscbrah Posted October 10, 2014 Posted October 10, 2014 These are all really rubbish dreams.... No you are! Realistically though, would buy house, buy-to-let another house, profit.
CHR1S Posted October 10, 2014 Author Posted October 10, 2014 Location: Birmingham Not sure what your aiming at there mate? Are you saying its possible BECAUSE I live in Birmingham?
localzuk Posted October 10, 2014 Posted October 10, 2014 £1m isnt much? ooook lol I would buy 5/6 £80k properties and get them returning £500 p/m, buy a nice detached house somewhere and start working on making my next million. @Joanne just to be a spoilsport, you can only deposit £85k in a regular bank, anything over is not protected and if said bank goes bump your out of luck! Also, how would you protect it against inflation? £80k properties returning £500pm? That's some slum landlord plan! Here, £80k would get you a 1 bed bedsit worth about £350pm max.
localzuk Posted October 10, 2014 Posted October 10, 2014 These are all really boring dreams.... I would say "sensible" rather than boring.
CHR1S Posted October 10, 2014 Author Posted October 10, 2014 (edited) £80k properties returning £500pm? That's some slum landlord plan! Here, £80k would get you a 1 bed bedsit worth about £350pm max. My OH's sister is struggling to sell her renovated 2 bed mid terrace in Dudley for £85k, they have had the estate agent say several people would gladly rent it with £500pm being the going rate. My other property brings in more for similar outlays, but thats for another discussion. No slumming involved at all, just a sign of how messed up the property market is if your willing to take some risks. Edited October 10, 2014 by CHR1S
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